Dai ichi Life Insurance Company Ltd Trims Stake in Alphabet Inc. (NASDAQ:GOOGL)

Dai ichi Life Insurance Company Ltd lessened its position in shares of Alphabet Inc. (NASDAQ:GOOGL) by 14.1% in the third quarter, according to its most recent filing with the SEC. The firm owned 345,697 shares of the information services provider’s stock after selling 56,906 shares during the quarter. Alphabet makes up approximately 1.4% of Dai ichi Life Insurance Company Ltd’s investment portfolio, making the stock its 7th largest holding. Dai ichi Life Insurance Company Ltd’s holdings in Alphabet were worth $57,334,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. New Hampshire Trust grew its position in shares of Alphabet by 2.7% during the 2nd quarter. New Hampshire Trust now owns 43,714 shares of the information services provider’s stock worth $7,963,000 after buying an additional 1,132 shares during the period. Schear Investment Advisers LLC boosted its stake in Alphabet by 17.0% during the third quarter. Schear Investment Advisers LLC now owns 33,751 shares of the information services provider’s stock worth $5,598,000 after acquiring an additional 4,905 shares in the last quarter. Trinity Financial Advisors LLC grew its holdings in Alphabet by 4.5% in the third quarter. Trinity Financial Advisors LLC now owns 4,423 shares of the information services provider’s stock worth $771,000 after purchasing an additional 190 shares during the period. abrdn plc increased its stake in Alphabet by 10.7% in the third quarter. abrdn plc now owns 6,305,717 shares of the information services provider’s stock valued at $1,037,196,000 after purchasing an additional 611,233 shares in the last quarter. Finally, StoneCrest Wealth Management Inc. raised its holdings in shares of Alphabet by 0.7% during the third quarter. StoneCrest Wealth Management Inc. now owns 21,509 shares of the information services provider’s stock valued at $3,567,000 after purchasing an additional 140 shares during the period. Institutional investors own 40.03% of the company’s stock.

Wall Street Analyst Weigh In

GOOGL has been the subject of a number of research analyst reports. Piper Sandler reaffirmed an “overweight” rating and issued a $210.00 target price (up from $200.00) on shares of Alphabet in a research report on Wednesday, October 30th. Morgan Stanley upped their target price on Alphabet from $190.00 to $205.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Evercore ISI increased 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. Scotiabank upgraded shares of Alphabet to a “strong-buy” rating in a research note on Friday, October 11th. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $190.00 price objective on shares of Alphabet in a research note on Wednesday, October 30th. Seven equities research analysts have rated the stock with a hold rating, thirty-one have assigned a buy rating and five have assigned a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $205.90.

Insider Buying and Selling

In other news, Director Frances Arnold sold 441 shares of the company’s stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $171.06, for a total transaction of $75,437.46. Following the sale, the director now directly owns 16,490 shares in the company, valued at $2,820,779.40. This represents a 2.60 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CAO Amie Thuener O’toole sold 1,367 shares of the firm’s stock in a transaction that occurred on Monday, December 2nd. The shares were 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 owns 23,515 shares of the company’s stock, valued at $4,007,191.15. This trade represents a 5.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 163,624 shares of company stock valued at $27,803,730. Corporate insiders own 11.55% of the company’s stock.

Alphabet Price Performance

Shares of NASDAQ:GOOGL opened at $174.71 on Monday. The firm has a market capitalization of $2.14 trillion, a PE ratio of 23.17, a P/E/G ratio of 1.24 and a beta of 1.01. 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 50-day moving average price of $169.51 and a two-hundred day moving average price of $170.20. Alphabet Inc. has a twelve month low of $129.68 and a twelve month high of $191.75.

Alphabet (NASDAQ:GOOGL) last released its quarterly earnings data on Tuesday, October 29th. The information services provider reported $2.12 EPS for the quarter, topping the consensus estimate of $1.83 by $0.29. Alphabet had a net margin of 27.74% and a return on equity of 31.66%. The company had revenue of $88.27 billion during the quarter, compared to the consensus estimate of $72.85 billion. During the same period last year, the firm earned $1.55 EPS. Equities analysts forecast that Alphabet Inc. will post 8.01 EPS for the current year.

Alphabet Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 9th will be paid a dividend of $0.20 per share. The ex-dividend date of this dividend is Monday, December 9th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.46%. Alphabet’s payout ratio is 10.61%.

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.