OLD National Bancorp IN Sells 3,177 Shares of Alphabet Inc. $GOOGL

OLD National Bancorp IN decreased its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL) by 0.7% in the 1st quarter, Holdings Channel.com reports. The firm owned 426,925 shares of the information services provider’s stock after selling 3,177 shares during the quarter. Alphabet comprises approximately 2.1% of OLD National Bancorp IN’s investment portfolio, making the stock its 9th largest holding. OLD National Bancorp IN’s holdings in Alphabet were worth $122,767,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in GOOGL. EMC Capital Management acquired a new position in shares of Alphabet in the 4th quarter valued at $33,000. Lifetime Wealth Management P.C. acquired a new stake in Alphabet during the 4th quarter worth $32,000. PMV Capital Advisers LLC purchased a new stake in Alphabet in the fourth quarter valued at $38,000. IFC & Insurance Marketing Inc. purchased a new stake in Alphabet in the fourth quarter valued at $38,000. Finally, Bard Associates Inc. acquired a new position in Alphabet in the fourth quarter valued at $52,000. 40.03% of the stock is owned by institutional investors and hedge funds.

Alphabet Price Performance

Alphabet stock opened at $361.21 on Thursday. Alphabet Inc. has a 12 month low of $172.77 and a 12 month high of $408.61. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.92 and a quick ratio of 1.92. The business has a 50 day simple moving average of $370.08 and a 200-day simple moving average of $333.88. The stock has a market capitalization of $4.38 trillion, a PE ratio of 27.55, a price-to-earnings-growth ratio of 1.53 and a beta of 1.24.

Alphabet (NASDAQ:GOOGL) last posted its quarterly earnings data on Wednesday, April 29th. The information services provider reported $5.11 earnings per share for the quarter, beating analysts’ consensus estimates of $2.64 by $2.47. The firm had revenue of $109.90 billion for the quarter, compared to analyst estimates of $106.98 billion. Alphabet had a net margin of 37.92% and a return on equity of 38.99%. Equities analysts predict that Alphabet Inc. will post 14.3 earnings per share for the current year.

Alphabet Increases Dividend

The company 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 was Monday, June 8th. This represents a $0.88 annualized dividend and a dividend yield of 0.2%. Alphabet’s dividend payout ratio (DPR) is 6.71%.

Insiders Place Their Bets

In related news, major shareholder 2019 Gp L.L.C. Gv sold 87,475 shares of the firm’s stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $23.75, for a total value of $2,077,531.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Marsida Saraci sold 449 shares of Alphabet stock in a transaction that occurred on Friday, June 26th. The shares were sold at an average price of $341.72, for a total value of $153,432.28. Following the completion of the sale, the chief accounting officer directly owned 27,348 shares in the company, valued at $9,345,358.56. This represents a 1.62% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 160,465 shares of company stock valued at $8,020,511. Corporate insiders own 11.61% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on GOOGL shares. Royal Bank Of Canada set a $425.00 price objective on Alphabet and gave the stock an “outperform” rating in a report on Thursday, April 30th. BMO Capital Markets boosted their target price on Alphabet from $410.00 to $435.00 and gave the company an “outperform” rating in a report on Thursday, April 30th. UBS Group reissued a “neutral” rating on shares of Alphabet in a research report on Wednesday, May 20th. Arete Research raised their price target on Alphabet from $405.00 to $425.00 and gave the stock a “buy” rating in a research note on Monday, May 18th. Finally, Truist Financial set a $430.00 price target on Alphabet and gave the stock a “buy” rating in a research report on Friday, May 29th. Two equities research analysts have rated the stock with a Strong Buy rating, forty-seven have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $413.90.

Alphabet News Roundup

Here are the key news stories impacting Alphabet this week:

• Positive Sentiment: Alphabet’s addition to the Dow Jones Industrial Average is boosting visibility and may increase index-related demand for GOOGL. Alphabet debuts in Dow Jones Industrial Average as index tilts toward tech
• Positive Sentiment: Google’s Nano Banana 2 Lite launch could strengthen its AI product lineup by offering a faster, cheaper creation tool. Google introduces a faster, cheaper image generator with Nano Banana 2 Lite
• Positive Sentiment: Visa and Google signing onto OpenUSD expands Alphabet’s footprint in digital payments infrastructure. Visa and Google Sign on to Use Money Movement Stablecoin OpenUSD
• Neutral Sentiment: Recent insider stock sales by Alphabet directors and executives appear routine and are not large enough on their own to change the investment thesis. Director Frances Arnold sold 112 shares of Alphabet stock
• Negative Sentiment: A Swedish court ordered Google to pay damages in an antitrust case, reinforcing legal risk around its shopping and search practices. Swedish court orders Google pay $1.46 bn for favoring its price comparisons
• Negative Sentiment: UK regulators are moving against app-store fees and payment restrictions, which could pressure Google’s app platform economics. UK targets Apple, Google app store fees for developers

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.