OLD National Bancorp IN Trims Holdings in Alphabet Inc. $GOOGL

Key Points

• OLD National Bancorp IN cut its Alphabet stake by 7.7% in the fourth quarter, selling 36,000 shares and leaving it with 430,102 shares worth about $134.6 million. Alphabet remains the fund’s 7th-largest holding.
• Alphabet posted better-than-expected quarterly results, with EPS of $5.11 versus the $2.64 estimate and revenue of $109.9 billion versus expectations of $106.98 billion. Analysts now forecast full-year EPS of 14.29.
• The company also raised its quarterly dividend to $0.22 per share from $0.21, while Wall Street remains broadly positive with a consensus rating of “Moderate Buy” and an average price target of $407.86.

OLD National Bancorp IN reduced its stake in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 7.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 430,102 shares of the information services provider's stock after selling 36,000 shares during the quarter. Alphabet comprises about 2.2% of OLD National Bancorp IN's investment portfolio, making the stock its 7th biggest position. OLD National Bancorp IN's holdings in Alphabet were worth $134,622,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently added to or reduced their stakes in the stock. Symmetry Partners LLC grew its stake in shares of Alphabet by 0.4% during the fourth quarter. Symmetry Partners LLC now owns 7,912 shares of the information services provider's stock valued at $2,476,000 after buying an additional 30 shares during the last quarter. Members Trust Co grew its stake in shares of Alphabet by 0.5% during the fourth quarter. Members Trust Co now owns 6,434 shares of the information services provider's stock valued at $2,014,000 after buying an additional 31 shares during the last quarter. Altfest L J & Co. Inc. grew its stake in shares of Alphabet by 0.4% during the fourth quarter. Altfest L J & Co. Inc. now owns 7,952 shares of the information services provider's stock valued at $2,489,000 after buying an additional 31 shares during the last quarter. Lifelong Wealth Advisors Inc. grew its stake in shares of Alphabet by 1.9% during the fourth quarter. Lifelong Wealth Advisors Inc. now owns 1,728 shares of the information services provider's stock valued at $541,000 after buying an additional 33 shares during the last quarter. Finally, White Wing Wealth Management grew its stake in shares of Alphabet by 2.9% during the fourth quarter. White Wing Wealth Management now owns 1,155 shares of the information services provider's stock valued at $362,000 after buying an additional 33 shares during the last quarter. 40.03% of the stock is owned by institutional investors.

Alphabet Stock Down 0.0%

Shares of NASDAQ:GOOGL opened at $400.69 on Monday. Alphabet Inc. has a 52-week low of $152.20 and a 52-week high of $402.00. The stock has a market cap of $4.85 trillion, a P/E ratio of 30.56, a price-to-earnings-growth ratio of 1.64 and a beta of 1.26. The business's 50 day moving average is $318.66 and its 200 day moving average is $311.72. The company has a quick ratio of 1.92, a current ratio of 1.92 and a debt-to-equity ratio of 0.16.

Alphabet (NASDAQ:GOOGL - Get Free Report) last announced its quarterly earnings data on Wednesday, April 29th. The information services provider reported $5.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.64 by $2.47. Alphabet had a return on equity of 38.99% and a net margin of 37.92%.The company had revenue of $109.90 billion for the quarter, compared to analysts' expectations of $106.98 billion. Sell-side analysts predict that Alphabet Inc. will post 14.29 EPS for the current year.

Alphabet Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Monday, June 8th will be paid a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 0.2%. This is an increase from Alphabet's previous quarterly dividend of $0.21. The ex-dividend date of this dividend is Monday, June 8th. Alphabet's payout ratio is currently 6.41%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Stifel Nicolaus set a $420.00 target price on Alphabet and gave the company a "buy" rating in a research note on Thursday, April 30th. Rosenblatt Securities upped their target price on Alphabet from $357.00 to $393.00 and gave the company a "neutral" rating in a research note on Thursday, April 30th. Loop Capital upped their target price on Alphabet from $320.00 to $355.00 and gave the company a "buy" rating in a research note on Monday, February 23rd. Truist Financial upped their target price on Alphabet from $385.00 to $415.00 and gave the company a "buy" rating in a research note on Thursday, April 30th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating on shares of Alphabet in a research note on Tuesday, April 28th. Two research analysts have rated the stock with a Strong Buy rating, forty-seven have given a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, Alphabet presently has an average rating of "Moderate Buy" and a consensus price target of $407.86.

Key Alphabet News

Here are the key news stories impacting Alphabet this week:

• Positive Sentiment: Alphabet unveiled upcoming AI-powered bidding and budget-pacing tools for Google Ads, which could make Search and Shopping advertising more efficient and attractive for advertisers. Google AI Automates Ad Bidding and Budget Pacing
• Positive Sentiment: Multiple analysts raised price targets on Alphabet, including DBS Bank to $460 and other firms lifting estimates after the company’s earnings beat, reinforcing the view that results remain stronger than expected. DBS Bank Adjusts Price Target on Alphabet to 460
• Positive Sentiment: Google Cloud’s partnership with OTB Group on a generative-AI virtual try-on experience adds to the narrative that Alphabet can monetize AI across enterprise and retail use cases. Google Cloud Partners With OTB Group
• Positive Sentiment: Reports highlighted strong investor appetite for AI leaders such as Google, and recent coverage continues to frame Alphabet as one of the main beneficiaries of the AI spending cycle. Google, Broadcom Drive Delirious Demand
• Positive Sentiment: Recent reports on Google’s AI “agent” efforts and AI search features suggest Alphabet is expanding its product lead in next-generation search and automation tools. Meta, Google enter AI agent race
• Neutral Sentiment: Alphabet is also getting more time to address EU regulators’ concerns in an ongoing antitrust investigation, which removes some immediate pressure but does not eliminate the legal overhang. Google Gets More Time in EU Investigation
• Negative Sentiment: Google faces a new UK lawsuit over online display ads, adding another antitrust/legal risk that could weigh on sentiment if regulatory scrutiny intensifies. Google Faces New UK Lawsuit Over Online Display Ads

Insider Transactions at Alphabet

In related news, insider John Kent Walker sold 47,574 shares of the stock in a transaction that occurred on Tuesday, February 17th. The stock was sold at an average price of $301.45, for a total value of $14,341,182.30. Following the transaction, the insider owned 13,227 shares of the company's stock, valued at $3,987,279.15. This represents a 78.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Amie Thuener O'toole sold 955 shares of the stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $298.00, for a total value of $284,590.00. Following the sale, the chief accounting officer directly owned 9,918 shares in the company, valued at $2,955,564. This trade represents a 8.78% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 158,553 shares of company stock worth $47,951,856 in the last ninety days. 11.61% of the stock is owned by company insiders.

Alphabet Company Profile

Alphabet Inc is the holding company created in 2015 to organize Google and a portfolio of businesses developing technologies beyond Google's core internet services. Its principal operations are led by Google, which builds and operates consumer-facing products such as Google Search, YouTube, Android, Chrome, Gmail, Google Maps and Google Workspace, as well as advertising platforms (Google Ads and AdSense) that historically generate the majority of its revenue. Google also develops consumer hardware (Pixel phones, Nest smart-home devices, Chromecast) and developer and distribution platforms such as Google Play.

Beyond Google's consumer and advertising businesses, Alphabet invests in enterprise and infrastructure offerings through Google Cloud, which provides cloud computing, data analytics and productivity services to businesses and institutions.

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