Park National Corp OH Has $4.92 Million Stock Position in Alphabet Inc. $GOOG

Key Points

• Park National Corp OH more than doubled its Alphabet stake in Q1, buying 9,114 additional shares to bring its total to 17,166 shares valued at about $4.92 million.
• Alphabet reported strong quarterly results, with EPS of $5.11 and revenue of $109.9 billion, both beating analyst expectations and showing 21.8% year-over-year revenue growth.
• Despite the solid fundamentals, the stock has faced pressure from insider selling and market concerns about AI talent losses and heavy AI spending, even as analysts mostly remain bullish on the shares.

Park National Corp OH boosted its holdings in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 113.2% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 17,166 shares of the information services provider's stock after purchasing an additional 9,114 shares during the quarter. Park National Corp OH's holdings in Alphabet were worth $4,924,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in GOOG. Auto Owners Insurance Co lifted its position in shares of Alphabet by 38,409.2% during the 4th quarter. Auto Owners Insurance Co now owns 179,836,276 shares of the information services provider's stock valued at $5,643,262,000 after acquiring an additional 179,369,280 shares during the period. J. Stern & Co. LLP boosted its stake in Alphabet by 28,482.8% during the fourth quarter. J. Stern & Co. LLP now owns 112,091,870 shares of the information services provider's stock worth $35,174,429,000 after acquiring an additional 111,699,704 shares in the last quarter. Norges Bank acquired a new stake in Alphabet in the fourth quarter worth $18,093,665,000. Cardano Risk Management B.V. grew its holdings in Alphabet by 850.3% in the fourth quarter. Cardano Risk Management B.V. now owns 17,692,600 shares of the information services provider's stock worth $5,551,938,000 after purchasing an additional 15,830,754 shares during the period. Finally, Vanguard Group Inc. increased its stake in Alphabet by 2.0% in the fourth quarter. Vanguard Group Inc. now owns 421,013,782 shares of the information services provider's stock valued at $132,114,125,000 after purchasing an additional 8,128,234 shares in the last quarter. 27.26% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Alphabet

In related news, CAO Amie Thuener O'toole sold 617 shares of the company's stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $289.63, for a total transaction of $178,701.71. Following the completion of the sale, the chief accounting officer owned 10,093 shares in the company, valued at approximately $2,923,235.59. This represents a 5.76% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider John Kent Walker sold 8,993 shares of the stock in a transaction on Friday, March 27th. The shares were sold at an average price of $275.89, for a total value of $2,481,078.77. Following the completion of the sale, the insider directly owned 51,808 shares of the company's stock, valued at $14,293,309.12. The trade was a 14.79% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 160,516 shares of company stock valued at $7,344,604 over the last 90 days. Corporate insiders own 12.99% of the company's stock.

Alphabet Trading Down 5.1%

GOOG opened at $348.78 on Tuesday. Alphabet Inc. has a fifty-two week low of $163.33 and a fifty-two week high of $404.47. The firm has a market capitalization of $4.23 trillion, a PE ratio of 26.60, a P/E/G ratio of 1.57 and a beta of 1.22. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.92 and a quick ratio of 1.92. The company's 50-day moving average is $364.96 and its 200 day moving average is $331.41.

Alphabet (NASDAQ:GOOG - Get Free Report) last released its quarterly earnings results on Thursday, April 30th. The information services provider reported $5.11 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.68 by $2.43. The business had revenue of $109.90 billion during the quarter, compared to the consensus estimate of $106.96 billion. Alphabet had a return on equity of 38.99% and a net margin of 37.92%.The company's quarterly revenue was up 21.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.81 EPS. As a group, research analysts predict that Alphabet Inc. will post 14.3 earnings per share for the current fiscal year.

Alphabet Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 8th were given a dividend of $0.22 per share. The ex-dividend date of this dividend was Monday, June 8th. This is a positive change from Alphabet's previous quarterly dividend of $0.21. This represents a $0.88 annualized dividend and a dividend yield of 0.3%. Alphabet's payout ratio is presently 6.71%.

Alphabet News Roundup

Here are the key news stories impacting Alphabet this week:

• Negative Sentiment: Key AI researchers have left Alphabet for competitors, intensifying worries that the company is losing critical talent needed to lead in generative AI. Reuters: Google DeepMind signs AI research deal with film studio A24
• Negative Sentiment: Investors are also worried that Alphabet’s aggressive AI spending plans, including a large equity raise to fund infrastructure and compute, could dilute shareholders and pressure free cash flow. Quiver Quantitative: Alphabet Slides as AI Funding Plan Fuels Dilution Worries
• Neutral Sentiment: Alphabet also announced a $75 million AI research partnership with A24, showing it is still investing in new AI use cases, but this was overshadowed by the talent-loss narrative. TechCrunch: Google DeepMind bets $75M on AI's future in Hollywood with A24 deal
• Neutral Sentiment: Recent fundamentals remain strong, with Alphabet’s latest quarter beating expectations on both earnings and revenue, which helps offset some of the negative sentiment. Alphabet stock page

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. JPMorgan Chase & Co. increased their price objective on shares of Alphabet from $395.00 to $460.00 and gave the stock an "overweight" rating in a research report on Thursday, April 30th. Scotiabank reaffirmed an "outperform" rating and issued a $450.00 target price (up from $400.00) on shares of Alphabet in a research report on Thursday, April 30th. TD Cowen upped their price target on Alphabet from $450.00 to $475.00 and gave the stock a "buy" rating in a research note on Tuesday, June 9th. KeyCorp reiterated an "overweight" rating on shares of Alphabet in a report on Wednesday, May 20th. Finally, Wells Fargo & Company reissued an "overweight" rating and issued a $435.00 price objective on shares of Alphabet in a research note on Tuesday, June 2nd. Five research analysts have rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, Alphabet presently has an average rating of "Buy" and an average target price of $376.78.

Alphabet Company Profile

Alphabet Inc NASDAQ: GOOG is a multinational technology holding company headquartered in Mountain View, California. Formed in 2015 through a corporate restructuring of Google, Alphabet serves as the parent to Google LLC and a portfolio of businesses collectively known as "Other Bets." Google was originally founded in 1998 by Larry Page and Sergey Brin; Alphabet is led by CEO Sundar Pichai, who oversees Google and the broader company while the founders remain prominent shareholders and influential figures in the company's history.

Alphabet's core business centers on internet search and advertising, with Google Search and the company's ad platforms (including Google Ads and AdSense) generating the majority of revenue by connecting advertisers with consumers worldwide.

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