CIBC Asset Management Inc Increases Stake in Alphabet Inc. (NASDAQ:GOOGL)

CIBC Asset Management Inc raised its position in Alphabet Inc. (NASDAQ:GOOGL) by 3.5% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 1,689,318 shares of the information services provider’s stock after purchasing an additional 56,973 shares during the period. Alphabet accounts for approximately 1.0% of CIBC Asset Management Inc’s portfolio, making the stock its 26th biggest holding. CIBC Asset Management Inc’s holdings in Alphabet were worth $319,785,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. LMR Partners LLP purchased a new position in Alphabet in the 3rd quarter worth approximately $32,000. E Fund Management Hong Kong Co. Ltd. lifted its stake in Alphabet by 518.8% in the 4th quarter. E Fund Management Hong Kong Co. Ltd. now owns 198 shares of the information services provider’s stock worth $37,000 after purchasing an additional 166 shares in the last quarter. Fiduciary Advisors Inc. purchased a new position in Alphabet in the 4th quarter worth approximately $39,000. PayPay Securities Corp raised its holdings in shares of Alphabet by 36.1% during the 4th quarter. PayPay Securities Corp now owns 245 shares of the information services provider’s stock worth $46,000 after acquiring an additional 65 shares during the period. Finally, Denver PWM LLC raised its holdings in shares of Alphabet by 25.4% during the 3rd quarter. Denver PWM LLC now owns 281 shares of the information services provider’s stock worth $47,000 after acquiring an additional 57 shares during the period. Hedge funds and other institutional investors own 40.03% of the company’s stock.

Alphabet Stock Up 1.1 %

GOOGL opened at $170.33 on Friday. The business’s fifty day moving average is $190.58 and its two-hundred day moving average is $176.20. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.84 and a current ratio of 1.84. The company has a market cap of $2.08 trillion, a price-to-earnings ratio of 21.16, a PEG ratio of 1.34 and a beta of 0.99. Alphabet Inc. has a one year low of $130.66 and a one year high of $207.05.

Alphabet (NASDAQ:GOOGL) last posted its earnings results on Tuesday, February 4th. The information services provider reported $2.15 EPS for the quarter, topping 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%. Analysts anticipate that Alphabet Inc. will post 8.9 EPS for the current fiscal year.

Alphabet Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Monday, March 10th will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.47%. The ex-dividend date of this dividend is Monday, March 10th. Alphabet’s dividend payout ratio (DPR) is presently 9.94%.

Analyst Ratings Changes

GOOGL has been the topic of several analyst reports. JMP Securities reiterated a “market perform” rating on shares of Alphabet in a report on Wednesday, February 5th. Wedbush lifted their price target on shares of Alphabet from $210.00 to $220.00 and gave the company an “outperform” rating in a research report on Monday, January 6th. DA Davidson lifted their price target on shares of Alphabet from $190.00 to $200.00 and gave the company a “neutral” rating in a research report on Friday, January 24th. The Goldman Sachs Group reaffirmed a “buy” rating and set a $210.00 price target on shares of Alphabet in a research report on Thursday, December 12th. Finally, Morgan Stanley reduced their price target on shares of Alphabet from $215.00 to $210.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 5th. Ten research analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and four have given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $210.62.

Insider Buying and Selling at Alphabet

In other news, CAO Amie Thuener O’toole sold 1,367 shares of the company’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $170.41, for a total value of $232,950.47. Following the sale, the chief accounting officer now directly owns 23,515 shares in the company, valued at $4,007,191.15. This represents a 5.49 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider John Kent Walker sold 16,820 shares of the company’s stock in a transaction on Monday, December 30th. The shares were sold at an average price of $192.62, for a total value of $3,239,868.40. Following the completion of the sale, the insider now owns 43,981 shares in the company, valued at $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. Insiders have sold 134,309 shares of company stock valued at $25,057,490 over the last quarter. Corporate insiders own 11.55% of the company’s stock.

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.