Alphabet Inc. $GOOGL Stock Holdings Reduced by Magellan Asset Management Ltd

Magellan Asset Management Ltd cut its position in shares of Alphabet Inc. (NASDAQ:GOOGL) by 24.0% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,117,514 shares of the information services provider’s stock after selling 352,245 shares during the period. Alphabet accounts for about 2.3% of Magellan Asset Management Ltd’s investment portfolio, making the stock its 17th largest position. Magellan Asset Management Ltd’s holdings in Alphabet were worth $196,939,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in the company. Bradley & Co. Private Wealth Management LLC increased its holdings in Alphabet by 1.2% in the second quarter. Bradley & Co. Private Wealth Management LLC now owns 14,156 shares of the information services provider’s stock worth $2,495,000 after buying an additional 165 shares during the last quarter. Aviva PLC grew its position in Alphabet by 5.7% in the second quarter. Aviva PLC now owns 5,389,077 shares of the information services provider’s stock worth $949,717,000 after acquiring an additional 288,541 shares in the last quarter. Los Angeles Capital Management LLC increased its stake in shares of Alphabet by 3.6% during the 2nd quarter. Los Angeles Capital Management LLC now owns 2,923,197 shares of the information services provider’s stock worth $515,155,000 after purchasing an additional 100,694 shares during the last quarter. Prospera Financial Services Inc raised its holdings in shares of Alphabet by 11.0% during the 2nd quarter. Prospera Financial Services Inc now owns 238,104 shares of the information services provider’s stock valued at $41,973,000 after purchasing an additional 23,674 shares in the last quarter. Finally, RWA Wealth Partners LLC lifted its stake in shares of Alphabet by 69.7% in the 2nd quarter. RWA Wealth Partners LLC now owns 316,973 shares of the information services provider’s stock valued at $55,860,000 after purchasing an additional 130,165 shares during the last quarter. 40.03% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have commented on GOOGL shares. JPMorgan Chase & Co. increased their target price on shares of Alphabet from $300.00 to $340.00 and gave the stock an “overweight” rating in a research report on Thursday, October 30th. China Renaissance increased their price objective on Alphabet from $207.00 to $330.00 and gave the company a “buy” rating in a report on Friday, October 31st. KeyCorp restated an “overweight” rating and issued a $300.00 target price (up from $265.00) on shares of Alphabet in a report on Monday, October 27th. CIBC increased their price target on Alphabet to $315.00 in a report on Monday, October 20th. Finally, Citigroup reissued a “buy” rating and issued a $343.00 price target (up previously from $280.00) on shares of Alphabet in a research report on Thursday, October 30th. Four research analysts have rated the stock with a Strong Buy rating, thirty-eight have given a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat.com, Alphabet presently has a consensus rating of “Moderate Buy” and a consensus target price of $305.33.

Alphabet Stock Down 1.1%

GOOGL opened at $289.45 on Friday. The business has a 50 day moving average of $261.21 and a 200-day moving average of $212.12. The stock has a market capitalization of $3.49 trillion, a price-to-earnings ratio of 28.55, a P/E/G ratio of 1.86 and a beta of 1.05. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07. Alphabet Inc. has a 1-year low of $140.53 and a 1-year high of $306.42.

Alphabet (NASDAQ:GOOGL) last released its earnings results on Wednesday, October 29th. The information services provider reported $2.87 EPS for the quarter, beating 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 firm had revenue of $102.35 billion during the quarter, compared to analysts’ expectations of $99.90 billion. As a group, sell-side analysts anticipate that Alphabet Inc. will post 8.9 earnings per share for the current year.

Alphabet Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Monday, December 8th will be given a dividend of $0.21 per share. The ex-dividend date of this dividend is Monday, December 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 8.28%.

Insider Activity at Alphabet

In other Alphabet news, Director John L. Hennessy sold 600 shares of the company’s stock in a transaction that occurred on Thursday, November 13th. The stock was sold at an average price of $280.06, for a total value of $168,036.00. Following the completion of the transaction, the director owned 4,516 shares of the company’s stock, valued at $1,264,750.96. This represents a 11.73% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Frances Arnold sold 112 shares of the firm’s stock in a transaction that occurred on Thursday, October 30th. The stock was sold at an average price of $291.80, for a total value of $32,681.60. Following the completion of the sale, the director owned 18,004 shares of the company’s stock, valued at $5,253,567.20. This represents a 0.62% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 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 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.