Cary Street Partners Investment Advisory LLC has significantly increased its investment in Alphabet Inc. (NASDAQ:GOOG), raising its stake by 38.5% during the second quarter of 2023. According to the firm’s recent 13F filing with the U.S. Securities and Exchange Commission (SEC), Cary Street now holds 15,403 shares of the technology giant, having acquired an additional 4,278 shares during the quarter. This investment represents approximately 1.3% of Cary Street’s total holdings and positions Alphabet as the firm’s 10th largest investment, valued at about $2.73 million.
In addition to Cary Street, several other major institutional investors have adjusted their positions in Alphabet. Vanguard Group Inc. increased its stake by 1.3%, now owning 416,753,033 shares, valued at approximately $73.93 billion. Meanwhile, Kingstone Capital Partners Texas LLC made a staggering adjustment, boosting its holdings by 580,897.4%, acquiring 135,087,705 shares worth about $23.96 billion. Geode Capital Management LLC also added to its stake, owning 107,760,033 shares valued at $19.02 billion after a modest increase of 0.4%.
Further investment activity was noted with JPMorgan Chase & Co. increasing its position by 9.9%, holding 102,232,997 shares valued at approximately $15.97 billion. Sanders Capital LLC raised its stake by 6.4%, now owning 35,357,943 shares valued at around $6.27 billion. Overall, institutional investors hold 27.26% of Alphabet’s stock.
Insider Transactions and Stock Performance
Notable insider transactions reflect ongoing activity within the company. On October 15, 2023, CEO Sundar Pichai sold 32,500 shares at an average price of $250.15, totaling approximately $8.13 million. Following this transaction, Pichai’s ownership decreased by 1.35%, leaving him with 2,369,619 shares valued at about $592.76 million.
In another transaction, insider John Kent Walker sold 17,816 shares on September 29, 2023, for a total value of approximately $4.41 million. After this sale, Walker owned 42,985 shares, valued at around $10.64 million, representing a decrease in ownership of 29.30%. Over the past 90 days, insiders have sold a total of 228,906 shares, amounting to approximately $62.13 million. Currently, insiders own 12.99% of Alphabet’s stock.
Alphabet’s stock opened at $322.09 on the market. Over the past year, the share price has fluctuated, hitting a low of $142.66 and a high of $328.67. The company boasts a market capitalization of $3.89 trillion, a price-to-earnings (P/E) ratio of 31.76, and a beta of 1.07. Its financial health is further evidenced by a debt-to-equity ratio of 0.06 and a quick ratio of 1.75.
Recent Earnings and Dividend Announcement
On October 30, 2023, Alphabet released its quarterly earnings, reporting earnings per share (EPS) of $2.87, surpassing estimates of $2.29 by $0.58. The company generated revenues of $102.35 billion, exceeding analyst predictions of $99.90 billion. Alphabet’s net margin stood at 32.23%, with a return on equity of 35.00%. Compared to the same quarter last year, revenues grew by 15.9%, with prior year EPS at $2.12.
In a recent announcement, Alphabet declared a quarterly dividend of $0.21, payable on December 15, 2023. Investors of record as of December 8, 2023 will receive this dividend, representing an annualized yield of 0.3% and a payout ratio of 8.28%.
Analysts have also updated their ratings on Alphabet shares, with JPMorgan Chase & Co. raising its target price from $260.00 to $300.00. Citigroup reaffirmed a “market outperform” rating, while HSBC and Cowen maintained “buy” ratings with target prices of $335.00 and estimates reflecting strong market confidence. With a consensus rating of “Buy” and an average target price of $310.54, Alphabet continues to attract significant interest from investors.
This multifaceted growth in investments and positive financial performance underscores Alphabet’s strong position within the technology sector, as it continues to adapt and thrive in a competitive landscape.
