Cibc World Market Inc. Boosts Stock Holdings in Alphabet Inc. (NASDAQ:GOOGL)

Cibc World Market Inc. grew its position in shares of Alphabet Inc. (NASDAQ:GOOGL) by 49.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,748,209 shares of the information services provider’s stock after acquiring an additional 912,358 shares during the quarter. Alphabet accounts for approximately 1.1% of Cibc World Market Inc.’s portfolio, making the stock its 22nd largest holding. Cibc World Market Inc.’s holdings in Alphabet were worth $500,586,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the company. Campbell Wealth Management purchased a new position in shares of Alphabet in the 2nd quarter worth about $206,000. Qsemble Capital Management LP purchased a new position in shares of Alphabet in the 2nd quarter worth about $915,000. Fortune Financial Advisors LLC boosted its holdings in shares of Alphabet by 2.6% in the 2nd quarter. Fortune Financial Advisors LLC now owns 23,120 shares of the information services provider’s stock worth $4,211,000 after buying an additional 578 shares during the last quarter. American Century Companies Inc. boosted its holdings in shares of Alphabet by 1.8% in the 2nd quarter. American Century Companies Inc. now owns 23,465,190 shares of the information services provider’s stock worth $4,274,184,000 after buying an additional 418,204 shares during the last quarter. Finally, Nicollet Investment Management Inc. boosted its holdings in shares of Alphabet by 0.5% in the 2nd quarter. Nicollet Investment Management Inc. now owns 48,385 shares of the information services provider’s stock worth $8,813,000 after buying an additional 222 shares during the last quarter. 40.03% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

GOOGL has been the topic of a number of research analyst reports. Loop Capital reissued a “hold” rating and issued a $170.00 price target on shares of Alphabet in a report on Wednesday, July 3rd. JPMorgan Chase & Co. boosted their price target on shares of Alphabet from $200.00 to $208.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. Bank of America boosted their price objective on Alphabet from $200.00 to $206.00 and gave the company a “buy” rating in a research note on Wednesday, July 17th. Cantor Fitzgerald restated a “neutral” rating and issued a $190.00 price objective on shares of Alphabet in a research note on Monday. Finally, Piper Sandler lowered their price objective on Alphabet from $206.00 to $200.00 and set an “overweight” rating on the stock in a research note on Tuesday, September 10th. Eight investment analysts have rated the stock with a hold rating, twenty-eight have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $201.08.

Insiders Place Their Bets

In other Alphabet news, SVP Prabhakar Raghavan sold 3,262 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $183.99, for a total value of $600,175.38. Following the completion of the sale, the senior vice president now owns 9 shares of the company’s stock, valued at $1,655.91. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Alphabet news, SVP Prabhakar Raghavan sold 3,262 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $183.99, for a total value of $600,175.38. Following the completion of the sale, the senior vice president now owns 9 shares of the company’s stock, valued at $1,655.91. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Amie Thuener O’toole sold 682 shares of the stock in a transaction that occurred on Tuesday, July 2nd. The shares were sold at an average price of $183.47, for a total value of $125,126.54. Following the sale, the chief accounting officer now directly owns 30,650 shares of the company’s stock, valued at approximately $5,623,355.50. The disclosure for this sale can be found here. Insiders sold a total of 180,867 shares of company stock valued at $29,878,106 over the last quarter. 11.55% of the stock is owned by corporate insiders.

Alphabet Stock Down 0.5 %

Shares of NASDAQ GOOGL opened at $161.49 on Thursday. Alphabet Inc. has a 12 month low of $120.21 and a 12 month high of $191.75. The company has a current ratio of 2.08, a quick ratio of 2.08 and a debt-to-equity ratio of 0.04. The firm has a market capitalization of $1.99 trillion, a price-to-earnings ratio of 24.77, a PEG ratio of 1.21 and a beta of 1.04. The business has a 50-day moving average of $163.80 and a 200-day moving average of $166.17.

Alphabet (NASDAQ:GOOGL) last issued its quarterly earnings data on Tuesday, July 23rd. The information services provider reported $1.89 EPS for the quarter, topping the consensus estimate of $1.85 by $0.04. The company had revenue of $84.74 billion during the quarter, compared to analyst estimates of $70.60 billion. Alphabet had a return on equity of 30.49% and a net margin of 26.70%. During the same quarter in the previous year, the firm earned $1.44 earnings per share. Sell-side analysts expect that Alphabet Inc. will post 7.63 earnings per share for the current fiscal year.

Alphabet Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Monday, September 9th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 0.50%. The ex-dividend date of this dividend was Monday, September 9th. Alphabet’s dividend payout ratio is currently 12.27%.

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.