Bank of Montreal Can Invests $927,982,000 in Alphabet Inc. (GOOG)
Bank of Montreal Can acquired a new stake in Alphabet Inc. (NASDAQ:GOOG) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 1,340,816 shares of the company’s stock, valued at approximately $927,982,000. Alphabet comprises 1.1% of Bank of Montreal Can’s holdings, making the stock its 14th largest position. Bank of Montreal Can owned 0.20% of Alphabet as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. PacWest Financial Management Inc raised its position in Alphabet by 7.2% in the first quarter. PacWest Financial Management Inc now owns 1,565 shares of the company’s stock valued at $1,165,000 after buying an additional 105 shares in the last quarter. Douglas Lane & Associates LLC bought a new position in shares of Alphabet during the first quarter worth approximately $49,532,000. First Manhattan Co. raised its position in shares of Alphabet by 70.3% in the first quarter. First Manhattan Co. now owns 20,655 shares of the company’s stock worth $15,386,000 after buying an additional 8,523 shares during the period. Vicus Capital raised its position in shares of Alphabet by 16.8% in the first quarter. Vicus Capital now owns 508 shares of the company’s stock worth $379,000 after buying an additional 73 shares during the period. Finally, Athena Capital Advisors LLC raised its position in shares of Alphabet by 7.8% in the first quarter. Athena Capital Advisors LLC now owns 2,977 shares of the company’s stock worth $2,218,000 after buying an additional 215 shares during the period. Institutional investors own 34.39% of the company’s stock.
Alphabet Inc. (NASDAQ:GOOG) traded up 1.40% during trading on Monday, hitting $785.94. 1,174,904 shares of the stock traded hands. The firm has a 50-day moving average price of $773.14 and a 200 day moving average price of $740.29. The company has a market cap of $540.16 billion, a P/E ratio of 30.45 and a beta of 1.03. Alphabet Inc. has a 52-week low of $639.01 and a 52-week high of $789.87.
Alphabet (NASDAQ:GOOG) last released its earnings results on Thursday, July 28th. The company reported $8.42 earnings per share for the quarter, topping the Zacks’ consensus estimate of $8.03 by $0.39. The firm had revenue of $21.50 billion for the quarter, compared to the consensus estimate of $20.74 billion. Alphabet had a net margin of 22.00% and a return on equity of 14.74%. The company’s revenue was up 21.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $6.99 EPS. On average, equities analysts expect that Alphabet Inc. will post $34.14 EPS for the current year.
A number of brokerages recently commented on GOOG. Credit Agricole SA reiterated a “buy” rating on shares of Alphabet in a research note on Friday, September 23rd. Moffett Nathanson reiterated a “buy” rating and issued a $925.00 price target on shares of Alphabet in a research note on Friday, September 23rd. Wedbush lowered shares of Alphabet from a “neutral” rating to an “underperform” rating and upped their price target for the company from $700.00 to $800.00 in a research note on Tuesday, September 27th. Vetr upgraded shares of Alphabet from a “hold” rating to a “buy” rating and set a $822.37 price target on the stock in a research note on Thursday, August 18th. Finally, RBC Capital Markets reiterated an “outperform” rating and issued a $1,025.00 price target (up previously from $1,000.00) on shares of Alphabet in a research note on Friday, September 30th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, forty-five have assigned a buy rating and one has issued a strong buy rating to the company. Alphabet presently has a consensus rating of “Buy” and a consensus price target of $926.55.
In related news, insider Sergey Brin sold 66,664 shares of the stock in a transaction dated Tuesday, August 23rd. The shares were sold at an average price of $785.10, for a total transaction of $52,337,906.40. Following the sale, the insider now directly owns 28,200 shares of the company’s stock, valued at approximately $22,139,820. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Sundar Pichai sold 4,000 shares of the stock in a transaction dated Wednesday, October 5th. The shares were sold at an average price of $781.81, for a total transaction of $3,127,240.00. Following the sale, the chief executive officer now directly owns 3,231 shares in the company, valued at $2,526,028.11. The disclosure for this sale can be found here. 13.92% of the stock is currently owned by insiders.
Alphabet Company Profile
Alphabet Inc is a holding company. The Company holds interests in Google Inc (Google). The Company’s segments include Google and Other Bets. Google segment includes Internet products, such as Search, Ads, Commerce, Maps, YouTube, Apps, Cloud, Android, Chrome, Google Play, and hardware products, including Chromecast, Chromebooks and Nexus, which are sold by the Company.
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