Cim Investment Management Inc. Raises Stock Position in Alphabet Inc. $GOOGL

Cim Investment Management Inc. boosted its position in Alphabet Inc. (NASDAQ:GOOGL) by 99.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 62,842 shares of the information services provider’s stock after purchasing an additional 31,370 shares during the period. Alphabet makes up approximately 2.2% of Cim Investment Management Inc.’s investment portfolio, making the stock its 9th biggest holding. Cim Investment Management Inc.’s holdings in Alphabet were worth $11,486,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the business. Norges Bank purchased a new position in Alphabet during the 2nd quarter valued at $21,944,208,000. Nuveen LLC bought a new stake in shares of Alphabet during the first quarter worth $4,317,606,000. Laurel Wealth Advisors LLC lifted its position in shares of Alphabet by 17,667.7% during the second quarter. Laurel Wealth Advisors LLC now owns 15,245,075 shares of the information services provider’s stock worth $2,686,640,000 after purchasing an additional 15,159,273 shares during the last quarter. Franklin Resources Inc. boosted its stake in shares of Alphabet by 51.7% during the second quarter. Franklin Resources Inc. now owns 31,817,684 shares of the information services provider’s stock valued at $5,607,232,000 after purchasing an additional 10,843,853 shares during the period. Finally, Vanguard Group Inc. grew its holdings in shares of Alphabet by 1.3% in the second quarter. Vanguard Group Inc. now owns 516,559,609 shares of the information services provider’s stock worth $91,033,300,000 after purchasing an additional 6,733,278 shares during the last quarter. Hedge funds and other institutional investors own 40.03% of the company’s stock.

Wall Street Analyst Weigh In

GOOGL has been the subject of a number of research analyst reports. Evercore ISI lifted their price objective on shares of Alphabet from $300.00 to $325.00 and gave the company an “outperform” rating in a report on Thursday, October 30th. Royal Bank Of Canada reaffirmed a “buy” rating and set a $315.00 target price on shares of Alphabet in a research report on Tuesday, December 2nd. Moffett Nathanson lifted their price target on shares of Alphabet from $305.00 to $315.00 and gave the company a “buy” rating in a research note on Tuesday, November 25th. Deutsche Bank Aktiengesellschaft increased their price objective on Alphabet from $260.00 to $340.00 and gave the stock a “buy” rating in a research note on Thursday, October 30th. Finally, Tigress Financial lifted their target price on Alphabet from $240.00 to $280.00 and gave the company a “strong-buy” rating in a research report on Friday, September 5th. 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 company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $314.22.

Alphabet Stock Down 1.0%

Alphabet stock opened at $309.29 on Monday. The company has a quick ratio of 1.75, a current ratio of 1.75 and a debt-to-equity ratio of 0.06. The firm has a market cap of $3.73 trillion, a P/E ratio of 30.50, a P/E/G ratio of 1.79 and a beta of 1.07. The business has a fifty day moving average of $283.14 and a two-hundred day moving average of $229.97. Alphabet Inc. has a twelve month low of $140.53 and a twelve month high of $328.83.

Alphabet (NASDAQ:GOOGL) last announced its quarterly earnings results on Wednesday, October 29th. The information services provider reported $2.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.29 by $0.58. The business had revenue of $102.35 billion for the quarter, compared to the consensus estimate of $99.90 billion. Alphabet had a return on equity of 35.00% and a net margin of 32.23%. On average, analysts forecast that Alphabet Inc. will post 8.9 earnings per share for the current fiscal year.

Alphabet Dividend Announcement

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

Insider Activity

In other news, Director Frances Arnold sold 102 shares of the firm’s stock in a transaction dated Monday, December 1st. The shares were sold at an average price of $317.66, for a total value of $32,401.32. Following the sale, the director directly owned 18,104 shares in the company, valued at approximately $5,750,916.64. This trade represents a 0.56% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Sundar Pichai sold 32,500 shares of Alphabet stock in a transaction that occurred on Wednesday, December 3rd. The stock was sold at an average price of $319.50, for a total transaction of $10,383,750.00. Following the completion of the transaction, the chief executive officer directly owned 2,272,119 shares in the company, valued at approximately $725,942,020.50. The trade was a 1.41% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 222,750 shares of company stock valued at $60,496,098. Corporate insiders own 11.55% of the company’s stock.

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.