Alphabet Inc. $GOOGL is Cornerstone Investment Partners LLC’s 3rd Largest Position

Cornerstone Investment Partners LLC lessened its position in Alphabet Inc. (NASDAQ:GOOGL) by 1.3% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 572,114 shares of the information services provider’s stock after selling 7,728 shares during the period. Alphabet comprises 4.4% of Cornerstone Investment Partners LLC’s portfolio, making the stock its 3rd largest holding. Cornerstone Investment Partners LLC’s holdings in Alphabet were worth $100,824,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Guardian Wealth Management Inc. boosted its holdings in Alphabet by 242.9% in the first quarter. Guardian Wealth Management Inc. now owns 168 shares of the information services provider’s stock worth $26,000 after purchasing an additional 119 shares during the last quarter. IMA Advisory Services Inc. purchased a new stake in Alphabet in the first quarter worth about $28,000. NBZ Investment Advisors LLC raised its stake in Alphabet by 85.7% during the 1st quarter. NBZ Investment Advisors LLC now owns 195 shares of the information services provider’s stock worth $30,000 after acquiring an additional 90 shares during the period. CarsonAllaria Wealth Management Ltd. lifted its stake in shares of Alphabet by 36.4% during the 2nd quarter. CarsonAllaria Wealth Management Ltd. now owns 251 shares of the information services provider’s stock valued at $44,000 after buying an additional 67 shares in the last quarter. Finally, MJT & Associates Financial Advisory Group Inc. purchased a new position in shares of Alphabet in the first quarter valued at about $50,000. 40.03% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Alphabet news, CEO Sundar Pichai sold 32,500 shares of the stock in a transaction on Wednesday, November 5th. The stock was sold at an average price of $283.48, for a total transaction of $9,213,100.00. Following the sale, the chief executive officer owned 2,337,119 shares of the company’s stock, valued at approximately $662,526,494.12. This trade represents a 1.37% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Frances Arnold sold 112 shares of Alphabet stock in a transaction on Thursday, October 30th. The shares were sold at an average price of $291.80, for a total value of $32,681.60. Following the completion of the transaction, the director owned 18,004 shares in the company, valued at $5,253,567.20. This represents a 0.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 192,674 shares of company stock worth $48,454,423 in the last three months. Corporate insiders own 11.64% of the company’s stock.

Alphabet Stock Performance

GOOGL stock opened at $292.81 on Thursday. Alphabet Inc. has a 1-year low of $140.53 and a 1-year high of $303.81. The business has a 50-day moving average price of $260.23 and a 200 day moving average price of $211.57. The company has a market capitalization of $3.53 trillion, a P/E ratio of 28.88, a PEG ratio of 1.86 and a beta of 1.05. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90.

Alphabet (NASDAQ:GOOGL) last issued its earnings results on Wednesday, October 29th. The information services provider reported $2.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.29 by $0.58. Alphabet had a net margin of 32.23% and a return on equity of 36.08%. The company had revenue of $102.35 billion for the quarter, compared to analysts’ expectations of $99.90 billion. As a group, equities research analysts forecast that Alphabet Inc. will post 8.9 EPS for the current fiscal year.

Alphabet Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Monday, December 8th will be paid a $0.21 dividend. The ex-dividend date of this dividend is Monday, December 8th. This represents a $0.84 dividend on an annualized basis and a yield of 0.3%. Alphabet’s payout ratio is 8.28%.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on GOOGL. Moffett Nathanson upped their target price on shares of Alphabet from $295.00 to $305.00 and gave the stock a “buy” rating in a research report on Thursday, October 30th. The Goldman Sachs Group increased their target price on shares of Alphabet from $288.00 to $330.00 and gave the company a “buy” rating in a research note on Thursday, October 30th. HSBC increased their price objective on shares of Alphabet from $295.00 to $335.00 and gave the stock a “buy” rating in a research report on Thursday, October 30th. Melius Research boosted their target price on Alphabet from $220.00 to $255.00 in a research report on Thursday, September 25th. Finally, Loop Capital raised Alphabet from a “hold” rating to a “buy” rating and upped their target price for the company from $260.00 to $320.00 in a research note on Tuesday. Four investment analysts have rated the stock with a Strong Buy rating, thirty-eight have assigned a Buy rating and eight have given a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $305.33.

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.