Alphabet Inc. $GOOG Shares Sold by State Board of Administration of Florida Retirement System

State Board of Administration of Florida Retirement System cut its holdings in Alphabet Inc. (NASDAQ:GOOG) by 2.8% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 4,587,366 shares of the information services provider’s stock after selling 131,514 shares during the period. Alphabet comprises approximately 1.4% of State Board of Administration of Florida Retirement System’s investment portfolio, making the stock its 10th biggest holding. State Board of Administration of Florida Retirement System’s holdings in Alphabet were worth $813,753,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the business. Kingstone Capital Partners Texas LLC increased its stake in Alphabet by 580,897.4% in the 2nd quarter. Kingstone Capital Partners Texas LLC now owns 135,087,705 shares of the information services provider’s stock valued at $23,963,208,000 after buying an additional 135,064,454 shares during the last quarter. Nuveen LLC acquired a new position in shares of Alphabet during the 1st quarter worth about $2,622,943,000. Vanguard Group Inc. grew its holdings in shares of Alphabet by 2.4% in the 1st quarter. Vanguard Group Inc. now owns 411,570,922 shares of the information services provider’s stock valued at $64,299,725,000 after acquiring an additional 9,687,855 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Alphabet by 9.9% in the 1st quarter. JPMorgan Chase & Co. now owns 102,232,997 shares of the information services provider’s stock valued at $15,971,861,000 after acquiring an additional 9,243,959 shares in the last quarter. Finally, Laurel Wealth Advisors LLC increased its position in shares of Alphabet by 17,547.9% in the second quarter. Laurel Wealth Advisors LLC now owns 4,122,727 shares of the information services provider’s stock valued at $731,331,000 after acquiring an additional 4,099,366 shares during the last quarter. Institutional investors own 27.26% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on GOOG shares. Hsbc Global Res raised Alphabet to a “strong-buy” rating in a research report on Tuesday, October 7th. Pivotal Research boosted their price target on Alphabet from $300.00 to $350.00 and gave the stock a “buy” rating in a research report on Thursday, October 30th. Oppenheimer upped their price objective on Alphabet from $300.00 to $345.00 and gave the stock an “outperform” rating in a research note on Thursday, October 30th. Bank of America raised their target price on shares of Alphabet from $280.00 to $335.00 and gave the company a “buy” rating in a research note on Thursday, October 30th. Finally, Piper Sandler boosted their target price on shares of Alphabet from $285.00 to $330.00 and gave the stock an “overweight” rating in a report on Thursday, October 30th. Seven research analysts have rated the stock with a Strong Buy rating, twenty-eight have assigned a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, Alphabet currently has a consensus rating of “Buy” and a consensus price target of $304.62.

Alphabet Stock Performance

GOOG opened at $320.28 on Thursday. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07. Alphabet Inc. has a 12-month low of $142.66 and a 12-month high of $328.67. The business has a 50 day moving average of $267.17 and a 200-day moving average of $217.73. The stock has a market cap of $3.86 trillion, a price-to-earnings ratio of 31.59, a PEG ratio of 1.86 and a beta of 1.05.

Alphabet (NASDAQ:GOOG) last posted its earnings results on Thursday, October 30th. The information services provider reported $2.87 earnings per share for the quarter, topping analysts’ consensus estimates of $2.29 by $0.58. Alphabet had a return on equity of 36.08% and a net margin of 32.23%.The business had revenue of $102.35 billion for the quarter, compared to analyst estimates of $99.90 billion. During the same period in the previous year, the firm earned $2.12 EPS. The firm’s revenue was up 15.9% compared to the same quarter last year. On average, equities research analysts expect that Alphabet Inc. will post 8.89 earnings per share for the current year.

Alphabet Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Monday, December 8th will be given a $0.21 dividend. The ex-dividend date of this dividend is Monday, December 8th. This represents a $0.84 annualized dividend and a dividend yield of 0.3%. Alphabet’s dividend payout ratio is presently 8.28%.

Insider Activity at Alphabet

In other Alphabet news, CAO Amie Thuener O’toole sold 2,778 shares of the firm’s stock in a transaction that occurred on Monday, November 17th. The shares were sold at an average price of $288.26, for a total transaction of $800,786.28. Following the completion of the sale, the chief accounting officer directly owned 11,739 shares in the company, valued at $3,383,884.14. This trade represents a 19.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director John L. Hennessy sold 600 shares of the business’s stock in a transaction that occurred on Thursday, November 13th. The stock was sold at an average price of $280.06, for a total value of $168,036.00. Following the sale, the director owned 4,516 shares of the company’s stock, valued at approximately $1,264,750.96. This represents a 11.73% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 227,850 shares of company stock worth $58,874,814. 12.99% of the stock is owned by corporate insiders.

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.