Connor Clark & Lunn Investment Management Ltd. Decreases Stock Position in Alphabet Inc. (NASDAQ:GOOGL)

Connor Clark & Lunn Investment Management Ltd. lowered its stake in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 4.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 225,805 shares of the information services provider's stock after selling 10,397 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.'s holdings in Alphabet were worth $42,745,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently bought and sold shares of GOOGL. State Street Corp increased its stake in Alphabet by 0.3% in the third quarter. State Street Corp now owns 222,555,548 shares of the information services provider's stock valued at $36,910,838,000 after purchasing an additional 743,369 shares during the period. Geode Capital Management LLC boosted its stake in shares of Alphabet by 2.0% during the third quarter. Geode Capital Management LLC now owns 134,030,679 shares of the information services provider's stock worth $22,154,651,000 after buying an additional 2,626,431 shares during the period. JPMorgan Chase & Co. grew its holdings in shares of Alphabet by 7.7% during the third quarter. JPMorgan Chase & Co. now owns 63,667,407 shares of the information services provider's stock worth $10,559,240,000 after buying an additional 4,567,275 shares during the last quarter. Fisher Asset Management LLC increased its position in Alphabet by 1.5% in the 4th quarter. Fisher Asset Management LLC now owns 50,615,038 shares of the information services provider's stock valued at $9,581,427,000 after acquiring an additional 757,138 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its stake in Alphabet by 3.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 38,451,718 shares of the information services provider's stock valued at $7,278,910,000 after acquiring an additional 1,218,639 shares during the last quarter. 40.03% of the stock is owned by hedge funds and other institutional investors.

Remove Ads

Alphabet Trading Down 2.6 %

Shares of GOOGL stock traded down $4.42 during mid-day trading on Wednesday, hitting $166.14. 13,643,897 shares of the company's stock were exchanged, compared to its average volume of 30,132,676. The stock has a market cap of $2.03 trillion, a price-to-earnings ratio of 20.64, a PEG ratio of 1.34 and a beta of 1.02. The company has a quick ratio of 1.84, a current ratio of 1.84 and a debt-to-equity ratio of 0.03. Alphabet Inc. has a fifty-two week low of $147.21 and a fifty-two week high of $207.05. The stock has a 50-day simple moving average of $181.72 and a two-hundred day simple moving average of $176.86.

Alphabet (NASDAQ:GOOGL - Get Free Report) last issued its quarterly earnings results on Tuesday, February 4th. The information services provider reported $2.15 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.12 by $0.03. Alphabet had a return on equity of 32.49% and a net margin of 28.60%. Equities analysts expect that Alphabet Inc. will post 8.9 EPS for the current fiscal year.

Alphabet Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Monday, March 10th were issued a $0.20 dividend. The ex-dividend date of this dividend was Monday, March 10th. This represents a $0.80 dividend on an annualized basis and a yield of 0.48%. Alphabet's payout ratio is 9.94%.

Insider Buying and Selling

In other news, Director John L. Hennessy sold 200 shares of the business's stock in a transaction dated Thursday, March 13th. The stock was sold at an average price of $165.53, for a total transaction of $33,106.00. Following the completion of the sale, the director now owns 7,813 shares in the company, valued at approximately $1,293,285.89. The trade was a 2.50 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider John Kent Walker sold 16,820 shares of the stock in a transaction on Monday, December 30th. The stock was sold at an average price of $192.62, for a total transaction of $3,239,868.40. Following the completion of the sale, the insider now directly owns 43,981 shares of the company's stock, valued at $8,471,620.22. The trade was a 27.66 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 93,048 shares of company stock valued at $17,374,274. Insiders own 11.55% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on GOOGL shares. Robert W. Baird reiterated an "outperform" rating and issued a $205.00 target price on shares of Alphabet in a research note on Tuesday, December 10th. Morgan Stanley lowered their price objective on shares of Alphabet from $215.00 to $210.00 and set an "overweight" rating on the stock in a research report on Wednesday, February 5th. Citigroup cut their price objective on shares of Alphabet from $232.00 to $229.00 and set a "buy" rating for the company in a research report on Wednesday, February 5th. Rosenblatt Securities restated a "neutral" rating and issued a $205.00 target price on shares of Alphabet in a research note on Wednesday, March 19th. Finally, JMP Securities reiterated a "market perform" rating on shares of Alphabet in a research note on Wednesday, February 5th. Ten equities research analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and four have issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $210.59.

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.