Connor Clark & Lunn Investment Management Ltd. Sells 1,174,605 Shares of Alphabet Inc. (NASDAQ:GOOG)

Connor Clark & Lunn Investment Management Ltd. lessened its position in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 68.6% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 536,663 shares of the information services provider's stock after selling 1,174,605 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.'s holdings in Alphabet were worth $89,725,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the stock. China Universal Asset Management Co. Ltd. grew its stake in shares of Alphabet by 360.1% in the first quarter. China Universal Asset Management Co. Ltd. now owns 20,249 shares of the information services provider's stock worth $3,083,000 after purchasing an additional 15,848 shares in the last quarter. Quent Capital LLC grew its position in Alphabet by 5.8% during the first quarter. Quent Capital LLC now owns 32,706 shares of the information services provider's stock worth $4,980,000 after buying an additional 1,798 shares in the last quarter. Empowered Funds LLC raised its stake in Alphabet by 19.0% during the first quarter. Empowered Funds LLC now owns 86,040 shares of the information services provider's stock worth $13,100,000 after acquiring an additional 13,756 shares in the last quarter. Burns Matteson Capital Management LLC acquired a new stake in shares of Alphabet in the first quarter valued at $203,000. Finally, CreativeOne Wealth LLC grew its stake in shares of Alphabet by 41.0% during the first quarter. CreativeOne Wealth LLC now owns 16,530 shares of the information services provider's stock worth $2,516,000 after purchasing an additional 4,809 shares during the period. Institutional investors and hedge funds own 27.26% of the company's stock.

Insider Transactions at Alphabet

In related news, CAO Amie Thuener O'toole sold 682 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $160.44, for a total value of $109,420.08. Following the completion of the sale, the chief accounting officer now owns 32,017 shares in the company, valued at approximately $5,136,807.48. This trade represents a 2.09 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Kavitark Ram Shriram sold 10,500 shares of the business's stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $177.41, for a total transaction of $1,862,805.00. Following the completion of the transaction, the director now directly owns 319,966 shares of the company's stock, valued at approximately $56,765,168.06. This represents a 3.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 184,295 shares of company stock worth $30,698,791 over the last ninety days. Company insiders own 12.99% of the company's stock.

Alphabet Stock Performance

Shares of NASDAQ:GOOG traded down $2.25 during midday trading on Wednesday, reaching $177.33. 14,881,863 shares of the company's stock traded hands, compared to its average volume of 19,539,752. The company has a market cap of $2.17 trillion, a price-to-earnings ratio of 23.45, a P/E/G ratio of 1.22 and a beta of 1.04. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.95 and a current ratio of 1.95. The stock has a 50 day moving average of $168.15 and a 200 day moving average of $171.87. Alphabet Inc. has a one year low of $129.40 and a one year high of $193.31.

Alphabet (NASDAQ:GOOG - Get Free Report) last posted its quarterly earnings results on Tuesday, October 29th. The information services provider reported $2.12 earnings per share for the quarter, beating the consensus estimate of $1.83 by $0.29. The firm had revenue of $88.27 billion during the quarter, compared to the consensus estimate of $86.39 billion. Alphabet had a net margin of 27.74% and a return on equity of 31.66%. The company's revenue was up 15.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.55 earnings per share. As a group, equities research analysts anticipate that Alphabet Inc. will post 7.99 EPS for the current fiscal year.

Alphabet Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 9th will be paid 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 0.45%. Alphabet's dividend payout ratio (DPR) is 10.61%.

Wall Street Analyst Weigh In

Several research firms have commented on GOOG. Oppenheimer raised their target price on shares of Alphabet from $185.00 to $215.00 and gave the company an "outperform" rating in a report on Wednesday, October 30th. DA Davidson upgraded Alphabet to a "hold" rating in a research report on Tuesday, September 10th. Pivotal Research increased their price objective on Alphabet from $215.00 to $225.00 and gave the company a "buy" rating in a report on Wednesday, October 30th. Wells Fargo & Company lifted their target price on shares of Alphabet from $182.00 to $187.00 and gave the company an "equal weight" rating in a research report on Wednesday, October 30th. Finally, Scotiabank began coverage on Alphabet in a research note on Friday, October 11th. They issued a "sector outperform" rating and a $212.00 price objective for the company. Five equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and three have issued a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $200.56.

Alphabet 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.