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

CIBC Asset Management Inc boosted its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL) by 5.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,632,345 shares of the information services provider’s stock after buying an additional 86,019 shares during the quarter. Alphabet makes up about 0.9% of CIBC Asset Management Inc’s investment portfolio, making the stock its 29th largest holding. CIBC Asset Management Inc’s holdings in Alphabet were worth $270,722,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Christopher J. Hasenberg Inc grew its stake in shares of Alphabet by 75.0% during the 2nd quarter. Christopher J. Hasenberg Inc now owns 140 shares of the information services provider’s stock valued at $26,000 after acquiring an additional 60 shares during the period. Kings Path Partners LLC bought a new position in shares of Alphabet in the second quarter worth approximately $36,000. Denver PWM LLC purchased a new stake in shares of Alphabet in the second quarter worth $41,000. Quarry LP bought a new stake in shares of Alphabet during the 2nd quarter valued at $53,000. Finally, Summit Securities Group LLC purchased a new position in shares of Alphabet during the 2nd quarter valued at $55,000. 40.03% of the stock is owned by hedge funds and other institutional investors.

Alphabet Stock Up 0.1 %

Shares of GOOGL opened at $169.23 on Friday. The firm has a market capitalization of $2.07 trillion, a P/E ratio of 22.44, a P/E/G ratio of 1.19 and a beta of 1.03. Alphabet Inc. has a 12-month low of $127.90 and a 12-month high of $191.75. The firm has a fifty day moving average price of $168.36 and a 200-day moving average price of $170.33. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 0.04.

Alphabet (NASDAQ:GOOGL) last issued its earnings results on Tuesday, October 29th. The information services provider reported $2.12 EPS for the quarter, topping analysts’ consensus estimates of $1.83 by $0.29. Alphabet had a net margin of 27.74% and a return on equity of 31.66%. The business had revenue of $88.27 billion for the quarter, compared to the consensus estimate of $72.85 billion. During the same period in the prior year, the firm earned $1.55 EPS. Equities research analysts expect that Alphabet Inc. will post 8.01 earnings per share for the current year.

Alphabet Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 9th will be issued a dividend of $0.20 per share. The ex-dividend date of this dividend is Monday, December 9th. This represents a $0.80 annualized dividend and a yield of 0.47%. Alphabet’s payout ratio is currently 10.61%.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Roth Mkm raised their price target on Alphabet from $206.00 to $212.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Royal Bank of Canada lifted their target price on Alphabet from $204.00 to $210.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. Wells Fargo & Company increased their price objective on shares of Alphabet from $182.00 to $187.00 and gave the company an “equal weight” rating in a report on Wednesday, October 30th. Needham & Company LLC reiterated a “buy” rating and set a $210.00 price objective on shares of Alphabet in a research report on Wednesday, October 30th. Finally, Evercore ISI upped their target price on shares of Alphabet from $200.00 to $205.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. Seven equities research analysts have rated the stock with a hold rating, thirty-one have given a buy rating and five have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $205.90.

Insider Buying and Selling at Alphabet

In other Alphabet news, CAO Amie Thuener O’toole sold 682 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $160.44, for a total transaction of $109,420.08. Following the transaction, the chief accounting officer now owns 32,017 shares of the company’s stock, valued at approximately $5,136,807.48. This trade represents a 2.09 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider John Kent Walker sold 21,467 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $160.35, for a total transaction of $3,442,233.45. Following the completion of the sale, the insider now directly owns 39,334 shares of the company’s stock, valued at $6,307,206.90. The trade was a 35.31 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 206,795 shares of company stock valued at $34,673,866 in the last ninety days. Corporate insiders own 11.55% of the company’s stock.

About Alphabet

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.