Cim Investment Management Inc. Cuts Stake in Alphabet Inc. (NASDAQ:GOOG)

Cim Investment Management Inc. trimmed its stake in Alphabet Inc. (NASDAQ:GOOG) by 0.8% in the fourth quarter, Holdings Channel.com reports. The firm owned 17,948 shares of the information services provider’s stock after selling 141 shares during the quarter. Alphabet comprises about 1.0% of Cim Investment Management Inc.’s portfolio, making the stock its 16th largest position. Cim Investment Management Inc.’s holdings in Alphabet were worth $3,418,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the stock. Fiduciary Advisors Inc. purchased a new stake in shares of Alphabet during the 4th quarter valued at $27,000. LSV Asset Management acquired a new position in Alphabet in the fourth quarter valued at $27,000. WealthTrak Capital Management LLC purchased a new stake in Alphabet during the fourth quarter valued at about $38,000. Mountain Hill Investment Partners Corp. acquired a new stake in Alphabet during the fourth quarter worth about $39,000. Finally, Noble Wealth Management PBC acquired a new stake in Alphabet during the fourth quarter worth about $43,000. 27.26% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. Wedbush reiterated an “outperform” rating and set a $220.00 target price on shares of Alphabet in a report on Thursday, January 30th. KeyCorp decreased their price objective on shares of Alphabet from $202.00 to $185.00 and set an “overweight” rating for the company in a research note on Wednesday. Oppenheimer raised their target price on shares of Alphabet from $215.00 to $225.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. The Goldman Sachs Group reaffirmed a “buy” rating on shares of Alphabet in a research report on Wednesday, February 5th. Finally, Benchmark reiterated a “negative” rating on shares of Alphabet in a report on Wednesday, February 5th. One research analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have issued a buy rating and three have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $208.71.

Insider Activity at Alphabet

In other Alphabet news, Director John L. Hennessy sold 200 shares of Alphabet stock in a transaction on Thursday, March 13th. The shares were sold at an average price of $165.53, for a total value of $33,106.00. Following the completion of the transaction, the director now owns 7,813 shares of the company’s stock, valued at $1,293,285.89. The trade was a 2.50 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CAO Amie Thuener O’toole sold 1,340 shares of the stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $202.08, for a total transaction of $270,787.20. Following the sale, the chief accounting officer now directly owns 17,848 shares in the company, valued at $3,606,723.84. This trade represents a 6.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 119,797 shares of company stock valued at $21,089,470 over the last three months. 12.99% of the stock is owned by insiders.

Alphabet Stock Performance

Shares of GOOG opened at $159.40 on Friday. Alphabet Inc. has a 52-week low of $142.66 and a 52-week high of $208.70. The company has a quick ratio of 1.84, a current ratio of 1.84 and a debt-to-equity ratio of 0.03. The firm has a market cap of $1.94 trillion, a price-to-earnings ratio of 19.80, a PEG ratio of 1.34 and a beta of 1.04. The business’s 50 day moving average is $170.50 and its two-hundred day moving average is $177.89.

Alphabet (NASDAQ:GOOG) last posted its quarterly earnings data on Tuesday, February 4th. The information services provider reported $2.15 EPS for the quarter, beating analysts’ consensus estimates of $2.12 by $0.03. Alphabet had a net margin of 28.60% and a return on equity of 32.49%. Analysts forecast that Alphabet Inc. will post 8.89 EPS for the current fiscal year.

Alphabet Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Monday, March 10th were paid a $0.20 dividend. The ex-dividend date of this dividend was Monday, March 10th. This represents a $0.80 dividend on an annualized basis and a yield of 0.50%. Alphabet’s dividend payout ratio (DPR) is 9.94%.

Alphabet Company 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.