Cumberland Partners Ltd Reduces Stock Position in Alphabet Inc. (NASDAQ:GOOGL)

Cumberland Partners Ltd cut its position in Alphabet Inc. (NASDAQ:GOOGL) by 12.8% during the third quarter, Holdings Channel reports. The firm owned 114,996 shares of the information services provider’s stock after selling 16,911 shares during the period. Alphabet makes up approximately 1.3% of Cumberland Partners Ltd’s portfolio, making the stock its 26th largest position. Cumberland Partners Ltd’s holdings in Alphabet were worth $19,072,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. MorganRosel Wealth Management LLC raised its position in shares of Alphabet by 3.6% in the second quarter. MorganRosel Wealth Management LLC now owns 1,620 shares of the information services provider’s stock valued at $295,000 after buying an additional 57 shares during the last quarter. Hengehold Capital Management LLC grew its stake in Alphabet by 0.8% during the 2nd quarter. Hengehold Capital Management LLC now owns 7,224 shares of the information services provider’s stock valued at $1,316,000 after acquiring an additional 60 shares in the last quarter. Christopher J. Hasenberg Inc raised its holdings in Alphabet by 75.0% in the 2nd quarter. Christopher J. Hasenberg Inc now owns 140 shares of the information services provider’s stock valued at $26,000 after acquiring an additional 60 shares during the last quarter. First PREMIER Bank lifted its stake in Alphabet by 3.8% in the 3rd quarter. First PREMIER Bank now owns 1,655 shares of the information services provider’s stock worth $275,000 after purchasing an additional 61 shares in the last quarter. Finally, MKT Advisors LLC boosted its holdings in shares of Alphabet by 0.8% during the 3rd quarter. MKT Advisors LLC now owns 7,363 shares of the information services provider’s stock worth $1,221,000 after purchasing an additional 62 shares during the last quarter. 40.03% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

GOOGL has been the subject of several recent research reports. Wedbush reaffirmed an “outperform” rating and issued a $205.00 price target on shares of Alphabet in a report on Thursday, October 24th. Roth Mkm raised their target price on Alphabet from $206.00 to $212.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Tigress Financial boosted their price target on shares of Alphabet from $210.00 to $220.00 and gave the company a “strong-buy” rating in a research report on Thursday, September 26th. Piper Sandler restated an “overweight” rating and set a $210.00 price objective (up from $200.00) on shares of Alphabet in a research report on Wednesday, October 30th. Finally, DA Davidson initiated coverage on shares of Alphabet in a report on Tuesday, September 10th. They issued a “neutral” rating and a $170.00 target price on the stock. Seven investment analysts have rated the stock with a hold rating, thirty-one have given a buy rating and five have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $205.90.

Alphabet Trading Up 0.9 %

Shares of NASDAQ:GOOGL opened at $169.12 on Wednesday. Alphabet Inc. has a 52 week low of $127.90 and a 52 week high of $191.75. The company’s 50 day moving average is $168.03 and its two-hundred day moving average is $170.35. The company has a market cap of $2.07 trillion, a PE ratio of 22.43, a P/E/G ratio of 1.17 and a beta of 1.03. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 0.04.

Alphabet (NASDAQ:GOOGL) last posted its quarterly earnings results on Tuesday, October 29th. The information services provider reported $2.12 earnings per share for the quarter, beating analysts’ consensus estimates of $1.83 by $0.29. The company had revenue of $88.27 billion for the quarter, compared to analysts’ expectations of $72.85 billion. Alphabet had a return on equity of 31.66% and a net margin of 27.74%. During the same period last year, the firm earned $1.55 earnings per share. Equities analysts predict that Alphabet Inc. will post 8.01 earnings per share for the current fiscal year.

Alphabet Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 9th will be paid a $0.20 dividend. The ex-dividend date of this dividend is Monday, December 9th. This represents a $0.80 annualized dividend and a yield of 0.47%. Alphabet’s dividend payout ratio is currently 10.61%.

Insider Buying and Selling at Alphabet

In other Alphabet news, Director John L. Hennessy sold 800 shares of the company’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $153.75, for a total value of $123,000.00. Following the completion of the transaction, the director now owns 28,524 shares in the company, valued at $4,385,565. This represents a 2.73 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Amie Thuener O’toole sold 682 shares of Alphabet stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $160.44, for a total value of $109,420.08. Following the sale, the chief accounting officer now owns 32,017 shares in the company, valued at $5,136,807.48. This trade represents a 2.09 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 206,795 shares of company stock worth $34,673,866 over the last three months. Insiders own 11.55% of the company’s stock.

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.