Investment Management Corp of Ontario Has $51 Million Position in Alphabet Inc. (NASDAQ:GOOGL)

Investment Management Corp of Ontario lifted its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL) by 30.6% in the third quarter, according to its most recent filing with the SEC. The firm owned 307,530 shares of the information services provider’s stock after acquiring an additional 72,037 shares during the period. Alphabet makes up about 1.1% of Investment Management Corp of Ontario’s investment portfolio, making the stock its 12th biggest position. Investment Management Corp of Ontario’s holdings in Alphabet were worth $51,004,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Fisher Asset Management LLC grew its stake in shares of Alphabet by 2.5% during the third quarter. Fisher Asset Management LLC now owns 49,857,900 shares of the information services provider’s stock valued at $8,268,933,000 after purchasing an additional 1,237,385 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of Alphabet by 0.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 49,472,478 shares of the information services provider’s stock worth $9,011,412,000 after buying an additional 238,403 shares during the period. Charles Schwab Investment Management Inc. raised its position in shares of Alphabet by 1.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 37,233,079 shares of the information services provider’s stock valued at $6,175,106,000 after acquiring an additional 523,416 shares during the last quarter. American Century Companies Inc. lifted its stake in Alphabet by 1.8% in the second quarter. American Century Companies Inc. now owns 23,465,190 shares of the information services provider’s stock valued at $4,274,184,000 after buying an additional 418,204 shares during the period. Finally, Canada Pension Plan Investment Board raised its position in shares of Alphabet by 9.1% in the 2nd quarter. Canada Pension Plan Investment Board now owns 23,263,385 shares of the information services provider’s stock valued at $4,237,426,000 after acquiring an additional 1,949,476 shares during the period. 40.03% of the stock is owned by institutional investors and hedge funds.

Alphabet Trading Down 1.1 %

Shares of Alphabet stock opened at $189.82 on Friday. The firm’s 50-day moving average price is $171.63 and its two-hundred day moving average price is $170.71. Alphabet Inc. has a 12-month low of $129.68 and a 12-month high of $195.61. The company has a quick ratio of 1.95, a current ratio of 1.95 and a debt-to-equity ratio of 0.04. The company has a market capitalization of $2.32 trillion, a price-to-earnings ratio of 25.18, a PEG ratio of 1.39 and a beta of 1.01.

Alphabet (NASDAQ:GOOGL) last posted its quarterly earnings results on Tuesday, October 29th. The information services provider reported $2.12 EPS 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 company had revenue of $88.27 billion during the quarter, compared to analysts’ expectations of $72.85 billion. During the same quarter in the previous year, the firm earned $1.55 EPS. On average, analysts forecast that Alphabet Inc. will post 8.01 earnings per share for the current fiscal year.

Alphabet Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 9th will be issued a dividend of $0.20 per share. The ex-dividend date is Monday, December 9th. This represents a $0.80 annualized dividend and a dividend yield of 0.42%. Alphabet’s dividend payout ratio (DPR) is presently 10.61%.

Insiders Place Their Bets

In other Alphabet news, Director John L. Hennessy sold 1,500 shares of the company’s stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $194.22, for a total transaction of $291,330.00. Following the sale, the director now owns 23,324 shares of the company’s stock, valued at approximately $4,529,987.28. This represents a 6.04 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Sundar Pichai sold 22,500 shares of the business’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $160.63, for a total value of $3,614,175.00. Following the completion of the transaction, the chief executive officer now directly owns 2,114,885 shares in the company, valued at $339,713,977.55. This represents a 1.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 198,623 shares of company stock valued at $34,413,006 in the last 90 days. Corporate insiders own 11.55% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently commented on GOOGL. Wells Fargo & Company raised their price objective on Alphabet from $182.00 to $187.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 30th. Needham & Company LLC reissued a “buy” rating and issued a $210.00 price objective on shares of Alphabet in a research report on Wednesday, October 30th. Tigress Financial raised their price objective on Alphabet from $210.00 to $220.00 and gave the company a “strong-buy” rating in a report on Thursday, September 26th. Evercore ISI upped their target price on Alphabet from $200.00 to $205.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. Finally, DA Davidson began coverage on shares of Alphabet in a research note on Tuesday, September 10th. They issued a “neutral” rating and a $170.00 target price for the company. Seven investment analysts have rated the stock with a hold rating, thirty-one have assigned a buy rating and five have issued a strong buy rating to the company. According to MarketBeat.com, Alphabet presently has an average rating of “Moderate Buy” and an average target price of $206.08.

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.