Retirement Systems of Alabama lowered its stake in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 4.9% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,047,211 shares of the information services provider's stock after selling 104,879 shares during the quarter. Alphabet comprises approximately 1.3% of Retirement Systems of Alabama's investment portfolio, making the stock its 11th biggest position. Retirement Systems of Alabama's holdings in Alphabet were worth $339,530,000 as of its most recent SEC filing.
A number of other hedge funds have also recently added to or reduced their stakes in the stock. Schear Investment Advisers LLC increased its stake in Alphabet by 17.0% in the third quarter. Schear Investment Advisers LLC now owns 33,751 shares of the information services provider's stock valued at $5,598,000 after acquiring an additional 4,905 shares during the last quarter. Trinity Financial Advisors LLC raised its holdings in shares of Alphabet by 4.5% during the 3rd quarter. Trinity Financial Advisors LLC now owns 4,423 shares of the information services provider's stock worth $771,000 after buying an additional 190 shares in the last quarter. Landscape Capital Management L.L.C. raised its holdings in shares of Alphabet by 27.9% during the 3rd quarter. Landscape Capital Management L.L.C. now owns 25,275 shares of the information services provider's stock worth $4,192,000 after buying an additional 5,516 shares in the last quarter. abrdn plc boosted its stake in Alphabet by 10.7% in the third quarter. abrdn plc now owns 6,305,717 shares of the information services provider's stock valued at $1,037,196,000 after buying an additional 611,233 shares in the last quarter. Finally, StoneCrest Wealth Management Inc. grew its position in Alphabet by 0.7% in the third quarter. StoneCrest Wealth Management Inc. now owns 21,509 shares of the information services provider's stock valued at $3,567,000 after acquiring an additional 140 shares during the last quarter. Institutional investors own 40.03% of the company's stock.
Wall Street Analyst Weigh In
A number of research firms have recently commented on GOOGL. DA Davidson initiated coverage on shares of Alphabet in a report on Tuesday, September 10th. They issued a "neutral" rating and a $170.00 target price for the company. Sanford C. Bernstein increased their price objective on shares of Alphabet from $180.00 to $185.00 and gave the company a "market perform" rating in a research note on Wednesday, October 30th. Loop Capital boosted their target price on shares of Alphabet from $170.00 to $185.00 and gave the stock a "hold" rating in a research note on Wednesday, November 6th. Scotiabank upgraded shares of Alphabet to a "strong-buy" rating in a report on Friday, October 11th. Finally, JPMorgan Chase & Co. raised their price objective on Alphabet from $212.00 to $232.00 and gave the company an "overweight" rating in a report on Wednesday. Seven research analysts have rated the stock with a hold rating, thirty-one have assigned a buy rating and five have issued a strong buy rating to the company's stock. According to MarketBeat.com, Alphabet has an average rating of "Moderate Buy" and an average price target of $206.69.
Get Our Latest Analysis on GOOGL
Alphabet Stock Performance
Shares of GOOGL stock traded up $2.90 during trading hours on Friday, reaching $191.41. 62,697,719 shares of the company traded hands, compared to its average volume of 27,725,518. The company has a market cap of $2.34 trillion, a P/E ratio of 25.39, a P/E/G ratio of 1.39 and a beta of 1.01. Alphabet Inc. has a 12-month low of $130.66 and a 12-month high of $201.42. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.95 and a quick ratio of 1.95. The firm has a 50-day moving average price of $173.99 and a 200 day moving average price of $171.21.
Alphabet (NASDAQ:GOOGL - Get Free Report) last issued its quarterly earnings data on Tuesday, October 29th. The information services provider reported $2.12 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.83 by $0.29. The business had revenue of $88.27 billion for 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 period in the prior year, the business posted $1.55 earnings per share. As a group, sell-side analysts predict 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 was paid on Monday, December 16th. Investors of record on Monday, December 9th were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 0.42%. The ex-dividend date of this dividend was Monday, December 9th. Alphabet's dividend payout ratio (DPR) is presently 10.61%.
Insider Transactions at Alphabet
In other news, Director John L. Hennessy sold 700 shares of Alphabet stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $165.00, for a total value of $115,500.00. Following the sale, the director now directly owns 27,824 shares of the company's stock, valued at $4,590,960. The trade was a 2.45 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Amie Thuener O'toole sold 2,834 shares of the stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $197.55, for a total transaction of $559,856.70. Following the completion of the sale, the chief accounting officer now owns 20,681 shares of the company's stock, valued at approximately $4,085,531.55. The trade was a 12.05 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 178,957 shares of company stock valued at $31,358,687. Corporate insiders own 11.55% of the company's stock.
Alphabet Company Profile
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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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