Nexus Investment Management ULC Has $37.97 Million Stock Position in Alphabet Inc. $GOOG

Nexus Investment Management ULC raised its stake in shares of Alphabet Inc. (NASDAQ:GOOG) by 1.6% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 214,040 shares of the information services provider’s stock after buying an additional 3,405 shares during the period. Alphabet comprises approximately 5.7% of Nexus Investment Management ULC’s holdings, making the stock its 7th largest position. Nexus Investment Management ULC’s holdings in Alphabet were worth $37,969,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. ACT Advisors LLC. increased its position in shares of Alphabet by 3.5% during the 2nd quarter. ACT Advisors LLC. now owns 1,625 shares of the information services provider’s stock valued at $288,000 after purchasing an additional 55 shares during the period. LongView Wealth Management boosted its stake in Alphabet by 1.1% during the second quarter. LongView Wealth Management now owns 5,126 shares of the information services provider’s stock valued at $909,000 after buying an additional 56 shares in the last quarter. Kooman & Associates grew its holdings in Alphabet by 1.4% during the second quarter. Kooman & Associates now owns 4,127 shares of the information services provider’s stock worth $732,000 after acquiring an additional 56 shares during the period. Colton Groome Financial Advisors LLC grew its holdings in Alphabet by 3.4% during the second quarter. Colton Groome Financial Advisors LLC now owns 1,742 shares of the information services provider’s stock worth $309,000 after acquiring an additional 57 shares during the period. Finally, Brueske Advisory Services LLC raised its position in Alphabet by 2.7% in the second quarter. Brueske Advisory Services LLC now owns 2,194 shares of the information services provider’s stock worth $389,000 after acquiring an additional 58 shares in the last quarter. 27.26% of the stock is owned by institutional investors and hedge funds.

Alphabet Trading Up 0.8%

NASDAQ GOOG opened at $253.79 on Friday. The firm’s 50 day moving average price is $232.18 and its two-hundred day moving average price is $192.97. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90. Alphabet Inc. has a twelve month low of $142.66 and a twelve month high of $257.58. The stock has a market cap of $3.07 trillion, a price-to-earnings ratio of 27.03, a PEG ratio of 1.71 and a beta of 1.00.

Alphabet (NASDAQ:GOOG) last issued its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, topping the consensus estimate of $2.12 by $0.19. Alphabet had a return on equity of 34.31% and a net margin of 31.12%.The business had revenue of $96.43 billion during the quarter, compared to analysts’ expectations of $93.67 billion. During the same quarter last year, the firm posted $1.89 earnings per share. Alphabet’s revenue was up 13.8% compared to the same quarter last year. Equities analysts anticipate that Alphabet Inc. will post 8.89 EPS for the current year.

Alphabet Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Monday, September 8th were issued a $0.21 dividend. The ex-dividend date was Monday, September 8th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.3%. Alphabet’s dividend payout ratio is currently 8.95%.

Insider Buying and Selling at Alphabet

In related news, Director Frances Arnold sold 103 shares of the business’s stock in a transaction that occurred on Tuesday, September 30th. The shares were sold at an average price of $243.13, for a total transaction of $25,042.39. Following the transaction, the director directly owned 17,284 shares of the company’s stock, valued at approximately $4,202,258.92. The trade was a 0.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director John L. Hennessy sold 600 shares of the company’s stock in a transaction that occurred on Monday, October 13th. The shares were sold at an average price of $242.92, for a total transaction of $145,752.00. Following the completion of the transaction, the director owned 5,116 shares in the company, valued at approximately $1,242,778.72. This represents a 10.50% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 243,372 shares of company stock valued at $55,110,740 in the last 90 days. Corporate insiders own 12.99% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on GOOG shares. TD Cowen raised their price objective on shares of Alphabet from $270.00 to $280.00 and gave the company a “buy” rating in a research report on Wednesday, October 8th. Oppenheimer restated an “outperform” rating and set a $270.00 target price (up from $235.00) on shares of Alphabet in a report on Wednesday, September 3rd. Roth Capital reaffirmed a “buy” rating on shares of Alphabet in a report on Wednesday, July 9th. Piper Sandler reiterated a “neutral” rating on shares of Alphabet in a research report on Wednesday, July 9th. Finally, Phillip Securities cut Alphabet from a “strong-buy” rating to a “moderate buy” rating in a report on Monday, September 8th. Six analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, five have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $244.68.

Alphabet Profile

Alphabet Inc offers various products and platforms in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America. It operates through Google Services, Google Cloud, and Other Bets segments. The Google Services segment provides products and services, including ads, Android, Chrome, devices, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.