Conning Inc. Trims Stock Holdings in Alphabet Inc. $GOOGL

Conning Inc. cut its holdings in Alphabet Inc. (NASDAQ:GOOGL) by 10.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 38,465 shares of the information services provider’s stock after selling 4,383 shares during the period. Conning Inc.’s holdings in Alphabet were worth $11,061,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in GOOGL. Vanguard Group Inc. boosted its stake in Alphabet by 2.4% in the 4th quarter. Vanguard Group Inc. now owns 528,969,322 shares of the information services provider’s stock worth $165,567,398,000 after purchasing an additional 12,531,695 shares during the period. State Street Corp grew its holdings in Alphabet by 1.8% during the 2nd quarter. State Street Corp now owns 229,954,269 shares of the information services provider’s stock valued at $40,524,841,000 after buying an additional 4,008,374 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Alphabet by 1.9% during the fourth quarter. Geode Capital Management LLC now owns 146,193,037 shares of the information services provider’s stock valued at $45,625,595,000 after buying an additional 2,666,676 shares during the period. Norges Bank bought a new stake in shares of Alphabet during the fourth quarter valued at about $30,534,239,000. Finally, Bank of America Corp DE lifted its holdings in shares of Alphabet by 4.9% in the fourth quarter. Bank of America Corp DE now owns 69,108,183 shares of the information services provider’s stock worth $21,630,861,000 after buying an additional 3,218,852 shares in the last quarter. Hedge funds and other institutional investors own 40.03% of the company’s stock.

Insider Activity at Alphabet

In related news, Director Frances Arnold sold 112 shares of the firm’s stock in a transaction that occurred on Tuesday, June 30th. The stock was sold at an average price of $351.28, for a total transaction of $39,343.36. Following the transaction, the director directly owned 18,833 shares in the company, valued at $6,615,656.24. This trade represents a 0.59% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John L. Hennessy sold 1,050 shares of Alphabet stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $368.63, for a total value of $387,061.50. Following the completion of the transaction, the director directly owned 1,481 shares in the company, valued at $545,941.03. This trade represents a 41.49% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 159,415 shares of company stock worth $7,672,279 over the last three months. Corporate insiders own 11.61% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on GOOGL shares. China Renaissance raised their price objective on shares of Alphabet from $400.00 to $485.00 and gave the company a “buy” rating in a research report on Monday, May 4th. Barclays reissued a “buy” rating on shares of Alphabet in a report on Friday, May 29th. BNP Paribas Exane upped their price target on shares of Alphabet from $390.00 to $420.00 and gave the stock an “outperform” rating in a report on Thursday, April 30th. Piper Sandler reiterated an “overweight” rating and issued a $445.00 price objective (up from $425.00) on shares of Alphabet in a research report on Monday, June 1st. Finally, Mizuho lifted their price objective on Alphabet from $420.00 to $460.00 and gave the company an “outperform” rating in a research note on Wednesday, May 6th. Three analysts have rated the stock with a Strong Buy rating, forty-seven have given a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $414.11.

Alphabet Price Performance

Shares of Alphabet stock opened at $351.99 on Tuesday. The firm has a market capitalization of $4.26 trillion, a PE ratio of 26.85, a price-to-earnings-growth ratio of 1.44 and a beta of 1.24. The company has a current ratio of 1.92, a quick ratio of 1.92 and a debt-to-equity ratio of 0.16. Alphabet Inc. has a 12 month low of $186.15 and a 12 month high of $408.61. The business’s 50-day moving average price is $368.16 and its 200-day moving average price is $338.41.

Alphabet (NASDAQ:GOOGL) last posted its quarterly earnings results on Wednesday, April 29th. The information services provider reported $5.11 EPS for the quarter, topping the consensus estimate of $2.64 by $2.47. Alphabet had a net margin of 37.92% and a return on equity of 38.99%. The firm had revenue of $109.90 billion for the quarter, compared to the consensus estimate of $106.98 billion. Sell-side analysts forecast that Alphabet Inc. will post 14.33 EPS for the current fiscal year.

Alphabet Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 8th were paid a $0.22 dividend. This is a boost from Alphabet’s previous quarterly dividend of $0.21. The ex-dividend date of this dividend was Monday, June 8th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.3%. Alphabet’s dividend payout ratio is presently 6.71%.

Alphabet News Summary

Here are the key news stories impacting Alphabet this week:

• Positive Sentiment: Google is reportedly developing a new AI server chip to make Gemini run more efficiently, which could improve performance and reduce infrastructure costs. Reuters: Google plans new chip to run Gemini models more efficiently
• Positive Sentiment: Shares were also lifted by reports that Alphabet’s AI chip initiative could strengthen its competitive position against Nvidia and support its broader AI rollout. Yahoo Finance: Alphabet stock gains on report of next-generation AI chip project
• Positive Sentiment: Analysts and market commentators say Alphabet’s upcoming Q2 results could be supported by Search ad strength, Cloud growth, and rising subscriptions, with expectations for an earnings surprise still elevated. Zacks: Will Alphabet’s Q2 Earnings Reignite the Tech Rally?
• Positive Sentiment: Wall Street analysts remain generally constructive on Alphabet ahead of earnings, with some notes suggesting meaningful upside from current levels. Zacks: Wall Street Analysts Think Alphabet (GOOGL) Is a Good Investment: Is It?
• Neutral Sentiment: Alphabet’s upcoming earnings report is expected to be a major event for the stock, with traders bracing for a potentially large move depending on guidance and AI capex plans. Investopedia: Here’s How Much Google Parent Alphabet’s Stock Is Seen Moving After Earnings Wednesday
• Neutral Sentiment: Several articles highlighted Alphabet as one of this week’s most closely watched earnings names, but these were largely preview pieces rather than new fundamental developments. Proactive Investors: Week ahead: Wall Street gears up for volatility as Big Tech earnings kick into high gear
• Negative Sentiment: One New York Times report criticized Google’s AI search features as potentially harming the open web, which could add regulatory and reputational pressure over time. NYT: How Google’s A.I. Search Is Imperiling the Open Web
• Negative Sentiment: Two securities-fraud investigation notices may create some headline overhang, although they are routine plaintiff-lawyer announcements and not evidence of new wrongdoing. Globe Newswire: Securities Fraud Investigation Into Alphabet Inc. (GOOG) Continues

About Alphabet

Alphabet Inc is the holding company created in 2015 to organize Google and a portfolio of businesses developing technologies beyond Google’s core internet services. Its principal operations are led by Google, which builds and operates consumer-facing products such as Google Search, YouTube, Android, Chrome, Gmail, Google Maps and Google Workspace, as well as advertising platforms (Google Ads and AdSense) that historically generate the majority of its revenue. Google also develops consumer hardware (Pixel phones, Nest smart-home devices, Chromecast) and developer and distribution platforms such as Google Play.

Beyond Google’s consumer and advertising businesses, Alphabet invests in enterprise and infrastructure offerings through Google Cloud, which provides cloud computing, data analytics and productivity services to businesses and institutions.