State of Michigan Retirement System cut its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 1.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,044,880 shares of the information services provider's stock after selling 27,300 shares during the period. Alphabet comprises approximately 2.0% of State of Michigan Retirement System's holdings, making the stock its 8th largest holding. State of Michigan Retirement System's holdings in Alphabet were worth $387,096,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of GOOGL. Bennett Selby Investments LP boosted its holdings in shares of Alphabet by 4.0% in the fourth quarter. Bennett Selby Investments LP now owns 1,354 shares of the information services provider's stock valued at $256,000 after buying an additional 52 shares during the period. Macroview Investment Management LLC lifted its position in Alphabet by 4.2% in the 4th quarter. Macroview Investment Management LLC now owns 1,293 shares of the information services provider's stock valued at $245,000 after acquiring an additional 52 shares in the last quarter. Conrad Siegel Investment Advisors Inc. increased its holdings in Alphabet by 0.5% during the 4th quarter. Conrad Siegel Investment Advisors Inc. now owns 9,845 shares of the information services provider's stock worth $1,864,000 after purchasing an additional 53 shares in the last quarter. Cornerstone Planning Group LLC increased its holdings in Alphabet by 2.3% during the 4th quarter. Cornerstone Planning Group LLC now owns 2,381 shares of the information services provider's stock worth $457,000 after purchasing an additional 53 shares in the last quarter. Finally, Addison Advisors LLC lifted its holdings in shares of Alphabet by 0.7% in the fourth quarter. Addison Advisors LLC now owns 7,527 shares of the information services provider's stock valued at $1,425,000 after purchasing an additional 53 shares in the last quarter. 40.03% of the stock is owned by institutional investors and hedge funds.
Alphabet Price Performance
Shares of GOOGL stock traded down $1.06 during trading on Thursday, hitting $162.83. The company had a trading volume of 17,907,479 shares, compared to its average volume of 25,796,364. The stock's 50-day moving average price is $183.75 and its 200 day moving average price is $176.47. Alphabet Inc. has a one year low of $146.74 and a one year high of $207.05. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.84 and a current ratio of 1.84. The firm has a market capitalization of $1.98 trillion, a P/E ratio of 20.21, a price-to-earnings-growth ratio of 1.34 and a beta of 1.02.
Alphabet (NASDAQ:GOOGL - Get Free Report) last released its earnings results on Tuesday, February 4th. The information services provider reported $2.15 earnings per share (EPS) for the quarter, topping the consensus estimate 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 Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Monday, March 10th were issued a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 0.49%. The ex-dividend date of this dividend was Monday, March 10th. Alphabet's dividend payout ratio is currently 9.94%.
Insider Activity
In related news, insider John Kent Walker sold 16,820 shares of the company's stock in a transaction that occurred on Monday, December 30th. The shares were sold at an average price of $192.62, for a total transaction of $3,239,868.40. Following the completion of the transaction, the insider now directly owns 43,981 shares in the company, valued at $8,471,620.22. This represents a 27.66 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John L. Hennessy sold 200 shares of the firm's stock in a transaction that occurred on Thursday, March 13th. The shares were 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 $1,293,285.89. This represents a 2.50 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 93,048 shares of company stock worth $17,374,274. 11.55% of the stock is currently owned by corporate insiders.
Analyst Upgrades and Downgrades
A number of research analysts recently issued reports on GOOGL shares. DA Davidson increased their price objective on Alphabet from $190.00 to $200.00 and gave the stock a "neutral" rating in a report on Friday, January 24th. Piper Sandler decreased their price target on shares of Alphabet from $210.00 to $208.00 and set an "overweight" rating for the company in a research note on Wednesday, February 5th. DZ Bank lowered shares of Alphabet from a "buy" rating to a "hold" rating and set a $198.00 price objective on the stock. in a research report on Thursday, February 6th. Morgan Stanley decreased their target price on shares of Alphabet from $215.00 to $210.00 and set an "overweight" rating for the company in a research report on Wednesday, February 5th. Finally, The Goldman Sachs Group reiterated a "buy" rating and issued a $210.00 price target on shares of Alphabet in a research note on Thursday, December 12th. Ten research analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and four have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $210.59.
View Our Latest Stock Report on GOOGL
About Alphabet
(
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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