CORDA Investment Management LLC. Sells 7,548 Shares of Alphabet Inc. $GOOGL

CORDA Investment Management LLC. trimmed its position in shares of Alphabet Inc. (NASDAQ:GOOGL) by 3.5% during the first quarter, HoldingsChannel reports. The institutional investor owned 206,862 shares of the information services provider’s stock after selling 7,548 shares during the period. Alphabet accounts for approximately 4.1% of CORDA Investment Management LLC.’s portfolio, making the stock its 3rd largest holding. CORDA Investment Management LLC.’s holdings in Alphabet were worth $59,485,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of GOOGL. Norges Bank acquired a new stake in shares of Alphabet in the 4th quarter valued at $30,534,239,000. Cardano Risk Management B.V. grew its position in Alphabet by 855.3% in the fourth quarter. Cardano Risk Management B.V. now owns 14,525,280 shares of the information services provider’s stock valued at $4,546,413,000 after acquiring an additional 13,004,828 shares during the last quarter. Vanguard Group Inc. grew its position in Alphabet by 2.4% in the fourth quarter. Vanguard Group Inc. now owns 528,969,322 shares of the information services provider’s stock valued at $165,567,398,000 after acquiring an additional 12,531,695 shares during the last quarter. Capital World Investors raised its stake in Alphabet by 28.0% during the third quarter. Capital World Investors now owns 53,107,572 shares of the information services provider’s stock worth $12,910,542,000 after acquiring an additional 11,605,785 shares in the last quarter. Finally, Diamant Asset Management Inc. increased its position in Alphabet by 28,950.0% during the 1st quarter. Diamant Asset Management Inc. now owns 9,291,926 shares of the information services provider’s stock worth $2,671,986,000 after purchasing an additional 9,259,940 shares in the last quarter. 40.03% of the stock is owned by institutional investors.

Alphabet Stock Performance

Shares of GOOGL stock opened at $342.09 on Thursday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.92 and a current ratio of 1.92. The firm’s 50-day simple moving average is $366.14 and its two-hundred day simple moving average is $338.86. Alphabet Inc. has a 52 week low of $187.82 and a 52 week high of $408.61. The firm has a market cap of $4.14 trillion, a price-to-earnings ratio of 26.09, a P/E/G ratio of 1.44 and a beta of 1.24.

Alphabet (NASDAQ:GOOGL) last announced its quarterly earnings data on Wednesday, July 22nd. The information services provider reported $9.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.64 by $6.47. Alphabet had a return on equity of 38.99% and a net margin of 37.92%.The business had revenue of $119.80 billion for the quarter, compared to analysts’ expectations of $117.07 billion. As a group, equities analysts forecast that Alphabet Inc. will post 14.34 earnings per share for the current year.

Alphabet Increases Dividend

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

Insider Buying and Selling

In other news, insider John Kent Walker sold 8,998 shares of the stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $349.29, for a total value of $3,142,911.42. Following the sale, the insider directly owned 75,290 shares of the company’s stock, valued at approximately $26,298,044.10. This represents a 10.68% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, major shareholder 2019 Gp L.L.C. Gv sold 87,475 shares of the business’s stock in a transaction on Friday, May 15th. The shares were sold at an average price of $23.75, for a total transaction of $2,077,531.25. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 159,415 shares of company stock valued at $7,672,279 in the last 90 days. Corporate insiders own 11.61% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have weighed in on GOOGL shares. KeyCorp raised their target price on shares of Alphabet from $425.00 to $445.00 and gave the company an “overweight” rating in a research report on Friday, July 10th. Citigroup reissued an “outperform” rating on shares of Alphabet in a research note on Monday, May 4th. JPMorgan Chase & Co. reiterated a “buy” rating on shares of Alphabet in a report on Monday, May 4th. Mizuho boosted their target price on shares of Alphabet from $420.00 to $460.00 and gave the company an “outperform” rating in a research report on Wednesday, May 6th. Finally, Sanford C. Bernstein restated a “market perform” rating and issued a $390.00 price target (up from $345.00) on shares of Alphabet in a report on Thursday, April 30th. Three equities research 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 stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $414.54.

More Alphabet News

Here are the key news stories impacting Alphabet this week:

• Positive Sentiment: Alphabet beat Q2 earnings and revenue estimates by a wide margin, signaling strong underlying business momentum. Alphabet (GOOGL) Beats Q2 Earnings and Revenue Estimates
• Positive Sentiment: Google Cloud’s 82% growth suggests Alphabet’s AI spending is translating into faster cloud demand and improving monetization. Google quarterly cloud revenue growth beats expectations
• Positive Sentiment: YouTube ad revenue growth and strength across search and advertising add evidence that core businesses are still healthy. YouTube Ad Revenue Rises 13% In Q2 To Surpass $11 Billion, Helping To Drive Strong Report By Parent Alphabet

Alphabet Company Profile

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.