Alphabet Inc. (NASDAQ:GOOGL) is Hudson Canyon Capital Management’s 4th Largest Position

Hudson Canyon Capital Management cut its stake in shares of Alphabet Inc. (NASDAQ:GOOGL) by 11.9% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 32,331 shares of the information services provider’s stock after selling 4,375 shares during the quarter. Alphabet makes up approximately 4.0% of Hudson Canyon Capital Management’s holdings, making the stock its 4th biggest holding. Hudson Canyon Capital Management’s holdings in Alphabet were worth $5,889,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. Norges Bank acquired a new stake in Alphabet in the fourth quarter worth about $15,441,917,000. Capital Research Global Investors boosted its stake in shares of Alphabet by 14.4% during the 1st quarter. Capital Research Global Investors now owns 57,803,291 shares of the information services provider’s stock worth $8,724,251,000 after acquiring an additional 7,275,757 shares in the last quarter. Vanguard Group Inc. grew its holdings in Alphabet by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 493,810,251 shares of the information services provider’s stock valued at $68,980,354,000 after purchasing an additional 6,374,756 shares during the period. Public Employees Retirement Association of Colorado grew its stake in Alphabet by 39,754.9% in the 4th quarter. Public Employees Retirement Association of Colorado now owns 6,025,667 shares of the information services provider’s stock valued at $841,725,000 after acquiring an additional 6,010,548 shares during the period. Finally, PineStone Asset Management Inc. grew its position in shares of Alphabet by 143.7% in the second quarter. PineStone Asset Management Inc. now owns 7,072,197 shares of the information services provider’s stock valued at $1,288,201,000 after purchasing an additional 4,170,229 shares during the period. 40.03% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director John L. Hennessy sold 1,500 shares of the company’s stock in a transaction that occurred on Friday, July 12th. The shares were sold at an average price of $185.85, for a total transaction of $278,775.00. Following the completion of the transaction, the director now owns 30,824 shares of the company’s stock, valued at $5,728,640.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CAO Amie Thuener O’toole sold 682 shares of the business’s stock in a transaction dated Tuesday, July 2nd. The stock was sold at an average price of $183.47, for a total transaction of $125,126.54. Following the completion of the sale, the chief accounting officer now owns 30,650 shares in the company, valued at approximately $5,623,355.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John L. Hennessy sold 1,500 shares of the firm’s stock in a transaction that occurred on Friday, July 12th. The shares were sold at an average price of $185.85, for a total transaction of $278,775.00. Following the completion of the transaction, the director now owns 30,824 shares in the company, valued at approximately $5,728,640.40. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 179,367 shares of company stock worth $30,016,931. 11.55% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on GOOGL shares. Needham & Company LLC reiterated a “buy” rating and issued a $210.00 target price on shares of Alphabet in a research report on Friday, August 30th. Jefferies Financial Group boosted their price objective on shares of Alphabet from $215.00 to $220.00 in a report on Tuesday, July 9th. Mizuho raised their price target on Alphabet from $205.00 to $210.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 24th. TD Securities lifted their price objective on shares of Alphabet from $200.00 to $220.00 in a report on Wednesday, July 10th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $205.00 price target on shares of Alphabet in a research report on Thursday, September 5th. Eight investment analysts have rated the stock with a hold rating, twenty-eight have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $201.76.

Alphabet Price Performance

Shares of NASDAQ:GOOGL opened at $157.46 on Friday. Alphabet Inc. has a one year low of $120.21 and a one year high of $191.75. The stock has a market cap of $1.94 trillion, a PE ratio of 24.15, a price-to-earnings-growth ratio of 1.13 and a beta of 1.04. The business’s fifty day moving average price is $167.46 and its two-hundred day moving average price is $164.67. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.08 and a current ratio of 2.08.

Alphabet (NASDAQ:GOOGL) last released its earnings results on Tuesday, July 23rd. The information services provider reported $1.89 EPS for the quarter, topping the consensus estimate of $1.85 by $0.04. The firm had revenue of $84.74 billion during the quarter, compared to analysts’ expectations of $70.60 billion. Alphabet had a net margin of 26.70% and a return on equity of 30.49%. During the same period in the previous year, the company earned $1.44 EPS. On average, analysts forecast that Alphabet Inc. will post 7.64 EPS for the current fiscal year.

Alphabet Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Monday, September 9th will be paid a $0.20 dividend. The ex-dividend date of this dividend is Monday, September 9th. This represents a $0.80 annualized dividend and a yield of 0.51%. Alphabet’s payout ratio is currently 12.27%.

Alphabet Company 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.