City of London Investment Management Co. Ltd. Has $34.92 Million Holdings in Alphabet Inc. $GOOGL

City of London Investment Management Co. Ltd. lifted its position in Alphabet Inc. (NASDAQ:GOOGL) by 23.4% in the 2nd quarter, Holdings Channel reports. The fund owned 198,167 shares of the information services provider’s stock after buying an additional 37,549 shares during the period. Alphabet makes up approximately 3.2% of City of London Investment Management Co. Ltd.’s investment portfolio, making the stock its 13th biggest holding. City of London Investment Management Co. Ltd.’s holdings in Alphabet were worth $34,917,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in GOOGL. Gimbal Financial boosted its position in shares of Alphabet by 1.9% in the second quarter. Gimbal Financial now owns 2,776 shares of the information services provider’s stock worth $489,000 after buying an additional 53 shares during the period. Missouri Trust & Investment Co lifted its stake in Alphabet by 0.3% in the 2nd quarter. Missouri Trust & Investment Co now owns 16,916 shares of the information services provider’s stock worth $2,981,000 after acquiring an additional 55 shares in the last quarter. Silver Coast Investments LLC lifted its stake in Alphabet by 1.3% in the 2nd quarter. Silver Coast Investments LLC now owns 4,317 shares of the information services provider’s stock worth $761,000 after acquiring an additional 55 shares in the last quarter. AM Investment Strategies LLC boosted its position in Alphabet by 0.9% during the 2nd quarter. AM Investment Strategies LLC now owns 6,477 shares of the information services provider’s stock worth $1,141,000 after acquiring an additional 57 shares during the period. Finally, Bfsg LLC grew its stake in Alphabet by 0.6% during the 2nd quarter. Bfsg LLC now owns 10,428 shares of the information services provider’s stock valued at $1,838,000 after acquiring an additional 59 shares in the last quarter. 40.03% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, CEO Sundar Pichai sold 32,500 shares of the stock in a transaction that occurred on Wednesday, November 19th. The stock was sold at an average price of $296.64, for a total transaction of $9,640,800.00. Following the completion of the sale, the chief executive officer owned 2,304,619 shares in the company, valued at $683,642,180.16. This represents a 1.39% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Amie Thuener O’toole sold 2,778 shares of the firm’s stock in a transaction that occurred on Monday, November 17th. The shares were sold at an average price of $288.26, for a total value of $800,786.28. Following the completion of the sale, the chief accounting officer directly owned 11,739 shares in the company, valued at $3,383,884.14. This trade represents a 19.14% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 225,072 shares of company stock valued at $58,074,027 over the last three months. 11.64% of the stock is currently owned by insiders.

Alphabet Stock Down 1.1%

Shares of Alphabet stock opened at $319.95 on Friday. Alphabet Inc. has a 12-month low of $140.53 and a 12-month high of $328.83. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07. The stock has a 50 day moving average price of $267.94 and a two-hundred day moving average price of $217.64. The stock has a market capitalization of $3.86 trillion, a P/E ratio of 31.55, a PEG ratio of 1.86 and a beta of 1.05.

Alphabet (NASDAQ:GOOGL) last issued its quarterly earnings data on Wednesday, October 29th. The information services provider reported $2.87 earnings per share for the quarter, topping analysts’ consensus estimates of $2.29 by $0.58. The business had revenue of $102.35 billion during the quarter, compared to analysts’ expectations of $99.90 billion. Alphabet had a net margin of 32.23% and a return on equity of 36.08%. Equities analysts expect that Alphabet Inc. will post 8.9 earnings per share for the current year.

Alphabet Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Monday, December 8th will be issued a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date is Monday, December 8th. Alphabet’s dividend payout ratio is 8.28%.

Wall Street Analysts Forecast Growth

GOOGL has been the topic of a number of research analyst reports. Canaccord Genuity Group boosted their price objective on shares of Alphabet from $270.00 to $330.00 and gave the company a “buy” rating in a research report on Thursday, October 30th. Arete boosted their price target on shares of Alphabet from $220.00 to $300.00 and gave the company a “buy” rating in a report on Monday. Morgan Stanley increased their price objective on Alphabet from $270.00 to $330.00 and gave the stock an “overweight” rating in a report on Thursday, October 30th. Oppenheimer lifted their price objective on Alphabet from $270.00 to $300.00 and gave the company an “outperform” rating in a research report on Monday, October 20th. Finally, Jefferies Financial Group upped their target price on Alphabet from $285.00 to $320.00 and gave the stock a “buy” rating in a research report on Thursday, October 30th. Four research analysts have rated the stock with a Strong Buy rating, forty-one have assigned a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, Alphabet presently has an average rating of “Moderate Buy” and a consensus target price of $307.84.

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.