Cumberland Partners Ltd Cuts Stake in Alphabet Inc. (NASDAQ:GOOGL)

Cumberland Partners Ltd cut its holdings in Alphabet Inc. (NASDAQ:GOOGL) by 12.8% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 114,996 shares of the information services provider’s stock after selling 16,911 shares during the period. Alphabet accounts for 1.3% of Cumberland Partners Ltd’s holdings, making the stock its 26th biggest holding. Cumberland Partners Ltd’s holdings in Alphabet were worth $19,072,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Aigen Investment Management LP boosted its holdings in shares of Alphabet by 193.8% during the 3rd quarter. Aigen Investment Management LP now owns 6,534 shares of the information services provider’s stock valued at $1,084,000 after purchasing an additional 4,310 shares during the last quarter. Savvy Advisors Inc. increased its holdings in shares of Alphabet by 27.5% in the third quarter. Savvy Advisors Inc. now owns 12,445 shares of the information services provider’s stock worth $2,064,000 after purchasing an additional 2,685 shares during the last quarter. Ashton Thomas Private Wealth LLC lifted its position in shares of Alphabet by 14.3% in the third quarter. Ashton Thomas Private Wealth LLC now owns 99,321 shares of the information services provider’s stock worth $16,472,000 after buying an additional 12,389 shares in the last quarter. Proactive Wealth Strategies LLC bought a new position in Alphabet during the third quarter valued at approximately $2,666,000. Finally, Platform Technology Partners grew its holdings in Alphabet by 1.3% during the 3rd quarter. Platform Technology Partners now owns 23,957 shares of the information services provider’s stock valued at $3,973,000 after buying an additional 302 shares in the last quarter. 40.03% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. JMP Securities upped their price objective on Alphabet from $200.00 to $220.00 and gave the stock a “market outperform” rating in a report on Wednesday, October 30th. Seaport Res Ptn raised shares of Alphabet from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 29th. Scotiabank upgraded shares of Alphabet to a “strong-buy” rating in a research report on Friday, October 11th. Evercore ISI boosted their target price on shares of Alphabet from $200.00 to $205.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. Finally, Truist Financial upped their target price on shares of Alphabet from $220.00 to $225.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Seven equities research analysts have rated the stock with a hold rating, thirty-one have given a buy rating and five have given a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $205.90.

Insider Activity at Alphabet

In related news, CEO Sundar Pichai sold 22,500 shares of the company’s stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $176.67, for a total transaction of $3,975,075.00. Following the transaction, the chief executive officer now directly owns 2,061,806 shares of the company’s stock, valued at $364,259,266.02. This represents a 1.08 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Kavitark Ram Shriram sold 10,500 shares of the stock in a transaction dated Wednesday, October 30th. The shares were sold at an average price of $180.78, for a total value of $1,898,190.00. Following the completion of the sale, the director now owns 330,466 shares of the company’s stock, valued at approximately $59,741,643.48. This trade represents a 3.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 206,795 shares of company stock valued at $34,673,866 over the last 90 days. Insiders own 11.55% of the company’s stock.

Alphabet Stock Performance

Shares of NASDAQ:GOOGL opened at $169.12 on Wednesday. The firm has a 50 day moving average of $168.03 and a 200 day moving average of $170.35. The company has a quick ratio of 1.95, a current ratio of 1.95 and a debt-to-equity ratio of 0.04. The company has a market capitalization of $2.07 trillion, a price-to-earnings ratio of 22.43, a price-to-earnings-growth ratio of 1.17 and a beta of 1.03. Alphabet Inc. has a 52 week low of $127.90 and a 52 week high of $191.75.

Alphabet (NASDAQ:GOOGL) last issued its quarterly earnings data on Tuesday, October 29th. The information services provider reported $2.12 earnings per share for the quarter, beating analysts’ consensus estimates of $1.83 by $0.29. The company had revenue of $88.27 billion for the quarter, compared to the consensus estimate of $72.85 billion. Alphabet had a return on equity of 31.66% and a net margin of 27.74%. During the same quarter last year, the company earned $1.55 earnings per share. On average, sell-side analysts predict that Alphabet Inc. will post 8.01 earnings per share for the current fiscal year.

Alphabet Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 9th will be given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.47%. The ex-dividend date of this dividend is Monday, December 9th. Alphabet’s payout ratio is currently 10.61%.

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.