Alphabet Inc. $GOOGL Position Lowered by Northern Trust Corp

Northern Trust Corp lessened its stake in Alphabet Inc. (NASDAQ:GOOGL) by 2.3% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 68,019,033 shares of the information services provider’s stock after selling 1,597,821 shares during the quarter. Alphabet accounts for approximately 1.6% of Northern Trust Corp’s holdings, making the stock its 6th largest position. Northern Trust Corp’s holdings in Alphabet were worth $10,518,463,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the business. Brooklyn Investment Group raised its stake in Alphabet by 21.8% during the first quarter. Brooklyn Investment Group now owns 45,530 shares of the information services provider’s stock valued at $7,041,000 after purchasing an additional 8,152 shares in the last quarter. Prospector Partners LLC grew its holdings in shares of Alphabet by 0.7% in the first quarter. Prospector Partners LLC now owns 49,586 shares of the information services provider’s stock worth $7,668,000 after purchasing an additional 369 shares during the last quarter. Versor Investments LP grew its holdings in shares of Alphabet by 525.5% in the first quarter. Versor Investments LP now owns 8,200 shares of the information services provider’s stock worth $1,268,000 after purchasing an additional 6,889 shares during the last quarter. Valley Brook Capital Group Inc. grew its holdings in shares of Alphabet by 13.9% in the first quarter. Valley Brook Capital Group Inc. now owns 4,658 shares of the information services provider’s stock worth $720,000 after purchasing an additional 570 shares during the last quarter. Finally, Mill Creek Capital Advisors LLC grew its holdings in shares of Alphabet by 22.8% in the first quarter. Mill Creek Capital Advisors LLC now owns 25,424 shares of the information services provider’s stock worth $3,932,000 after purchasing an additional 4,722 shares during the last quarter. Hedge funds and other institutional investors own 40.03% of the company’s stock.

Insiders Place Their Bets

In related news, Director Kavitark Ram Shriram sold 18,566 shares of the company’s stock in a transaction that occurred on Friday, July 18th. The stock was sold at an average price of $185.76, for a total value of $3,448,820.16. Following the completion of the transaction, the director directly owned 243,400 shares of the company’s stock, valued at $45,213,984. This represents a 7.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider John Kent Walker sold 23,820 shares of the business’s stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $194.70, for a total value of $4,637,754.00. Following the completion of the sale, the insider owned 42,999 shares of the company’s stock, valued at approximately $8,371,905.30. This represents a 35.65% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 254,719 shares of company stock valued at $47,223,172. 11.64% of the stock is owned by company insiders.

Alphabet Price Performance

Alphabet stock opened at $206.09 on Friday. Alphabet Inc. has a 12-month low of $140.53 and a 12-month high of $208.54. The stock has a market cap of $2.49 trillion, a P/E ratio of 21.95, a PEG ratio of 1.34 and a beta of 1.01. The company has a 50-day moving average price of $186.81 and a 200 day moving average price of $173.37. 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 (NASDAQ:GOOGL) last issued its quarterly earnings data on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.15 by $0.16. The firm had revenue of $96,428,000 billion for the quarter, compared to analyst estimates of $93.60 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. Sell-side analysts anticipate that Alphabet Inc. will post 8.9 earnings per share for the current year.

Alphabet Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Monday, September 8th will be issued a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date of this dividend is Monday, September 8th. Alphabet’s dividend payout ratio is 8.95%.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. KeyCorp increased their target price on shares of Alphabet from $215.00 to $230.00 and gave the stock an “overweight” rating in a report on Thursday, July 24th. Citizens Jmp raised shares of Alphabet from a “market perform” rating to an “outperform” rating and set a $220.00 price objective for the company in a research report on Friday, June 27th. Susquehanna increased their price objective on shares of Alphabet from $220.00 to $225.00 and gave the company a “positive” rating in a research report on Thursday, July 24th. JPMorgan Chase & Co. increased their price target on shares of Alphabet from $200.00 to $232.00 and gave the stock an “overweight” rating in a report on Thursday, July 24th. Finally, DA Davidson increased their price target on shares of Alphabet from $160.00 to $180.00 and gave the stock a “neutral” rating in a report on Thursday, July 24th. Four research analysts have rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating and ten have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $211.53.

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.