Investment Management Corp of Ontario Acquires 52,860 Shares of Alphabet Inc. (NASDAQ:GOOG)

Investment Management Corp of Ontario raised its stake in Alphabet Inc. (NASDAQ:GOOG) by 22.8% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 284,330 shares of the information services provider’s stock after purchasing an additional 52,860 shares during the period. Alphabet accounts for approximately 1.1% of Investment Management Corp of Ontario’s investment portfolio, making the stock its 14th largest holding. Investment Management Corp of Ontario’s holdings in Alphabet were worth $47,537,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of GOOG. Apella Capital LLC increased its stake in shares of Alphabet by 80.0% during the second quarter. Apella Capital LLC now owns 4,340 shares of the information services provider’s stock worth $827,000 after purchasing an additional 1,929 shares in the last quarter. Albion Financial Group UT increased its stake in Alphabet by 1.8% during the 2nd quarter. Albion Financial Group UT now owns 11,999 shares of the information services provider’s stock worth $2,201,000 after buying an additional 215 shares in the last quarter. RDA Financial Network raised its holdings in shares of Alphabet by 11.6% during the second quarter. RDA Financial Network now owns 7,029 shares of the information services provider’s stock valued at $1,289,000 after acquiring an additional 731 shares during the last quarter. NBC Securities Inc. lifted its position in shares of Alphabet by 11.7% in the second quarter. NBC Securities Inc. now owns 32,412 shares of the information services provider’s stock valued at $5,945,000 after acquiring an additional 3,382 shares in the last quarter. Finally, Greenfield Savings Bank boosted its position in Alphabet by 2.4% during the second quarter. Greenfield Savings Bank now owns 24,645 shares of the information services provider’s stock worth $4,520,000 after acquiring an additional 581 shares during the last quarter. Hedge funds and other institutional investors own 27.26% of the company’s stock.

Analyst Ratings Changes

GOOG has been the subject of a number of research reports. Phillip Securities raised Alphabet to a “strong-buy” rating in a research report on Friday, November 1st. UBS Group upped their price objective on shares of Alphabet from $187.00 to $192.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. JPMorgan Chase & Co. upped their price target on Alphabet from $208.00 to $212.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Cantor Fitzgerald raised shares of Alphabet to a “hold” rating in a research report on Thursday, September 5th. Finally, Wells Fargo & Company increased their price target on shares of Alphabet from $182.00 to $187.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 30th. Five analysts have rated the stock with a hold rating, thirteen have issued a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $200.56.

Insider Activity

In other news, Director Frances Arnold sold 441 shares of the business’s stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $171.06, for a total value of $75,437.46. Following the sale, the director now directly owns 16,490 shares in the company, valued at $2,820,779.40. The trade was a 2.60 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Sundar Pichai sold 22,500 shares of the firm’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $158.68, for a total transaction of $3,570,300.00. Following the completion of the sale, the chief executive officer now owns 2,137,385 shares in the company, valued at $339,160,251.80. This represents a 1.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 186,124 shares of company stock valued at $31,374,030. Corporate insiders own 12.99% of the company’s stock.

Alphabet Stock Up 0.0 %

GOOG stock opened at $173.06 on Tuesday. 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 Inc. has a 1 year low of $129.40 and a 1 year high of $193.31. The company has a fifty day simple moving average of $169.98 and a 200 day simple moving average of $171.82. The firm has a market cap of $2.12 trillion, a PE ratio of 22.94, a PEG ratio of 1.19 and a beta of 1.02.

Alphabet (NASDAQ:GOOG) last posted its quarterly earnings results on Tuesday, October 29th. The information services provider reported $2.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.83 by $0.29. Alphabet had a net margin of 27.74% and a return on equity of 31.66%. The firm had revenue of $88.27 billion for the quarter, compared to analyst estimates of $86.39 billion. During the same period in the prior year, the firm posted $1.55 earnings per share. The company’s quarterly revenue was up 15.1% compared to the same quarter last year. Sell-side analysts anticipate that Alphabet Inc. will post 8.02 EPS for the current fiscal year.

Alphabet Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 9th will be issued a $0.20 dividend. The ex-dividend date of this dividend is Monday, December 9th. This represents a $0.80 annualized dividend and a dividend yield of 0.46%. Alphabet’s payout ratio is currently 10.61%.

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.