Cim Investment Management Inc. Has $11.49 Million Stock Position in Alphabet Inc. $GOOGL

Cim Investment Management Inc. lifted its stake in Alphabet Inc. (NASDAQ:GOOGL) by 99.7% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 62,842 shares of the information services provider’s stock after purchasing an additional 31,370 shares during the period. Alphabet accounts for approximately 2.2% of Cim Investment Management Inc.’s holdings, making the stock its 9th largest position. Cim Investment Management Inc.’s holdings in Alphabet were worth $11,486,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. Pathway Financial Advisers LLC increased its holdings in Alphabet by 6.7% in the 2nd quarter. Pathway Financial Advisers LLC now owns 7,153 shares of the information services provider’s stock worth $1,261,000 after acquiring an additional 450 shares in the last quarter. Clarion Wealth Managment Partners LLC purchased a new stake in shares of Alphabet in the second quarter worth $545,000. Thompson Davis & CO. Inc. raised its position in shares of Alphabet by 30.8% during the 2nd quarter. Thompson Davis & CO. Inc. now owns 2,219 shares of the information services provider’s stock valued at $391,000 after purchasing an additional 523 shares during the period. North Dallas Bank & Trust Co. purchased a new position in shares of Alphabet during the 2nd quarter valued at $4,725,000. Finally, Coppell Advisory Solutions LLC lifted its stake in shares of Alphabet by 2.9% during the 2nd quarter. Coppell Advisory Solutions LLC now owns 11,341 shares of the information services provider’s stock valued at $2,025,000 after buying an additional 322 shares in the last quarter. 40.03% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on GOOGL shares. BMO Capital Markets set a $294.00 price target on Alphabet and gave the company an “outperform” rating in a report on Thursday, October 9th. JPMorgan Chase & Co. lifted their target price on Alphabet from $340.00 to $385.00 and gave the company an “overweight” rating in a research note on Friday. Mizuho set a $325.00 price target on Alphabet in a research note on Thursday, October 30th. The Goldman Sachs Group increased their price objective on shares of Alphabet from $288.00 to $330.00 and gave the company a “buy” rating in a report on Thursday, October 30th. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on shares of Alphabet from $260.00 to $340.00 and gave the stock a “buy” rating in a report on Thursday, October 30th. Four analysts have rated the stock with a Strong Buy rating, forty-one have given a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $314.22.

Insider Activity at Alphabet

In other news, CEO Sundar Pichai sold 32,500 shares of the firm’s stock in a transaction that occurred on Wednesday, September 17th. The stock was sold at an average price of $249.50, for a total value of $8,108,750.00. Following the completion of the sale, the chief executive officer directly owned 2,397,392 shares of the company’s stock, valued at $598,149,304. This trade represents a 1.34% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider John Kent Walker sold 17,816 shares of Alphabet stock in a transaction that occurred on Monday, September 29th. The stock was sold at an average price of $247.42, for a total value of $4,408,034.72. Following the completion of the transaction, the insider owned 42,985 shares of the company’s stock, valued at approximately $10,635,348.70. This trade represents a 29.30% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 222,750 shares of company stock valued at $60,496,098. Insiders own 11.55% of the company’s stock.

Alphabet Stock Down 1.0%

NASDAQ GOOGL opened at $309.29 on Monday. The stock has a 50 day moving average price of $283.14 and a 200-day moving average price of $229.97. Alphabet Inc. has a one year low of $140.53 and a one year high of $328.83. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.75 and a current ratio of 1.75. The company has a market capitalization of $3.73 trillion, a P/E ratio of 30.50, a P/E/G ratio of 1.79 and a beta of 1.07.

Alphabet (NASDAQ:GOOGL) last released its quarterly earnings results on Wednesday, October 29th. The information services provider reported $2.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.29 by $0.58. Alphabet had a net margin of 32.23% and a return on equity of 35.00%. The company had revenue of $102.35 billion for the quarter, compared to the consensus estimate of $99.90 billion. As a group, equities analysts predict that Alphabet Inc. will post 8.9 EPS for the current fiscal year.

Alphabet Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Monday, December 8th will be issued a $0.21 dividend. The ex-dividend date of this dividend is Monday, December 8th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.3%. Alphabet’s dividend payout ratio (DPR) is presently 8.28%.

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.