Kornitzer Capital Management Inc. KS cut its position in shares of Alphabet Inc. (NASDAQ:GOOG – Free Report) by 12.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 56,265 shares of the information services provider’s stock after selling 7,911 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in Alphabet were worth $17,656,000 as of its most recent SEC filing.
A number of other institutional investors have also added to or reduced their stakes in the company. Imprint Wealth LLC purchased a new position in shares of Alphabet in the 3rd quarter worth approximately $31,000. Manning & Napier Advisors LLC bought a new position in shares of Alphabet in the third quarter valued at approximately $32,000. Nvest Wealth Strategies Inc. purchased a new stake in shares of Alphabet during the fourth quarter valued at approximately $38,000. Towne Trust Company N.A increased its position in shares of Alphabet by 34.0% during the fourth quarter. Towne Trust Company N.A now owns 134 shares of the information services provider’s stock valued at $42,000 after acquiring an additional 34 shares during the last quarter. Finally, Lynch Asset Management Inc. bought a new stake in Alphabet during the third quarter worth $61,000. 27.26% of the stock is owned by institutional investors.
Key Headlines Impacting Alphabet
Here are the key news stories impacting Alphabet this week:
- Positive Sentiment: Google said it likely stopped a hacker group from using AI to plan a large-scale cyberattack, underscoring the strength of its cybersecurity capabilities and reducing the risk of a major breach. Reuters: Hackers pushing innovation in AI-enabled hacking operations, Google says
- Positive Sentiment: Investor commentary remained upbeat on Alphabet’s AI, cloud, and Gemini momentum, with some coverage arguing the company could challenge Nvidia as the world’s most valuable company. MSN: Alphabet could overtake Nvidia as world’s largest company
- Neutral Sentiment: Google Finance is expanding in Europe, adding another AI-focused product initiative, but this is more of a long-term growth story than an immediate stock-moving catalyst. PYMNTS: Google Finance Continues AI-Focused Expansion With EU Launch
Alphabet Price Performance
Alphabet (NASDAQ:GOOG – Get Free Report) last issued its earnings results on Thursday, April 30th. The information services provider reported $5.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.68 by $2.43. Alphabet had a return on equity of 38.99% and a net margin of 37.92%.The firm had revenue of $109.90 billion for the quarter, compared to analyst estimates of $106.96 billion. During the same period in the previous year, the company posted $2.81 earnings per share. The business’s revenue was up 21.8% on a year-over-year basis. Analysts anticipate that Alphabet Inc. will post 14.29 earnings per share for the current year.
Alphabet Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Monday, June 8th will be paid a $0.22 dividend. The ex-dividend date is Monday, June 8th. This represents a $0.88 dividend on an annualized basis and a yield of 0.2%. This is an increase from Alphabet’s previous quarterly dividend of $0.21. Alphabet’s dividend payout ratio (DPR) is presently 6.41%.
Insiders Place Their Bets
In other news, Director Frances Arnold sold 102 shares of the business’s stock in a transaction that occurred on Thursday, April 30th. The shares were sold at an average price of $371.00, for a total value of $37,842.00. Following the sale, the director owned 18,621 shares of the company’s stock, valued at $6,908,391. The trade was a 0.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Sundar Pichai sold 32,500 shares of the company’s stock in a transaction that occurred on Wednesday, March 18th. The shares were sold at an average price of $307.89, for a total transaction of $10,006,425.00. Following the sale, the chief executive officer owned 1,642,060 shares in the company, valued at $505,573,853.40. The trade was a 1.94% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 158,553 shares of company stock worth $47,951,856 in the last ninety days. 12.99% of the stock is owned by corporate insiders.
Analysts Set New Price Targets
GOOG has been the topic of several research analyst reports. Sanford C. Bernstein reissued a “market perform” rating and issued a $345.00 price objective on shares of Alphabet in a research report on Thursday, February 5th. TD Cowen lifted their target price on Alphabet from $375.00 to $450.00 and gave the stock a “buy” rating in a research note on Thursday, April 30th. Raymond James Financial reissued a “strong-buy” rating and issued a $425.00 price target on shares of Alphabet in a report on Thursday, April 30th. Wedbush restated an “outperform” rating and set a $370.00 price target on shares of Alphabet in a research report on Thursday, February 5th. Finally, Cantor Fitzgerald restated a “neutral” rating on shares of Alphabet in a report on Tuesday, January 20th. Six research analysts have rated the stock with a Strong Buy rating, twenty-eight have issued a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Alphabet presently has an average rating of “Buy” and an average target price of $362.73.
Check Out Our Latest Report on Alphabet
Alphabet Profile
Alphabet Inc (NASDAQ: GOOG) is a multinational technology holding company headquartered in Mountain View, California. Formed in 2015 through a corporate restructuring of Google, Alphabet serves as the parent to Google LLC and a portfolio of businesses collectively known as “Other Bets.” Google was originally founded in 1998 by Larry Page and Sergey Brin; Alphabet is led by CEO Sundar Pichai, who oversees Google and the broader company while the founders remain prominent shareholders and influential figures in the company’s history.
Alphabet’s core business centers on internet search and advertising, with Google Search and the company’s ad platforms (including Google Ads and AdSense) generating the majority of revenue by connecting advertisers with consumers worldwide.
Read More
- Five stocks we like better than Alphabet
- Before the Moon Base Gets Built, These 4 Companies Win
- Industrial Buybacks: Top Homebuilding Supplier Leads Buyback Increases
- 3 Stocks That Win If Inflation Surprises to the Downside
- MercadoLibre Boldly Invests in Growth: Discount Deepens
Want to see what other hedge funds are holding GOOG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Alphabet Inc. (NASDAQ:GOOG – Free Report).
Receive News & Ratings for Alphabet Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Alphabet and related companies with MarketBeat.com's FREE daily email newsletter.
