Tevis Investment Management Sells 2,640 Shares of Alphabet Inc. $GOOGL

Tevis Investment Management reduced its position in shares of Alphabet Inc. (NASDAQ:GOOGL) by 13.2% during the first quarter, Holdings Channel.com reports. The fund owned 17,436 shares of the information services provider’s stock after selling 2,640 shares during the quarter. Alphabet accounts for approximately 2.9% of Tevis Investment Management’s investment portfolio, making the stock its 7th largest position. Tevis Investment Management’s holdings in Alphabet were worth $5,014,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the stock. NewEdge Wealth LLC grew its stake in Alphabet by 11.8% during the 4th quarter. NewEdge Wealth LLC now owns 887,209 shares of the information services provider’s stock valued at $277,696,000 after acquiring an additional 93,293 shares in the last quarter. PFG Investments LLC increased its holdings in shares of Alphabet by 2.6% during the 1st quarter. PFG Investments LLC now owns 89,299 shares of the information services provider’s stock valued at $25,679,000 after acquiring an additional 2,269 shares during the last quarter. World Investment Advisors raised its position in shares of Alphabet by 9.2% in the fourth quarter. World Investment Advisors now owns 274,761 shares of the information services provider’s stock valued at $86,000,000 after purchasing an additional 23,107 shares during the period. Retail Employees Superannuation Pty Ltd as trustee for Retail Employees Superannuation Trust bought a new position in shares of Alphabet in the fourth quarter worth about $28,902,000. Finally, Private Advisory Group LLC lifted its holdings in shares of Alphabet by 12.2% during the fourth quarter. Private Advisory Group LLC now owns 24,717 shares of the information services provider’s stock worth $7,736,000 after buying an additional 2,678 shares during the last quarter. Institutional investors own 40.03% of the company’s stock.

Alphabet Stock Down 1.5%

Shares of Alphabet stock opened at $342.09 on Thursday. Alphabet Inc. has a 52-week low of $187.82 and a 52-week high of $408.61. The business’s 50 day simple moving average is $366.14 and its 200 day simple moving average is $338.86. The firm has a market cap of $4.14 trillion, a PE ratio of 26.09, a P/E/G ratio of 1.44 and a beta of 1.24. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.92 and a current ratio of 1.92.

Alphabet (NASDAQ:GOOGL) last issued its quarterly earnings results on Wednesday, July 22nd. The information services provider reported $9.11 EPS for the quarter, topping the consensus estimate of $2.64 by $6.47. The firm had revenue of $119.80 billion for the quarter, compared to analysts’ expectations of $117.07 billion. Alphabet had a net margin of 37.92% and a return on equity of 38.99%. On average, analysts predict that Alphabet Inc. will post 14.34 earnings per share for the current fiscal year.

Alphabet Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Monday, June 8th were paid a $0.22 dividend. This is an increase from Alphabet’s previous quarterly dividend of $0.21. This represents a $0.88 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date was Monday, June 8th. Alphabet’s dividend payout ratio is 6.71%.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on GOOGL shares. Royal Bank Of Canada set a $425.00 target price on shares of Alphabet and gave the company an “outperform” rating in a research note on Thursday, April 30th. Wall Street Zen upgraded shares of Alphabet from a “hold” rating to a “buy” rating in a research report on Saturday, May 2nd. KeyCorp lifted their price target on Alphabet from $425.00 to $445.00 and gave the company an “overweight” rating in a report on Friday, July 10th. China Renaissance boosted their target price on Alphabet from $400.00 to $485.00 and gave the stock a “buy” rating in a research report on Monday, May 4th. Finally, Bank of America increased their price objective on shares of Alphabet from $370.00 to $430.00 and gave the company a “buy” rating in a report on Thursday, April 30th. Three analysts have rated the stock with a Strong Buy rating, forty-seven have given a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, Alphabet currently has an average rating of “Moderate Buy” and a consensus price target of $414.54.

Alphabet News Summary

Here are the key news stories impacting Alphabet this week:

• Positive Sentiment: Alphabet beat Q2 earnings and revenue estimates by a wide margin, signaling strong underlying business momentum. Alphabet (GOOGL) Beats Q2 Earnings and Revenue Estimates
• Positive Sentiment: Google Cloud’s 82% growth suggests Alphabet’s AI spending is translating into faster cloud demand and improving monetization. Google quarterly cloud revenue growth beats expectations
• Positive Sentiment: YouTube ad revenue growth and strength across search and advertising add evidence that core businesses are still healthy. YouTube Ad Revenue Rises 13% In Q2 To Surpass $11 Billion, Helping To Drive Strong Report By Parent Alphabet

Insiders Place Their Bets

In related news, major shareholder 2019 Gp L.L.C. Gv sold 87,475 shares of Alphabet stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $23.75, for a total transaction of $2,077,531.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Frances Arnold sold 112 shares of the firm’s stock in a transaction on Tuesday, June 30th. The shares were sold at an average price of $351.28, for a total value of $39,343.36. Following the sale, the director directly owned 18,833 shares of the company’s stock, valued at $6,615,656.24. This represents a 0.59% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 159,415 shares of company stock worth $7,672,279 in the last three months. Insiders own 11.61% of the company’s stock.

Alphabet Profile

Alphabet Inc is the holding company created in 2015 to organize Google and a portfolio of businesses developing technologies beyond Google’s core internet services. Its principal operations are led by Google, which builds and operates consumer-facing products such as Google Search, YouTube, Android, Chrome, Gmail, Google Maps and Google Workspace, as well as advertising platforms (Google Ads and AdSense) that historically generate the majority of its revenue. Google also develops consumer hardware (Pixel phones, Nest smart-home devices, Chromecast) and developer and distribution platforms such as Google Play.

Beyond Google’s consumer and advertising businesses, Alphabet invests in enterprise and infrastructure offerings through Google Cloud, which provides cloud computing, data analytics and productivity services to businesses and institutions.