British Columbia Investment Management Corp Reduces Its Stake in Alphabet Inc.

British Columbia Investment Management Corp has reduced its ownership in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 13.7% in the third quarter, as outlined in the latest filing with the Securities and Exchange Commission (SEC). After selling 134,083 shares during this period, the fund now holds 843,508 shares of the technology giant. This represents about 0.8% of British Columbia Investment Management Corp's total holdings, making Alphabet its 22nd largest investment. As of the end of the most recent quarter, the value of the fund's holdings in Alphabet amounts to approximately $141,026,000.

Institutional Investors Adjust Holdings

In addition to British Columbia Investment Management Corp, several other institutional investors have also modified their stakes in Alphabet. Boston Partners increased its holdings by 21.2% in the first quarter, resulting in ownership of 32,381 shares valued at $4,930,000 after acquiring an additional 5,662 shares. GAMMA Investing LLC raised its stake by 44.9% during the second quarter, owning 53,976 shares worth $9,900,000 following an increase of 16,713 shares. Massmutual Trust Co. FSB ADV boosted its position by 3.0%, resulting in a total of 219,447 shares valued at $40,251,000. Hudson Valley Investment Advisors Inc. ADV expanded its holdings by 1.7%, now owning 112,504 shares worth $20,635,000 after acquiring an additional 1,831 shares. Finally, Marcum Wealth LLC increased its investment by 3.6%, leading to ownership of 17,726 shares valued at $3,251,000. Together, institutional investors and hedge funds hold 27.26% of Alphabet's stock.

Analysts Update Price Targets

Several financial analysts have recently made updates regarding Alphabet's stock price. UBS Group raised its price target from $187.00 to $192.00 for Alphabet while maintaining a "neutral" rating on October 30th. DA Davidson upgraded Alphabet to a "hold" rating on September 10th. JPMorgan Chase & Co. increased their target from $208.00 to $212.00, labeling the stock as "overweight" in their report on October 30th. Wells Fargo also elevated their price target from $182.00 to $187.00 while assigning an "equal weight" rating on the same day. Citigroup increased its target from $212.00 to $216.00, giving the stock a "buy" rating. Currently, five analysts rate the stock as hold, thirteen as buy, and three as strong buy. According to MarketBeat.com, Alphabet has a consensus rating of "Moderate Buy" with an average price target of $200.56.

Recent Insider Trades

In recent developments, insider John Kent Walker sold 21,467 shares of Alphabet on September 3rd at an average price of $160.35, totaling approximately $3,442,233.45. After this transaction, he possesses 39,334 shares valued at about $6,307,206.90. This sale reflected a decrease of 35.31% in his stake. Additionally, CEO Sundar Pichai sold 22,500 shares on November 20th at an average price of $176.67, worth around $3,975,075.00. After this sale, he owns 2,061,806 shares valued at approximately $364,259,266.02, marking a decrease of 1.08% in his ownership. Over the last quarter, insiders have sold a total of 206,795 shares valued at $34,673,866. Insiders currently hold 12.99% of the company's stock.

Stock Performance Overview

As of Friday, shares of NASDAQ:GOOG opened at $170.49. Alphabet has a debt-to-equity ratio of 0.04, with a quick ratio and current ratio both at 1.95. The company’s stock has seen a 52-week low of $129.40 and a high of $193.31. The average price over the last fifty days is $169.98, while the two-hundred day average is $171.84. Alphabet Inc. holds a market capitalization of $2.09 trillion, a price-to-earnings (P/E) ratio of 22.61, a PEG ratio of 1.19, and a beta of 1.04.

Dividend Announcement

The company has announced a quarterly dividend that will be paid on December 16th. Shareholders recorded as of December 9th will receive a dividend of $0.20 per share, resulting in an annualized dividend of $0.80, with a yield of 0.47%. The ex-dividend date is set for December 9th, and Alphabet's dividend payout ratio currently stands at 10.61%.

About Alphabet

Alphabet Inc. provides a variety of products and services across the globe, including North America, Europe, the Middle East, Africa, Asia-Pacific, Canada, and Latin America. Its operations are segmented into Google Services, Google Cloud, and Other Bets. The Google Services segment encompasses products such as ads, Android, Chrome, devices, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.

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