Texas Permanent School Fund Corp Has $67.73 Million Stock Position in Alphabet Inc. $GOOG

Texas Permanent School Fund Corp reduced its position in Alphabet Inc. (NASDAQ:GOOG) by 30.1% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 381,834 shares of the information services provider’s stock after selling 164,646 shares during the period. Alphabet comprises about 0.7% of Texas Permanent School Fund Corp’s holdings, making the stock its 14th largest position. Texas Permanent School Fund Corp’s holdings in Alphabet were worth $67,734,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in GOOG. Brighton Jones LLC lifted its stake in shares of Alphabet by 5.6% in the 4th quarter. Brighton Jones LLC now owns 120,253 shares of the information services provider’s stock valued at $22,901,000 after purchasing an additional 6,410 shares during the last quarter. Nicholas Hoffman & Company LLC. lifted its position in shares of Alphabet by 4.0% in the first quarter. Nicholas Hoffman & Company LLC. now owns 25,146 shares of the information services provider’s stock worth $3,929,000 after buying an additional 976 shares during the last quarter. Algert Global LLC lifted its position in shares of Alphabet by 8.0% in the first quarter. Algert Global LLC now owns 43,014 shares of the information services provider’s stock worth $6,720,000 after buying an additional 3,172 shares during the last quarter. Brooklyn Investment Group boosted its stake in shares of Alphabet by 15.4% during the 1st quarter. Brooklyn Investment Group now owns 35,592 shares of the information services provider’s stock worth $5,560,000 after acquiring an additional 4,749 shares in the last quarter. Finally, Granite Harbor Advisors Inc. acquired a new position in shares of Alphabet during the 1st quarter valued at about $336,000. 27.26% of the stock is currently owned by institutional investors and hedge funds.

Alphabet Price Performance

Shares of Alphabet stock opened at $309.32 on Tuesday. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.75 and a quick ratio of 1.75. Alphabet Inc. has a fifty-two week low of $142.66 and a fifty-two week high of $328.67. The firm has a fifty day moving average price of $284.91 and a two-hundred day moving average price of $231.69. The company has a market cap of $3.73 trillion, a PE ratio of 30.50, a price-to-earnings-growth ratio of 1.80 and a beta of 1.07.

Alphabet (NASDAQ:GOOG) last posted its quarterly earnings data on Thursday, October 30th. The information services provider reported $2.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.29 by $0.58. The company had revenue of $102.35 billion for the quarter, compared to the consensus estimate of $99.90 billion. Alphabet had a net margin of 32.23% and a return on equity of 35.00%. The business’s revenue was up 15.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.12 EPS. Analysts expect that Alphabet Inc. will post 8.89 EPS for the current year.

Alphabet Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Monday, December 8th were issued a $0.21 dividend. The ex-dividend date of this dividend was Monday, December 8th. This represents a $0.84 annualized dividend and a yield of 0.3%. Alphabet’s dividend payout ratio is 8.28%.

Insider Transactions at Alphabet

In other news, Director Frances Arnold sold 102 shares of the business’s stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $317.66, for a total transaction of $32,401.32. Following the sale, the director directly owned 18,104 shares in the company, valued at approximately $5,750,916.64. The trade was a 0.56% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director John L. Hennessy sold 600 shares of the company’s stock in a transaction on Thursday, November 13th. The shares were 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. The trade was a 11.73% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 225,528 shares of company stock worth $61,296,884 over the last 90 days. Insiders own 12.99% of the company’s stock.

Wall Street Analyst Weigh In

GOOG has been the subject of several analyst reports. Scotiabank set a $336.00 target price on Alphabet and gave the stock a “sector outperform” rating in a report on Thursday, October 30th. Cowen restated a “buy” rating on shares of Alphabet in a research note on Friday. Truist Financial set a $350.00 price objective on shares of Alphabet in a report on Friday, December 5th. Sanford C. Bernstein lifted their target price on shares of Alphabet from $260.00 to $305.00 and gave the stock an “outperform” rating in a report on Thursday, October 30th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Alphabet in a report on Wednesday, October 8th. Seven research analysts have rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $313.04.

About Alphabet

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.