BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Reduces Stake in Alphabet Inc.

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp has reduced its investment in Alphabet Inc. (NASDAQ:GOOG) by 13.7% during the third quarter, based on its latest filing with the SEC. The investment firm now holds 843,508 shares of Alphabet after selling 134,083 shares during this period. Alphabet now constitutes about 0.8% of BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp's overall portfolio, ranking it as the 22nd largest position within their investments. The value of their holdings in Alphabet amounts to approximately $141,026,000 at the conclusion of the recent quarter.

Recent Changes by Other Investors

Additionally, several other institutional investors have adjusted their positions in Alphabet. For instance, Boston Partners increased its holdings by 21.2% during the first quarter, now owning 32,381 shares worth $4,930,000 after acquiring 5,662 additional shares. GAMMA Investing LLC raised its stake by 44.9% in the second quarter, now holding 53,976 shares worth $9,900,000 after purchasing 16,713 more shares. Furthermore, Massmutual Trust Co. FSB ADV inflated its position by 3.0% in the second quarter, owning 219,447 shares valued at $40,251,000 after adding 6,469 shares. Similarly, Hudson Valley Investment Advisors Inc. ADV grew its investment in Alphabet, now owning 112,504 shares valued at $20,635,000 after acquiring 1,831 shares during the last quarter. Lastly, Marcum Wealth LLC raised its stake by 3.6%, now owning 17,726 shares after buying an additional 622 shares. In total, institutional investors and hedge funds collectively own 27.26% of Alphabet’s stock.

Analyst Ratings and Price Targets

Many analysts have recently provided updated ratings and price targets for Alphabet shares. UBS Group raised its target price from $187.00 to $192.00 while assigning a "neutral" rating on October 30. DA Davidson upgraded Alphabet to a "hold" rating. Additionally, JPMorgan Chase & Co. lifted their target price from $208.00 to $212.00, categorizing it as "overweight.", and Wells Fargo increased its price objective from $182.00 to $187.00, assigning an "equal weight" rating. Citigroup also raised its target price from $212.00 to $216.00, rating it as a "buy." Currently, five analysts have rated Alphabet with a hold rating, thirteen with a buy rating, and three claim it to be a strong buy. As per MarketBeat.com data, Alphabet has a consensus rating classified as "Moderate Buy" with an average target price set at $200.56.

Insider Transactions

In insider trading news, John Kent Walker sold 21,467 shares on September 3, at an average price of $160.35, totaling $3,442,233.45. Following this sale, Walker retains ownership of 39,334 shares valued at approximately $6,307,206.90, marking a 35.31% decline in his stake. CEO Sundar Pichai also sold 22,500 shares on November 20, at an average price of $176.67, worth $3,975,075.00. Pichai now directly holds 2,061,806 shares, valued at approximately $364,259,266.02, reflecting a 1.08% decrease in ownership. Over the last quarter, insiders have sold a total of 206,795 shares, amounting to $34,673,866. Insiders collectively own 12.99% of Alphabet's stock.

Current Stock Performance

The stock price for NASDAQ:GOOG opened at $170.49 recently. The company has a low debt-to-equity ratio of 0.04, and its quick and current ratios are both 1.95. Over the past year, Alphabet's shares hit a 52-week low of $129.40 and a high of $193.31. The average 50-day moving price stands at $169.98, whereas the two-hundred day moving average is $171.84. Alphabet holds a market cap of $2.09 trillion, with a price-to-earnings (P/E) ratio of 22.61 and a beta coefficient of 1.04.

Earnings Report Overview

Alphabet last released its earnings on October 29, reporting earnings per share (EPS) of $2.12, exceeding analyst expectations of $1.83. The reported revenue for the quarter totaled $88.27 billion, surpassing the forecast of $86.39 billion. The company achieved a return on equity of 31.66% along with a net margin of 27.74%, reflecting a year-over-year revenue growth of 15.1%. Analysts predict that Alphabet will have an EPS of 8.02 for the current fiscal year.

Dividend Announcement

Alphabet has also announced a quarterly dividend, scheduled for payment on December 16. Shareholders on record as of December 9 will receive a dividend of $0.20 per share, which equates to an annualized dividend of $0.80 and reflects a dividend yield of 0.47%. The ex-dividend date is also set for December 9, with a current dividend payout ratio of 10.61%.

About the Company

Alphabet Inc. is a parent company engaging in various businesses, operating across regions including the United States, Europe, Asia-Pacific, and Latin America. Alphabet functions through segments including Google Services, Google Cloud, and Other Bets. Its offerings encompass a range of services like Ads, Android, Chrome, Gmail, Google Drive, YouTube, and more.

investment, Alphabet, shares