Patient Capital Management LLC Trims Position in Alphabet Inc. $GOOGL

Key Points

• Patient Capital Management reduced its Alphabet stake by 1.5% in the second quarter, selling 8,243 shares and retaining 525,750 shares valued at approximately $187.9 million. Alphabet remains the fund’s third-largest holding, representing 6.2% of its portfolio.
• Alphabet reported quarterly revenue of $119.8 billion and EPS of $9.11, exceeding analysts’ estimates. The stock carries an average “Buy” rating and a consensus price target of $420.19, according to MarketBeat.
• Alphabet continues investing in AI infrastructure and commercialization, including an expanded Google Cloud partnership with Accenture and potential nuclear-power support for data centers. Insiders sold 451,925 shares worth $12.4 million over the last quarter, while the company declared a quarterly dividend of $0.22 per share.

Patient Capital Management LLC lessened its stake in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 1.5% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 525,750 shares of the information services provider's stock after selling 8,243 shares during the period. Alphabet accounts for approximately 6.2% of Patient Capital Management LLC's holdings, making the stock its 3rd biggest position. Patient Capital Management LLC's holdings in Alphabet were worth $187,888,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Strategic Wealth Advisors LLC increased its stake in Alphabet by 6.0% in the 1st quarter. Strategic Wealth Advisors LLC now owns 477 shares of the information services provider's stock worth $137,000 after acquiring an additional 27 shares during the last quarter. Rockbridge Investment Management LCC increased its position in Alphabet by 0.5% in the first quarter. Rockbridge Investment Management LCC now owns 5,460 shares of the information services provider's stock worth $1,570,000 after purchasing an additional 27 shares during the last quarter. Ruggaard & Associates LLC increased its position in Alphabet by 0.9% in the first quarter. Ruggaard & Associates LLC now owns 2,921 shares of the information services provider's stock worth $840,000 after purchasing an additional 27 shares during the last quarter. Cadia Private Client LLC raised its stake in Alphabet by 1.1% during the first quarter. Cadia Private Client LLC now owns 2,589 shares of the information services provider's stock valued at $744,000 after purchasing an additional 28 shares in the last quarter. Finally, Evansbrook LLC lifted its position in Alphabet by 0.3% during the first quarter. Evansbrook LLC now owns 9,522 shares of the information services provider's stock valued at $2,738,000 after purchasing an additional 28 shares during the last quarter. Hedge funds and other institutional investors own 40.03% of the company's stock.

Insiders Place Their Bets

In other news, Director John L. Hennessy sold 1,050 shares of the business's stock in a transaction on Monday, June 15th. The shares were sold at an average price of $368.63, for a total transaction of $387,061.50. Following the completion of the sale, the director directly owned 1,481 shares of the company's stock, valued at approximately $545,941.03. The trade was a 41.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Marsida Saraci sold 449 shares of the business's stock in a transaction on Wednesday, July 29th. The shares were sold at an average price of $333.20, for a total transaction of $149,606.80. Following the sale, the chief accounting officer directly owned 27,386 shares of the company's stock, valued at $9,125,015.20. This represents a 1.61% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 451,925 shares of company stock worth $12,371,544. Insiders own 11.61% of the company's stock.

Trending Headlines about Alphabet

Here are the key news stories impacting Alphabet this week:

• Positive Sentiment: Google Cloud expands enterprise AI push: Alphabet and Accenture are launching a joint unit with 1,000 forward-deployed engineers to help businesses implement Google’s AI tools. The partnership could accelerate Cloud adoption, improve monetization and help Alphabet compete more effectively with Microsoft and Amazon. Google Cloud races to catch up in the AI deployment wars with Accenture deal
• Positive Sentiment: Potential power support for AI infrastructure: The U.S. government approved a $1.9 billion loan to NextEra Energy to refurbish an Iowa nuclear plant that Google plans to use for power. Reliable, low-carbon electricity could help support Alphabet’s growing data-center demand, although the benefits are longer term. Google's revived nuclear power plant gets $1.9B loan from US government
• Positive Sentiment: Google and Cathay Pacific expanded trials of AI technology designed to reduce aircraft contrail warming, adding a potential sustainability and commercial-use case for Google’s AI capabilities. Cathay Pacific, Google expand AI trials to cut climate-warming aircraft contrails

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on GOOGL shares. Roth Capital restated a "buy" rating and issued a $440.00 target price (up from $435.00) on shares of Alphabet in a report on Thursday, July 23rd. DA Davidson set a $350.00 price target on Alphabet and gave the stock a "neutral" rating in a research report on Thursday, July 23rd. DZ Bank raised Alphabet to a "strong-buy" rating in a research note on Thursday, July 23rd. Wall Street Zen downgraded Alphabet from a "buy" rating to a "hold" rating in a research report on Saturday, August 1st. Finally, Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $425.00 price objective on shares of Alphabet in a research note on Thursday, July 23rd. Five equities research analysts have rated the stock with a Strong Buy rating, forty-five have issued a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, Alphabet currently has an average rating of "Buy" and an average price target of $420.19.

Alphabet Stock Down 0.0%

Shares of NASDAQ:GOOGL opened at $338.36 on Wednesday. Alphabet Inc. has a 1 year low of $233.23 and a 1 year high of $408.61. The business has a 50 day simple moving average of $348.34 and a two-hundred day simple moving average of $343.37. The firm has a market capitalization of $4.14 trillion, a PE ratio of 16.99, a price-to-earnings-growth ratio of 0.98 and a beta of 1.22. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.72 and a quick ratio of 2.64.

Alphabet (NASDAQ:GOOGL - Get Free Report) last released its earnings results on Wednesday, July 22nd. The information services provider reported $9.11 EPS for the quarter, beating analysts' consensus estimates of $2.89 by $6.22. Alphabet had a return on equity of 51.32% and a net margin of 54.77%.The firm had revenue of $119.80 billion for the quarter, compared to analysts' expectations of $117.07 billion. On average, equities analysts predict that Alphabet Inc. will post 20.5 EPS for the current year.

Alphabet Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 14th. Investors of record on Monday, September 7th will be issued a dividend of $0.22 per share. The ex-dividend date is Friday, September 4th. This represents a $0.88 dividend on an annualized basis and a yield of 0.3%. Alphabet's payout ratio is presently 4.42%.

About Alphabet

Alphabet Inc is a technology and holding company founded in 2015 through a restructuring of Google. The company is headquartered in Mountain View, California, and operates globally, serving consumers, businesses, advertisers and developers across numerous countries and regions.

Alphabet's largest business is Google Services, which includes Google Search, online advertising, YouTube, Android, Chrome, Google Maps, Google Play and hardware products such as Pixel devices. These products support activities including internet search, digital content distribution, mobile computing, online communications and advertising.

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