Teachers Retirement System of The State of Kentucky increased its position in shares of Alphabet Inc. (NASDAQ:GOOGL – Free Report) by 6.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,233,629 shares of the information services provider’s stock after purchasing an additional 79,930 shares during the period. Alphabet accounts for about 2.8% of Teachers Retirement System of The State of Kentucky’s investment portfolio, making the stock its 4th largest holding. Teachers Retirement System of The State of Kentucky’s holdings in Alphabet were worth $354,743,000 at the end of the most recent reporting period.
Other hedge funds also recently modified their holdings of the company. Lifetime Wealth Management P.C. bought a new position in Alphabet during the fourth quarter valued at about $32,000. EMC Capital Management bought a new stake in Alphabet in the fourth quarter worth about $33,000. PMV Capital Advisers LLC bought a new stake in Alphabet in the fourth quarter worth about $38,000. IFC & Insurance Marketing Inc. acquired a new stake in Alphabet in the 4th quarter valued at about $38,000. Finally, Bard Associates Inc. acquired a new stake in Alphabet in the 4th quarter valued at about $52,000. 40.03% of the stock is currently owned by institutional investors and hedge funds.
Alphabet Stock Down 1.5%
Shares of NASDAQ:GOOGL opened at $342.09 on Thursday. The firm has a 50 day simple moving average of $366.14 and a 200 day simple moving average of $338.86. Alphabet Inc. has a 52 week low of $187.82 and a 52 week high of $408.61. 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 company has a market cap of $4.14 trillion, a PE ratio of 26.09, a price-to-earnings-growth ratio of 1.44 and a beta of 1.24.
Alphabet Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 8th were given a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 0.3%. This is a boost from Alphabet’s previous quarterly dividend of $0.21. The ex-dividend date of this dividend was Monday, June 8th. Alphabet’s payout ratio is 6.71%.
Analyst Ratings Changes
Several analysts recently commented on the stock. HSBC reissued a “buy” rating and set a $420.00 target price (down from $435.00) on shares of Alphabet in a research note on Tuesday, June 2nd. The Goldman Sachs Group upped their price target on Alphabet from $400.00 to $450.00 and gave the company a “buy” rating in a report on Thursday, April 30th. Mizuho increased their price objective on Alphabet from $420.00 to $460.00 and gave the company an “outperform” rating in a research report on Wednesday, May 6th. Truist Financial set a $430.00 price objective on Alphabet and gave the stock a “buy” rating in a research note on Friday, May 29th. Finally, Bank of America lifted their target price on Alphabet from $370.00 to $430.00 and gave the stock a “buy” rating in a report on Thursday, April 30th. Three research analysts have rated the stock with a Strong Buy rating, forty-seven have issued a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, Alphabet presently has a consensus rating of “Moderate Buy” and an average target price of $414.54.
View Our Latest Stock Analysis on GOOGL
Alphabet News Roundup
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
Insider Buying and Selling at Alphabet
In related news, insider John Kent Walker sold 8,998 shares of the stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $349.29, for a total value of $3,142,911.42. Following the completion of 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 stock was sold at an average price of $23.75, for a total value of $2,077,531.25. The SEC filing for this sale provides additional information. Insiders have sold a total of 159,415 shares of company stock valued at $7,672,279 in the last ninety days. Company insiders own 11.61% of the company’s stock.
Alphabet 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.
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