Corebridge Financial Inc. Lowers Stake in Alphabet Inc. (NASDAQ:GOOGL)

Corebridge Financial Inc. decreased its holdings in Alphabet Inc. (NASDAQ:GOOGL) by 9.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,594,643 shares of the information services provider’s stock after selling 162,115 shares during the period. Alphabet comprises about 1.6% of Corebridge Financial Inc.’s investment portfolio, making the stock its 8th biggest holding. Corebridge Financial Inc.’s holdings in Alphabet were worth $301,866,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Compass Planning Associates Inc bought a new stake in Alphabet in the 4th quarter worth about $30,000. E Fund Management Hong Kong Co. Ltd. grew its stake in shares of Alphabet by 518.8% in the fourth quarter. E Fund Management Hong Kong Co. Ltd. now owns 198 shares of the information services provider’s stock worth $37,000 after acquiring an additional 166 shares during the period. Fiduciary Advisors Inc. purchased a new position in shares of Alphabet during the fourth quarter valued at approximately $39,000. PayPay Securities Corp raised its holdings in shares of Alphabet by 36.1% during the fourth quarter. PayPay Securities Corp now owns 245 shares of the information services provider’s stock valued at $46,000 after purchasing an additional 65 shares during the last quarter. Finally, Denver PWM LLC lifted its position in Alphabet by 25.4% during the third quarter. Denver PWM LLC now owns 281 shares of the information services provider’s stock valued at $47,000 after purchasing an additional 57 shares during the period. Hedge funds and other institutional investors own 40.03% of the company’s stock.

Alphabet Stock Performance

Shares of NASDAQ:GOOGL opened at $157.04 on Thursday. The firm has a fifty day simple moving average of $177.19 and a two-hundred day simple moving average of $176.95. Alphabet Inc. has a 52 week low of $147.22 and a 52 week high of $207.05. The company has a quick ratio of 1.84, a current ratio of 1.84 and a debt-to-equity ratio of 0.03. The stock has a market capitalization of $1.91 trillion, a P/E ratio of 19.51, a PEG ratio of 1.34 and a beta of 1.03.

Alphabet (NASDAQ:GOOGL) last released its quarterly earnings results on Tuesday, February 4th. The information services provider reported $2.15 EPS for the quarter, topping the consensus estimate of $2.12 by $0.03. Alphabet had a return on equity of 32.49% and a net margin of 28.60%. On average, analysts expect that Alphabet Inc. will post 8.9 earnings per share for the current fiscal year.

Alphabet Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Monday, March 10th were given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 0.51%. The ex-dividend date was Monday, March 10th. Alphabet’s dividend payout ratio is currently 9.94%.

Insider Activity at Alphabet

In related news, insider Ruth Porat sold 17,690 shares of the company’s stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $183.48, for a total transaction of $3,245,761.20. Following the transaction, the insider now directly owns 1,449,286 shares in the company, valued at approximately $265,914,995.28. This represents a 1.21 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Amie Thuener O’toole sold 2,834 shares of the firm’s stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $194.32, for a total transaction of $550,702.88. Following the completion of the sale, the chief accounting officer now directly owns 17,847 shares of the company’s stock, valued at approximately $3,468,029.04. The trade was a 13.70 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 87,297 shares of company stock worth $15,936,270. Company insiders own 11.55% of the company’s stock.

Wall Street Analyst Weigh In

GOOGL has been the subject of a number of research reports. Wolfe Research boosted their target price on shares of Alphabet from $220.00 to $230.00 and gave the company an “outperform” rating in a research note on Friday, January 3rd. Wells Fargo & Company lowered their target price on Alphabet from $184.00 to $167.00 and set an “equal weight” rating on the stock in a report on Monday. Bank of America restated a “buy” rating and set a $210.00 price target on shares of Alphabet in a research note on Monday, December 23rd. Stifel Nicolaus increased their price objective on shares of Alphabet from $200.00 to $225.00 and gave the stock a “buy” rating in a research note on Monday, January 13th. Finally, Piper Sandler cut their target price on shares of Alphabet from $210.00 to $208.00 and set an “overweight” rating for the company in a research report on Wednesday, February 5th. Ten research analysts have rated the stock with a hold rating, twenty-nine have issued a buy rating and five have issued a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $209.49.

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.