State of Michigan Retirement System Has $209.52 Million Stock Holdings in Alphabet Inc. (NASDAQ:GOOG)

State of Michigan Retirement System decreased its holdings in shares of Alphabet Inc. (NASDAQ:GOOG) by 0.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,376,060 shares of the information services provider’s stock after selling 11,800 shares during the quarter. Alphabet makes up 1.1% of State of Michigan Retirement System’s holdings, making the stock its 15th biggest position. State of Michigan Retirement System’s holdings in Alphabet were worth $209,519,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in GOOG. Bruce G. Allen Investments LLC acquired a new stake in shares of Alphabet during the fourth quarter worth $26,000. Partnership Wealth Management LLC bought a new position in shares of Alphabet in the fourth quarter worth $26,000. Equitec Proprietary Markets LLC bought a new position in shares of Alphabet in the fourth quarter worth $28,000. DiNuzzo Private Wealth Inc. bought a new position in shares of Alphabet in the fourth quarter worth $32,000. Finally, Pacific Capital Wealth Advisors Inc. bought a new position in shares of Alphabet in the fourth quarter worth $34,000. Institutional investors and hedge funds own 27.26% of the company’s stock.

Insider Buying and Selling at Alphabet

In other news, Director John L. Hennessy sold 800 shares of the business’s stock in a transaction that occurred on Friday, April 12th. The stock was sold at an average price of $159.56, for a total transaction of $127,648.00. Following the completion of the sale, the director now owns 7,991 shares in the company, valued at $1,275,043.96. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, Director John L. Hennessy sold 800 shares of the business’s stock in a transaction that occurred on Friday, April 12th. The stock was sold at an average price of $159.56, for a total transaction of $127,648.00. Following the completion of the sale, the director now owns 7,991 shares in the company, valued at $1,275,043.96. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Sundar Pichai sold 22,500 shares of the business’s stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $157.41, for a total value of $3,541,725.00. Following the sale, the chief executive officer now owns 2,303,011 shares of the company’s stock, valued at approximately $362,516,961.51. The disclosure for this sale can be found here. Over the last three months, insiders have sold 123,788 shares of company stock valued at $21,143,403. 12.99% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts recently commented on GOOG shares. Stifel Nicolaus raised their price target on Alphabet from $154.00 to $174.00 and gave the stock a “buy” rating in a research report on Tuesday, April 16th. Oppenheimer lifted their target price on Alphabet from $172.00 to $185.00 and gave the company an “outperform” rating in a research report on Monday, April 8th. Rosenblatt Securities cut Alphabet from a “buy” rating to a “neutral” rating and set a $181.00 target price on the stock. in a research report on Friday, June 28th. Finally, Morgan Stanley reissued an “overweight” rating and set a $165.00 price target on shares of Alphabet in a research note on Thursday, April 11th. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $167.86.

Alphabet Price Performance

Alphabet stock opened at $186.61 on Wednesday. Alphabet Inc. has a one year low of $115.83 and a one year high of $187.50. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.15 and a quick ratio of 2.15. The stock’s 50 day moving average is $174.93 and its 200 day moving average is $156.20. The firm has a market cap of $2.31 trillion, a P/E ratio of 28.62, a P/E/G ratio of 1.38 and a beta of 1.05.

Alphabet (NASDAQ:GOOG) last issued its quarterly earnings results on Thursday, April 25th. The information services provider reported $1.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.51 by $0.38. Alphabet had a return on equity of 29.52% and a net margin of 25.90%. The firm had revenue of $80.54 billion for the quarter, compared to analyst estimates of $78.75 billion. During the same period in the previous year, the firm earned $1.17 earnings per share. The company’s revenue was up 15.4% compared to the same quarter last year. As a group, research analysts expect that Alphabet Inc. will post 7.6 EPS for the current year.

Alphabet Announces Dividend

The firm also recently declared a — dividend, which was paid on Monday, June 17th. Shareholders of record on Monday, June 10th were paid a $0.20 dividend. The ex-dividend date of this dividend was Monday, June 10th. Alphabet’s dividend payout ratio (DPR) is presently 12.27%.

About Alphabet

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.