Concord Wealth Partners Reduces Stake in Alphabet Inc. (NASDAQ:GOOGL)

Concord Wealth Partners reduced its position in Alphabet Inc. (NASDAQ:GOOGL) by 11.5% in the 4th quarter, HoldingsChannel.com reports. The firm owned 32,615 shares of the information services provider’s stock after selling 4,238 shares during the period. Alphabet accounts for about 1.0% of Concord Wealth Partners’ holdings, making the stock its 23rd largest holding. Concord Wealth Partners’ holdings in Alphabet were worth $6,174,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the company. International Assets Investment Management LLC boosted its holdings in shares of Alphabet by 43,005.6% during the third quarter. International Assets Investment Management LLC now owns 18,743,594 shares of the information services provider’s stock worth $31,086,250,000 after purchasing an additional 18,700,111 shares during the last quarter. SG Americas Securities LLC boosted its holdings in Alphabet by 587.4% in the third quarter. SG Americas Securities LLC now owns 10,690,326 shares of the information services provider’s stock valued at $1,772,991,000 after acquiring an additional 9,135,056 shares during the last quarter. Assenagon Asset Management S.A. boosted its holdings in Alphabet by 116.4% in the third quarter. Assenagon Asset Management S.A. now owns 8,670,225 shares of the information services provider’s stock valued at $1,437,957,000 after acquiring an additional 4,662,809 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in Alphabet by 7.7% in the third quarter. JPMorgan Chase & Co. now owns 63,667,407 shares of the information services provider’s stock valued at $10,559,240,000 after acquiring an additional 4,567,275 shares during the last quarter. Finally, B. Metzler seel. Sohn & Co. Holding AG acquired a new position in Alphabet in the third quarter valued at $513,024,000. 40.03% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Alphabet

In other news, CAO Amie Thuener O’toole sold 1,367 shares of the business’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $170.41, for a total transaction of $232,950.47. Following the completion of the transaction, the chief accounting officer now directly owns 23,515 shares in the company, valued at approximately $4,007,191.15. The trade was a 5.49 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider John Kent Walker sold 16,820 shares of the business’s stock in a transaction that occurred on Monday, December 30th. The stock was sold at an average price of $192.62, for a total value of $3,239,868.40. Following the transaction, the insider now owns 43,981 shares of the company’s stock, valued at approximately $8,471,620.22. This represents a 27.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 89,529 shares of company stock worth $16,600,078. Company insiders own 11.55% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on GOOGL shares. Cantor Fitzgerald reduced their target price on Alphabet from $215.00 to $210.00 and set a “neutral” rating on the stock in a report on Wednesday, January 22nd. Sanford C. Bernstein lifted their target price on Alphabet from $180.00 to $185.00 and gave the company a “market perform” rating in a report on Wednesday, October 30th. Citizens Jmp lowered Alphabet from a “strong-buy” rating to a “hold” rating in a research report on Thursday, January 2nd. China Renaissance raised Alphabet from a “hold” rating to a “buy” rating in a research report on Thursday, October 31st. Finally, The Goldman Sachs Group reissued a “buy” rating and issued a $210.00 price objective on shares of Alphabet in a research report on Thursday, December 12th. Ten investment analysts have rated the stock with a hold rating, twenty-nine have issued a buy rating and four have issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $210.62.

Alphabet Stock Performance

Shares of GOOGL stock opened at $185.34 on Monday. The company has a quick ratio of 1.95, a current ratio of 1.84 and a debt-to-equity ratio of 0.03. The business has a 50 day moving average of $191.61 and a two-hundred day moving average of $174.61. Alphabet Inc. has a 52 week low of $130.66 and a 52 week high of $207.05. The company has a market cap of $2.27 trillion, a P/E ratio of 23.02, a PEG ratio of 1.39 and a beta of 0.99.

Alphabet (NASDAQ:GOOGL) last issued its earnings results on Tuesday, February 4th. The information services provider reported $2.15 EPS for the quarter, beating analysts’ consensus estimates of $2.12 by $0.03. Alphabet had a return on equity of 32.49% and a net margin of 28.60%. As a group, analysts anticipate that Alphabet Inc. will post 8.91 EPS for the current year.

Alphabet Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Monday, March 10th will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Monday, March 10th. This represents a $0.80 annualized dividend and a dividend yield of 0.43%. Alphabet’s dividend payout ratio is presently 9.94%.

Alphabet Company 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.