B&L Asset Management LLC acquired a new position in Alphabet Inc. (NASDAQ:GOOGL – Free Report) during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 17,967 shares of the information services provider’s stock, valued at approximately $2,980,000. Alphabet accounts for approximately 1.9% of B&L Asset Management LLC’s investment portfolio, making the stock its 17th biggest holding.
A number of other hedge funds and other institutional investors have also bought and sold shares of GOOGL. Christopher J. Hasenberg Inc grew its holdings in shares of Alphabet by 75.0% during the second quarter. Christopher J. Hasenberg Inc now owns 140 shares of the information services provider’s stock valued at $26,000 after buying an additional 60 shares during the last quarter. LMR Partners LLP purchased a new stake in shares of Alphabet during the third quarter valued at approximately $32,000. Kings Path Partners LLC purchased a new stake in shares of Alphabet during the second quarter valued at approximately $36,000. Denver PWM LLC purchased a new stake in Alphabet in the second quarter worth approximately $41,000. Finally, Quarry LP purchased a new stake in Alphabet in the second quarter worth approximately $53,000. Hedge funds and other institutional investors own 40.03% of the company’s stock.
Insiders Place Their Bets
In related news, CAO Amie Thuener O’toole sold 1,367 shares of Alphabet stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $168.84, for a total transaction of $230,804.28. Following the completion of the transaction, the chief accounting officer now directly owns 29,183 shares of the company’s stock, valued at approximately $4,927,257.72. The trade was a 4.47 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Kavitark Ram Shriram sold 37,134 shares of Alphabet stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $185.02, for a total transaction of $6,870,532.68. Following the transaction, the director now directly owns 282,832 shares of the company’s stock, valued at approximately $52,329,576.64. This represents a 11.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 197,123 shares of company stock valued at $34,121,676 in the last three months. Corporate insiders own 11.55% of the company’s stock.
Alphabet Stock Performance
Alphabet (NASDAQ:GOOGL – Get Free Report) last issued its quarterly earnings data on Tuesday, October 29th. The information services provider reported $2.12 EPS for the quarter, topping analysts’ consensus estimates of $1.83 by $0.29. Alphabet had a net margin of 27.74% and a return on equity of 31.66%. The business had revenue of $88.27 billion during the quarter, compared to analysts’ expectations of $72.85 billion. During the same period last year, the company posted $1.55 EPS. As a group, sell-side analysts forecast that Alphabet Inc. will post 8.01 earnings per share for the current fiscal year.
Alphabet Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 9th will be paid a $0.20 dividend. The ex-dividend date is Monday, December 9th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.42%. Alphabet’s payout ratio is currently 10.61%.
Analysts Set New Price Targets
Several equities research analysts recently issued reports on the stock. JMP Securities raised their target price on shares of Alphabet from $200.00 to $220.00 and gave the stock a “market outperform” rating in a report on Wednesday, October 30th. Wells Fargo & Company raised their target price on shares of Alphabet from $182.00 to $187.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 30th. BMO Capital Markets restated an “outperform” rating and issued a $217.00 target price (up previously from $215.00) on shares of Alphabet in a report on Wednesday, October 30th. The Goldman Sachs Group restated a “buy” rating and issued a $210.00 target price on shares of Alphabet in a report on Thursday. Finally, Evercore ISI raised their target price on shares of Alphabet from $200.00 to $205.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. Seven analysts have rated the stock with a hold rating, thirty-one have given a buy rating and five have assigned a strong buy rating to the stock. According to MarketBeat, Alphabet currently has a consensus rating of “Moderate Buy” and an average target price of $206.08.
Check Out Our Latest Stock Report on Alphabet
Alphabet Company Profile
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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