Sumitomo Life Insurance Co. Has $22.44 Million Position in Alphabet Inc. $GOOG

Sumitomo Life Insurance Co. grew its stake in Alphabet Inc. (NASDAQ:GOOG) by 19.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 71,504 shares of the information services provider’s stock after purchasing an additional 11,782 shares during the period. Alphabet comprises approximately 0.6% of Sumitomo Life Insurance Co.’s investment portfolio, making the stock its 25th largest position. Sumitomo Life Insurance Co.’s holdings in Alphabet were worth $22,438,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Kathmere Capital Management LLC boosted its stake in shares of Alphabet by 8.5% in the 4th quarter. Kathmere Capital Management LLC now owns 29,896 shares of the information services provider’s stock valued at $9,381,000 after purchasing an additional 2,341 shares in the last quarter. Baltimore Washington Financial Advisors Inc. boosted its stake in shares of Alphabet by 0.9% in the 3rd quarter. Baltimore Washington Financial Advisors Inc. now owns 221,391 shares of the information services provider’s stock valued at $53,920,000 after purchasing an additional 2,009 shares in the last quarter. Newbridge Financial Services Group Inc. boosted its stake in shares of Alphabet by 7.5% in the 4th quarter. Newbridge Financial Services Group Inc. now owns 60,739 shares of the information services provider’s stock valued at $19,060,000 after purchasing an additional 4,239 shares in the last quarter. Steginsky Capital LLC boosted its stake in shares of Alphabet by 1.0% in the 3rd quarter. Steginsky Capital LLC now owns 680,588 shares of the information services provider’s stock valued at $165,757,000 after purchasing an additional 6,523 shares in the last quarter. Finally, Lowe Brockenbrough & Co. Inc. boosted its stake in shares of Alphabet by 13.6% in the 3rd quarter. Lowe Brockenbrough & Co. Inc. now owns 157,393 shares of the information services provider’s stock valued at $38,333,000 after purchasing an additional 18,881 shares in the last quarter. 27.26% of the stock is currently owned by institutional investors and hedge funds.

More Alphabet News

Here are the key news stories impacting Alphabet this week:

• Positive Sentiment: Alphabet’s drone-delivery unit Wing expanded into seven more U.S. cities with Walmart, reinforcing that its Other Bets can scale into real businesses and may be more valuable than the market gives them credit for.
• Positive Sentiment: Waymo launched a $29.99 monthly membership program, adding a recurring-revenue layer to its robotaxi business and highlighting rapid growth in paid rides, which investors may see as a meaningful long-term opportunity.
• Positive Sentiment: Several analyst and commentary pieces remain constructive on Alphabet’s AI, cloud, and search setup, with some calling it an AI powerhouse and lifting price targets, which supports the stock’s bullish narrative.
• Positive Sentiment: Google is also expanding its real-estate listings nationwide and continuing to deepen its AI infrastructure and chip strategy, reinforcing multiple growth avenues beyond search advertising.
• Neutral Sentiment: Google filed suit against an alleged Chinese cybercrime group that used AI to scam victims, a move that shows the company is actively defending its platforms, though the stock impact is likely limited unless the issue escalates.
• Neutral Sentiment: Alphabet declined a $2 billion U.S. quantum-computing funding program, saying the terms could slow development; that may be viewed as a strategic choice rather than a major financial event.
• Neutral Sentiment: News that some billionaire investors sold Alphabet in Q1 while others bought more adds to the debate, but it does not change the underlying business fundamentals by itself.
• Negative Sentiment: Some recent coverage continues to focus on worries about rising capital expenditures and AI monetization, which can pressure sentiment if investors fear Alphabet’s AI spending will take longer to pay off.
• Negative Sentiment: Alphabet’s AI Overview feature has also faced renewed controversy, adding another small overhang around search quality and user trust.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. JPMorgan Chase & Co. lifted their target price on shares of Alphabet from $395.00 to $460.00 and gave the stock an “overweight” rating in a research report on Thursday, April 30th. KeyCorp reiterated an “overweight” rating on shares of Alphabet in a research report on Wednesday, May 20th. Scotiabank reiterated an “outperform” rating and set a $450.00 target price (up from $400.00) on shares of Alphabet in a research report on Thursday, April 30th. Pivotal Research reiterated a “buy” rating and set a $470.00 target price (up from $420.00) on shares of Alphabet in a research report on Wednesday, April 29th. Finally, Citigroup restated a “market outperform” rating on shares of Alphabet in a report on Monday, June 1st. Five analysts have rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $376.78.

Alphabet Stock Up 0.4%

Alphabet stock opened at $358.16 on Friday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.92 and a current ratio of 1.92. Alphabet Inc. has a 52-week low of $163.33 and a 52-week high of $404.47. The firm has a 50 day moving average price of $357.71 and a two-hundred day moving average price of $329.44. The firm has a market cap of $4.34 trillion, a price-to-earnings ratio of 27.32, a PEG ratio of 1.53 and a beta of 1.22.

Alphabet (NASDAQ:GOOG) last released its quarterly earnings results on Thursday, April 30th. The information services provider reported $5.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.68 by $2.43. Alphabet had a net margin of 37.92% and a return on equity of 38.99%. The firm had revenue of $109.90 billion during the quarter, compared to analyst estimates of $106.96 billion. During the same quarter last year, the business earned $2.81 EPS. The company’s revenue was up 21.8% compared to the same quarter last year. Equities analysts predict that Alphabet Inc. will post 14.3 EPS for the current year.

Alphabet Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Monday, June 8th will be paid a $0.22 dividend. The ex-dividend date is Monday, June 8th. This represents a $0.88 annualized dividend and a dividend yield of 0.2%. This is an increase from Alphabet’s previous quarterly dividend of $0.21. Alphabet’s dividend payout ratio (DPR) is presently 6.71%.

Insider Buying and Selling

In other news, major shareholder 2019 Gp L.L.C. Gv sold 87,475 shares of Alphabet stock in a transaction on Friday, May 15th. The shares were sold at an average price of $23.75, for a total value of $2,077,531.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director John L. Hennessy sold 1,050 shares of Alphabet stock in a transaction on Friday, May 15th. The shares were sold at an average price of $393.26, for a total transaction of $412,923.00. Following the completion of the sale, the director owned 2,531 shares of the company’s stock, valued at $995,341.06. This represents a 29.32% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 193,016 shares of company stock worth $17,282,549 over the last ninety days. 12.99% of the stock is owned by company insiders.

About Alphabet

Alphabet Inc (NASDAQ: GOOG) is a multinational technology holding company headquartered in Mountain View, California. Formed in 2015 through a corporate restructuring of Google, Alphabet serves as the parent to Google LLC and a portfolio of businesses collectively known as “Other Bets.” Google was originally founded in 1998 by Larry Page and Sergey Brin; Alphabet is led by CEO Sundar Pichai, who oversees Google and the broader company while the founders remain prominent shareholders and influential figures in the company’s history.

Alphabet’s core business centers on internet search and advertising, with Google Search and the company’s ad platforms (including Google Ads and AdSense) generating the majority of revenue by connecting advertisers with consumers worldwide.