Patient Capital Management LLC Reduces Position in Alphabet Inc. $GOOGL

Patient Capital Management LLC reduced its position in shares of Alphabet Inc. (NASDAQ:GOOGL) by 1.5% during the 2nd quarter, HoldingsChannel reports. The firm owned 525,750 shares of the information services provider’s stock after selling 8,243 shares during the period. Alphabet comprises about 6.2% of Patient Capital Management LLC’s investment portfolio, making the stock its 3rd largest holding. Patient Capital Management LLC’s holdings in Alphabet were worth $187,888,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of GOOGL. Vanguard Group Inc. raised its holdings in shares of Alphabet by 2.4% in the fourth quarter. Vanguard Group Inc. now owns 528,969,322 shares of the information services provider’s stock valued at $165,567,398,000 after acquiring an additional 12,531,695 shares in the last quarter. State Street Corp lifted its stake in Alphabet by 1.8% in the second quarter. State Street Corp now owns 229,954,269 shares of the information services provider’s stock worth $40,524,841,000 after acquiring an additional 4,008,374 shares during the period. Geode Capital Management LLC grew its holdings in Alphabet by 1.9% during the 4th quarter. Geode Capital Management LLC now owns 146,193,037 shares of the information services provider’s stock worth $45,625,595,000 after acquiring an additional 2,666,676 shares in the last quarter. Norges Bank bought a new position in Alphabet during the 4th quarter worth about $30,534,239,000. Finally, Bank of America Corp DE increased its position in Alphabet by 4.9% during the 4th quarter. Bank of America Corp DE now owns 69,108,183 shares of the information services provider’s stock valued at $21,630,861,000 after purchasing an additional 3,218,852 shares during the period. 40.03% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms have recently commented on GOOGL. Zacks Research lowered shares of Alphabet from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 11th. New Street Research lifted their price objective on shares of Alphabet from $450.00 to $455.00 and gave the company a “buy” rating in a report on Friday, June 5th. Truist Financial set a $420.00 price objective on shares of Alphabet and gave the stock a “buy” rating in a research note on Thursday, July 23rd. Jefferies Financial Group restated a “buy” rating on shares of Alphabet in a report on Monday, June 22nd. Finally, UBS Group dropped their target price on Alphabet from $400.00 to $379.00 and set a “neutral” rating on the stock in a research report on Thursday, July 23rd. Five research analysts have rated the stock with a Strong Buy rating, forty-five have given a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Buy” and an average target price of $420.19.

Alphabet Stock Down 0.0%

Shares of GOOGL stock opened at $338.36 on Wednesday. The stock’s fifty day moving average price is $348.34 and its 200 day moving average price is $343.37. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.72 and a quick ratio of 2.64. Alphabet Inc. has a 1-year low of $233.23 and a 1-year high of $408.61. The company has a market cap of $4.14 trillion, a price-to-earnings ratio of 16.99, a price-to-earnings-growth ratio of 0.98 and a beta of 1.22.

Alphabet (NASDAQ:GOOGL) last issued its quarterly earnings results on Wednesday, July 22nd. The information services provider reported $9.11 earnings per share for the quarter, topping the consensus estimate of $2.89 by $6.22. Alphabet had a return on equity of 51.32% and a net margin of 54.77%.The business had revenue of $119.80 billion during the quarter, compared to the consensus estimate of $117.07 billion. On average, research analysts expect that Alphabet Inc. will post 20.5 earnings per share for the current fiscal year.

Alphabet Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 14th. Investors of record on Monday, September 7th will be paid a $0.22 dividend. The ex-dividend date is Friday, September 4th. This represents a $0.88 dividend on an annualized basis and a yield of 0.3%. Alphabet’s dividend payout ratio (DPR) is 4.42%.

Trending Headlines about Alphabet

Here are the key news stories impacting Alphabet this week:

• Positive Sentiment: Google Cloud expands enterprise AI push: Alphabet and Accenture are launching a joint unit with 1,000 forward-deployed engineers to help businesses implement Google’s AI tools. The partnership could accelerate Cloud adoption, improve monetization and help Alphabet compete more effectively with Microsoft and Amazon. Google Cloud races to catch up in the AI deployment wars with Accenture deal
• Positive Sentiment: Potential power support for AI infrastructure: The U.S. government approved a $1.9 billion loan to NextEra Energy to refurbish an Iowa nuclear plant that Google plans to use for power. Reliable, low-carbon electricity could help support Alphabet’s growing data-center demand, although the benefits are longer term. Google’s revived nuclear power plant gets $1.9B loan from US government
• Positive Sentiment: Google and Cathay Pacific expanded trials of AI technology designed to reduce aircraft contrail warming, adding a potential sustainability and commercial-use case for Google’s AI capabilities. Cathay Pacific, Google expand AI trials to cut climate-warming aircraft contrails

Insider Buying and Selling

In other Alphabet news, major shareholder 2019 Gp L.L.C. Gv sold 118,138 shares of the business’s stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $18.90, for a total transaction of $2,232,808.20. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CAO Marsida Saraci sold 449 shares of the company’s stock in a transaction that occurred on Wednesday, July 29th. The shares were sold at an average price of $333.20, for a total transaction of $149,606.80. Following the transaction, the chief accounting officer owned 27,386 shares in the company, valued at $9,125,015.20. The trade was a 1.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 451,925 shares of company stock worth $12,371,544 in the last three months. Corporate insiders own 11.61% of the company’s stock.

About Alphabet

Alphabet Inc is a technology and holding company founded in 2015 through a restructuring of Google. The company is headquartered in Mountain View, California, and operates globally, serving consumers, businesses, advertisers and developers across numerous countries and regions.

Alphabet’s largest business is Google Services, which includes Google Search, online advertising, YouTube, Android, Chrome, Google Maps, Google Play and hardware products such as Pixel devices. These products support activities including internet search, digital content distribution, mobile computing, online communications and advertising.