Trivest Advisors Ltd has made a significant investment in Alphabet Inc., purchasing 852,000 shares valued at approximately $207.1 million during the third quarter of 2023, according to HoldingsChannel. This acquisition represents about 6.6% of Trivest Advisors’ portfolio, positioning Alphabet as its fourth largest holding.
Several other hedge funds have also recently adjusted their stakes in Alphabet. Financial Gravity Companies Inc. acquired a new position valued at around $31,000 during the second quarter. Meanwhile, Pilgrim Partners Asia Pte Ltd and Corsicana & Co. made similar moves in the third quarter, investing approximately $53,000 and $54,000, respectively. Sellwood Investment Partners LLC purchased shares worth about $63,000 during the same period. Additionally, Vermillion & White Wealth Management Group LLC increased its stake in Alphabet by 37.9% in the second quarter, bringing its total to 324 shares valued at $57,000.
As of now, institutional investors hold about 40.03% of Alphabet’s stock.
Insider Trading Activity
In related news, major shareholder 2017 Gp L.L.C. Gv sold 1,845,308 shares on January 30, 2024, at an average price of $19.00, totaling $35,060,852. This transaction was disclosed in a filing with the U.S. Securities and Exchange Commission (SEC). Additionally, Amie Thuener O’toole, the Chief Accounting Officer, sold 2,778 shares on December 15, 2023, for approximately $867,569.40, which marked a 23.66% decrease in her ownership in the company.
In the past 90 days, insiders have sold 2,112,493 shares worth around $118.6 million. Currently, 11.64% of Alphabet’s stock is owned by company insiders.
Recent Earnings and Analyst Ratings
Alphabet’s stock recently experienced a slight decline of 0.7%. The company reported its latest quarterly earnings on February 4, 2024, revealing earnings per share (EPS) of $2.82, surpassing analysts’ expectations of $2.57 by $0.25. Revenue for the quarter reached $113.83 billion, exceeding predictions of $111.24 billion. The firm also showcased a return on equity of 35.01% and a net margin of 32.81%.
Looking ahead, analysts forecast an EPS of $8.9 for the current year. On the dividend front, Alphabet has announced a quarterly payment of $0.21 per share, to be distributed on March 16, 2024, to shareholders of record on March 9, 2024. This translates to an annualized dividend of $0.84, yielding 0.3%, with a current dividend payout ratio of 7.77%.
A number of research firms have recently adjusted their price targets for Alphabet. Argus raised its target from $365.00 to $385.00, maintaining a “buy” rating. Similarly, New Street Research increased its target from $330.00 to $380.00. Robert W. Baird and Bank of America also lifted their targets to $380.00 and $370.00, respectively. Currently, three analysts rate Alphabet as a “Strong Buy,” with a total of 43 buy ratings and five “hold” ratings.
In summary, Alphabet continues to attract significant investment interest, underlined by changes in institutional ownership and positive analyst sentiment. As the company navigates various market conditions, the upcoming dividend and earnings reports will likely play a crucial role in shaping investor confidence.
