Quantitative Investment Management LLC Has $6.77 Million Stake in Alphabet Inc. $GOOGL

Key Points

• Quantitative Investment Management LLC reduced its stake in Alphabet Inc. by 62.4%, now holding 43,802 shares worth approximately $6.77 million.
• Alphabet's stock has received several analyst upgrades, with Citigroup raising its price target from $203 to $225 and the consensus price target now standing at $211.53.
• The company recently declared a quarterly dividend of $0.21 per share, with an annualized yield of 0.4%, scheduled for payment on September 15th.

Quantitative Investment Management LLC trimmed its position in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 62.4% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 43,802 shares of the information services provider's stock after selling 72,603 shares during the quarter. Quantitative Investment Management LLC's holdings in Alphabet were worth $6,773,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also made changes to their positions in the company. Napa Wealth Management lifted its holdings in shares of Alphabet by 3.6% during the 1st quarter. Napa Wealth Management now owns 4,653 shares of the information services provider's stock valued at $720,000 after buying an additional 162 shares during the last quarter. Hotchkis & Wiley Capital Management LLC lifted its holdings in shares of Alphabet by 1.8% during the 1st quarter. Hotchkis & Wiley Capital Management LLC now owns 2,473,767 shares of the information services provider's stock valued at $382,543,000 after buying an additional 44,260 shares during the last quarter. B&D White Capital Company LLC lifted its holdings in shares of Alphabet by 68.3% during the 1st quarter. B&D White Capital Company LLC now owns 686,567 shares of the information services provider's stock valued at $106,171,000 after buying an additional 278,535 shares during the last quarter. Cadence Bank lifted its holdings in shares of Alphabet by 0.6% during the 1st quarter. Cadence Bank now owns 88,099 shares of the information services provider's stock valued at $13,624,000 after buying an additional 535 shares during the last quarter. Finally, Cedar Point Capital Partners LLC lifted its holdings in shares of Alphabet by 13.7% during the 1st quarter. Cedar Point Capital Partners LLC now owns 1,423 shares of the information services provider's stock valued at $220,000 after buying an additional 172 shares during the last quarter. 40.03% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on GOOGL shares. Citigroup raised their price objective on Alphabet from $203.00 to $225.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. BNP Paribas Exane reissued a "neutral" rating and issued a $172.00 price objective on shares of Alphabet in a research note on Friday, June 27th. Morgan Stanley raised their price objective on Alphabet from $185.00 to $205.00 and gave the company an "overweight" rating in a research note on Monday, July 21st. Truist Financial reissued a "buy" rating and issued a $200.00 price objective on shares of Alphabet in a research note on Wednesday, July 2nd. Finally, UBS Group raised their price objective on Alphabet from $192.00 to $202.00 and gave the company a "neutral" rating in a research note on Thursday, July 24th. Four equities research analysts have rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating and ten have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $211.53.

Alphabet Stock Performance

Shares of NASDAQ GOOGL opened at $207.14 on Wednesday. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07. The business's 50 day moving average is $188.07 and its two-hundred day moving average is $173.51. The company has a market cap of $2.51 trillion, a P/E ratio of 22.06, a P/E/G ratio of 1.40 and a beta of 1.01. Alphabet Inc. has a 12 month low of $140.53 and a 12 month high of $210.52.

Alphabet (NASDAQ:GOOGL - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, topping the consensus estimate of $2.15 by $0.16. The company had revenue of $96,428,000 billion for the quarter, compared to the consensus estimate of $93.60 billion. Alphabet had a return on equity of 34.31% and a net margin of 31.12%. On average, equities analysts expect that Alphabet Inc. will post 8.9 EPS for the current year.

Alphabet Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Monday, September 8th will be given a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend is Monday, September 8th. Alphabet's payout ratio is currently 8.95%.

Insiders Place Their Bets

In other Alphabet news, insider John Kent Walker sold 23,820 shares of Alphabet stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $194.70, for a total value of $4,637,754.00. Following the transaction, the insider directly owned 42,999 shares of the company's stock, valued at $8,371,905.30. The trade was a 35.65% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Kavitark Ram Shriram sold 18,566 shares of Alphabet stock in a transaction that occurred on Friday, July 18th. The stock was sold at an average price of $185.76, for a total value of $3,448,820.16. Following the completion of the transaction, the director directly owned 243,400 shares in the company, valued at approximately $45,213,984. This represents a 7.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 254,719 shares of company stock valued at $47,223,172. Corporate insiders own 11.55% of the company's stock.

About Alphabet

Alphabet Inc offers various products and platforms in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America. It operates through Google Services, Google Cloud, and Other Bets segments. The Google Services segment provides products and services, including ads, Android, Chrome, devices, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.

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