Cigna Investments Inc. New Has $10.05 Million Holdings in Alphabet Inc. $GOOGL

Cigna Investments Inc. New reduced its holdings in Alphabet Inc. (NASDAQ:GOOGL) by 3.4% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 57,030 shares of the information services provider’s stock after selling 1,987 shares during the quarter. Alphabet comprises 1.7% of Cigna Investments Inc. New’s holdings, making the stock its 8th largest holding. Cigna Investments Inc. New’s holdings in Alphabet were worth $10,051,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the business. tru Independence LLC increased its holdings in Alphabet by 5.4% in the second quarter. tru Independence LLC now owns 1,770 shares of the information services provider’s stock worth $312,000 after purchasing an additional 90 shares in the last quarter. BCS Wealth Management boosted its position in shares of Alphabet by 34.7% during the second quarter. BCS Wealth Management now owns 5,585 shares of the information services provider’s stock valued at $984,000 after buying an additional 1,438 shares during the last quarter. Charter Capital Management LLC DE purchased a new position in shares of Alphabet during the second quarter valued at approximately $1,246,000. Boyce & Associates Wealth Consulting Inc. boosted its position in Alphabet by 4.5% in the second quarter. Boyce & Associates Wealth Consulting Inc. now owns 4,322 shares of the information services provider’s stock worth $762,000 after purchasing an additional 187 shares during the last quarter. Finally, Norden Group LLC boosted its position in Alphabet by 7.3% in the second quarter. Norden Group LLC now owns 56,238 shares of the information services provider’s stock worth $9,911,000 after purchasing an additional 3,808 shares during the last quarter. 40.03% of the stock is currently owned by institutional investors.

Alphabet Stock Up 0.3%

GOOGL stock opened at $246.54 on Friday. Alphabet Inc. has a twelve month low of $140.53 and a twelve month high of $256.00. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07. The firm has a market cap of $2.98 trillion, a PE ratio of 26.26, a price-to-earnings-growth ratio of 1.66 and a beta of 1.01. The business has a 50 day moving average of $215.93 and a 200 day moving average of $183.14.

Alphabet (NASDAQ:GOOGL) last released its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.15 by $0.16. The firm had revenue of $96.43 billion for the quarter, compared to the consensus estimate of $93.60 billion. Alphabet had a return on equity of 34.31% and a net margin of 31.12%. On average, research analysts forecast that Alphabet Inc. will post 8.9 EPS for the current fiscal year.

Alphabet Announces Dividend

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

Analysts Set New Price Targets

GOOGL has been the topic of several research reports. Morgan Stanley boosted their target price on Alphabet from $185.00 to $205.00 and gave the company an “overweight” rating in a research note on Monday, July 21st. BNP Paribas Exane reissued a “neutral” rating and set a $172.00 price objective on shares of Alphabet in a report on Friday, June 27th. Wells Fargo & Company increased their price objective on Alphabet from $184.00 to $187.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 29th. JMP Securities increased their price objective on Alphabet from $250.00 to $290.00 and gave the stock a “market outperform” rating in a report on Friday, September 19th. Finally, Phillip Securities lowered Alphabet from a “strong-buy” rating to a “moderate buy” rating in a research note on Monday, September 8th. Three research analysts have rated the stock with a Strong Buy rating, thirty-three have given a Buy rating and ten have assigned a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $233.44.

Insiders Place Their Bets

In other Alphabet news, CEO Sundar Pichai sold 32,500 shares of the business’s stock in a transaction that occurred on Wednesday, September 3rd. The stock was sold at an average price of $229.73, for a total transaction of $7,466,225.00. Following the completion of the transaction, the chief executive officer owned 2,429,892 shares in the company, valued at $558,219,089.16. The trade was a 1.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Kavitark Ram Shriram sold 18,566 shares of the business’s stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $185.76, for a total value of $3,448,820.16. Following the transaction, the director owned 243,400 shares of the company’s stock, valued at $45,213,984. This trade represents a 7.09% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 258,088 shares of company stock worth $52,405,304 over the last three months. 11.64% of the stock is currently owned by corporate insiders.

Alphabet Company 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.