Cortland Associates Inc. MO Cuts Stock Position in Alphabet Inc. (NASDAQ:GOOG)

04 Nov 2024, 15:15 by Kim Johansen · The Markets Daily

Cortland Associates Inc. MO trimmed its holdings in Alphabet Inc. (NASDAQ:GOOG – Free Report) by 3.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 192,282 shares of the information services provider’s stock after selling 7,770 shares during the period. Alphabet comprises about 3.9% of Cortland Associates Inc. MO’s investment portfolio, making the stock its 14th biggest position. Cortland Associates Inc. MO’s holdings in Alphabet were worth $32,148,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Colonial River Wealth Management LLC increased its stake in Alphabet by 5.3% in the 2nd quarter. Colonial River Wealth Management LLC now owns 2,126 shares of the information services provider’s stock worth $390,000 after acquiring an additional 107 shares during the last quarter. Oak Ridge Investments LLC increased its position in Alphabet by 4.6% in the first quarter. Oak Ridge Investments LLC now owns 187,229 shares of the information services provider’s stock worth $28,508,000 after purchasing an additional 8,201 shares during the last quarter. Rosenberg Matthew Hamilton raised its stake in Alphabet by 4.6% during the second quarter. Rosenberg Matthew Hamilton now owns 11,366 shares of the information services provider’s stock valued at $2,097,000 after purchasing an additional 498 shares in the last quarter. Alliance Wealth Management Group increased its stake in Alphabet by 93.6% during the first quarter. Alliance Wealth Management Group now owns 3,910 shares of the information services provider’s stock worth $595,000 after acquiring an additional 1,890 shares during the last quarter. Finally, Handelsbanken Fonder AB increased its position in shares of Alphabet by 4.6% during the 3rd quarter. Handelsbanken Fonder AB now owns 2,628,176 shares of the information services provider’s stock valued at $439,405,000 after purchasing an additional 115,716 shares during the last quarter. Institutional investors own 27.26% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on GOOG shares. UBS Group raised their price target on Alphabet from $187.00 to $192.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Cantor Fitzgerald raised shares of Alphabet to a “hold” rating in a research note on Thursday, September 5th. Canaccord Genuity Group upped their price target on shares of Alphabet from $220.00 to $225.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Seaport Res Ptn raised shares of Alphabet from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 29th. Finally, Wells Fargo & Company upped their target price on Alphabet from $182.00 to $187.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 30th. Five equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $200.56.

Read Our Latest Stock Analysis on Alphabet

Alphabet Stock Down 0.0 %

Alphabet stock opened at $172.65 on Monday. Alphabet Inc. has a twelve month low of $128.11 and a twelve month high of $193.31. The business has a fifty day moving average of $163.81 and a two-hundred day moving average of $170.63. The firm has a market cap of $2.13 trillion, a P/E ratio of 22.90, a P/E/G ratio of 1.24 and a beta of 1.04. The company has a quick ratio of 2.08, a current ratio of 1.95 and a debt-to-equity ratio of 0.04.

Alphabet (NASDAQ:GOOG – Get Free Report) last issued its quarterly earnings data on Tuesday, October 29th. The information services provider reported $2.12 earnings per share for the quarter, topping analysts’ consensus estimates of $1.83 by $0.29. Alphabet had a return on equity of 31.66% and a net margin of 27.74%. The firm had revenue of $88.27 billion during the quarter, compared to analysts’ expectations of $86.39 billion. During the same period in the prior year, the business posted $1.55 EPS. The firm’s quarterly revenue was up 15.1% on a year-over-year basis. On average, analysts forecast that Alphabet Inc. will post 7.89 earnings per share for the current fiscal year.

Alphabet Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 9th will be given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.46%. The ex-dividend date of this dividend is Monday, December 9th. Alphabet’s payout ratio is currently 10.61%.

Insider Buying and Selling

In other Alphabet news, SVP Prabhakar Raghavan sold 34,257 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $162.60, for a total value of $5,570,188.20. Following the completion of the sale, the senior vice president now directly owns 312,210 shares in the company, valued at $50,765,346. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, SVP Prabhakar Raghavan sold 34,257 shares of the stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $162.60, for a total transaction of $5,570,188.20. Following the completion of the sale, the senior vice president now owns 312,210 shares in the company, valued at approximately $50,765,346. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Sundar Pichai sold 22,500 shares of the business’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $162.35, for a total value of $3,652,875.00. Following the transaction, the chief executive officer now owns 2,182,385 shares in the company, valued at approximately $354,310,204.75. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 230,244 shares of company stock worth $37,776,954 in the last 90 days. 12.99% of the stock is owned by corporate insiders.

Alphabet Profile

(Free Report)