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Sumitomo Mitsui Trust Group Inc. Has $2.31 Billion Stock Position in Alphabet Inc. (NASDAQ:GOOGL)

Alphabet logo with Computer and Technology background

Sumitomo Mitsui Trust Group Inc. boosted its stake in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 1.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 13,933,524 shares of the information services provider's stock after buying an additional 257,230 shares during the period. Alphabet accounts for about 1.6% of Sumitomo Mitsui Trust Group Inc.'s investment portfolio, making the stock its 6th biggest holding. Sumitomo Mitsui Trust Group Inc. owned approximately 0.11% of Alphabet worth $2,310,875,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. New Hampshire Trust raised its position in shares of Alphabet by 2.7% in the 2nd quarter. New Hampshire Trust now owns 43,714 shares of the information services provider's stock valued at $7,963,000 after purchasing an additional 1,132 shares during the last quarter. Trinity Financial Advisors LLC increased its position in shares of Alphabet by 4.5% in the 3rd quarter. Trinity Financial Advisors LLC now owns 4,423 shares of the information services provider's stock valued at $771,000 after acquiring an additional 190 shares during the period. abrdn plc lifted its position in Alphabet by 10.7% during the 3rd quarter. abrdn plc now owns 6,305,717 shares of the information services provider's stock worth $1,037,196,000 after acquiring an additional 611,233 shares during the period. StoneCrest Wealth Management Inc. grew its stake in Alphabet by 0.7% during the 3rd quarter. StoneCrest Wealth Management Inc. now owns 21,509 shares of the information services provider's stock valued at $3,567,000 after purchasing an additional 140 shares during the last quarter. Finally, EWG Elevate Inc. increased its holdings in shares of Alphabet by 9.7% in the third quarter. EWG Elevate Inc. now owns 1,305 shares of the information services provider's stock valued at $216,000 after purchasing an additional 115 shares during the period. Institutional investors own 40.03% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on GOOGL. Pivotal Research increased their price target on shares of Alphabet from $215.00 to $225.00 and gave the stock a "buy" rating in a report on Wednesday, October 30th. Sanford C. Bernstein boosted their price objective on Alphabet from $180.00 to $185.00 and gave the company a "market perform" rating in a report on Wednesday, October 30th. Needham & Company LLC reissued a "buy" rating and issued a $210.00 price target on shares of Alphabet in a report on Wednesday, October 30th. DA Davidson began coverage on Alphabet in a research note on Tuesday, September 10th. They issued a "neutral" rating and a $170.00 price target for the company. Finally, Bank of America increased their target price on shares of Alphabet from $206.00 to $210.00 and gave the company a "buy" rating in a research report on Wednesday, October 30th. Seven investment analysts have rated the stock with a hold rating, thirty-one have issued a buy rating and five have given a strong buy rating to the company. Based on data from MarketBeat, Alphabet has a consensus rating of "Moderate Buy" and an average price target of $205.90.

Check Out Our Latest Stock Analysis on Alphabet

Alphabet Price Performance

NASDAQ GOOGL traded down $0.32 during mid-day trading on Wednesday, hitting $168.80. The stock had a trading volume of 4,323,135 shares, compared to its average volume of 27,150,787. The company has a 50 day simple moving average of $168.03 and a 200 day simple moving average of $170.35. The company has a quick ratio of 1.95, a current ratio of 1.95 and a debt-to-equity ratio of 0.04. The company has a market cap of $2.07 trillion, a price-to-earnings ratio of 22.39, a P/E/G ratio of 1.19 and a beta of 1.03. Alphabet Inc. has a 52-week low of $127.90 and a 52-week high of $191.75.

Alphabet (NASDAQ:GOOGL - Get Free Report) last released its quarterly earnings results on Tuesday, October 29th. The information services provider reported $2.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.83 by $0.29. The business had revenue of $88.27 billion during the quarter, compared to the consensus estimate of $72.85 billion. Alphabet had a return on equity of 31.66% and a net margin of 27.74%. During the same quarter in the previous year, the company posted $1.55 EPS. Equities analysts forecast that Alphabet Inc. will post 8.01 EPS for the current fiscal year.

Alphabet Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 9th will be given a dividend of $0.20 per share. The ex-dividend date is Monday, December 9th. This represents a $0.80 annualized dividend and a yield of 0.47%. Alphabet's dividend payout ratio (DPR) is presently 10.61%.

Insiders Place Their Bets

In other news, insider John Kent Walker sold 21,467 shares of Alphabet stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $160.35, for a total transaction of $3,442,233.45. Following the sale, the insider now owns 39,334 shares in the company, valued at $6,307,206.90. This trade represents a 35.31 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Sundar Pichai sold 22,500 shares of the business's stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $176.67, for a total transaction of $3,975,075.00. Following the completion of the transaction, the chief executive officer now owns 2,061,806 shares in the company, valued at $364,259,266.02. This represents a 1.08 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 206,795 shares of company stock valued at $34,673,866 over the last quarter. Company insiders own 11.55% of the company's stock.

Alphabet Profile

(Free Report)

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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Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOGL)

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