Alphabet Inc. $GOOGL Stake Reduced by Tevis Investment Management

Tevis Investment Management lessened its stake in shares of Alphabet Inc. (NASDAQ:GOOGL) by 13.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 17,436 shares of the information services provider’s stock after selling 2,640 shares during the quarter. Alphabet accounts for about 2.9% of Tevis Investment Management’s holdings, making the stock its 7th biggest holding. Tevis Investment Management’s holdings in Alphabet were worth $5,014,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also made changes to their positions in the company. Strategic Wealth Advisors LLC boosted its position in shares of Alphabet by 6.0% during the first quarter. Strategic Wealth Advisors LLC now owns 477 shares of the information services provider’s stock worth $137,000 after buying an additional 27 shares during the period. Symmetry Partners LLC lifted its stake in Alphabet by 0.4% during the 4th quarter. Symmetry Partners LLC now owns 7,912 shares of the information services provider’s stock worth $2,476,000 after acquiring an additional 30 shares in the last quarter. Private Wealth Management Group LLC boosted its holdings in Alphabet by 1.2% during the 1st quarter. Private Wealth Management Group LLC now owns 2,540 shares of the information services provider’s stock valued at $730,000 after acquiring an additional 30 shares during the period. Members Trust Co increased its stake in Alphabet by 0.5% during the fourth quarter. Members Trust Co now owns 6,434 shares of the information services provider’s stock worth $2,014,000 after purchasing an additional 31 shares during the period. Finally, Altfest L J & Co. Inc. lifted its position in shares of Alphabet by 0.4% during the fourth quarter. Altfest L J & Co. Inc. now owns 7,952 shares of the information services provider’s stock worth $2,489,000 after purchasing an additional 31 shares in the last quarter. 40.03% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Alphabet news, major shareholder 2019 Gp L.L.C. Gv sold 87,475 shares of the 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. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO Marsida Saraci sold 449 shares of the stock in a transaction dated Friday, June 26th. The stock was sold at an average price of $341.72, for a total transaction of $153,432.28. Following the sale, the chief accounting officer owned 27,348 shares in the company, valued at approximately $9,345,358.56. This trade represents a 1.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 159,415 shares of company stock valued at $7,672,279. 11.61% of the stock is owned by company insiders.

Alphabet Stock Performance

NASDAQ GOOGL opened at $342.09 on Thursday. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.92 and a quick ratio of 1.92. Alphabet Inc. has a 1-year low of $187.82 and a 1-year high of $408.61. The business’s 50-day simple moving average is $366.14 and its 200-day simple moving average is $338.86. The firm has a market capitalization of $4.14 trillion, a P/E ratio of 26.09, a P/E/G ratio of 1.44 and a beta of 1.24.

Alphabet (NASDAQ:GOOGL) last issued its earnings results on Wednesday, July 22nd. The information services provider reported $9.11 EPS for the quarter, beating analysts’ consensus estimates of $2.64 by $6.47. The business had revenue of $119.80 billion for the quarter, compared to the consensus estimate of $117.07 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 14.34 EPS for the current year.

Alphabet Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Monday, June 8th were paid a dividend of $0.22 per share. This is a positive change from Alphabet’s previous quarterly dividend of $0.21. The ex-dividend date was Monday, June 8th. This represents a $0.88 dividend on an annualized basis and a yield of 0.3%. Alphabet’s payout ratio is currently 6.71%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on GOOGL. Rosenblatt Securities reiterated a “neutral” rating and issued a $393.00 price target on shares of Alphabet in a research note on Thursday, May 21st. Loop Capital lifted their target price on shares of Alphabet from $355.00 to $490.00 and gave the company a “buy” rating in a report on Friday, May 15th. China Renaissance boosted their target price on Alphabet from $400.00 to $485.00 and gave the company a “buy” rating in a report on Monday, May 4th. President Capital boosted their target price on Alphabet from $375.00 to $465.00 and gave the stock a “buy” rating in a research report on Tuesday, May 5th. Finally, Citigroup reaffirmed an “outperform” rating on shares of Alphabet in a report on Monday, May 4th. Three 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 stock. According to MarketBeat.com, the stock presently 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

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.