Cim Investment Management Inc. Has $6.59 Million Stock Position in Alphabet Inc. $GOOG

Cim Investment Management Inc. raised its holdings in Alphabet Inc. (NASDAQ:GOOG) by 99.7% during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 35,806 shares of the information services provider’s stock after purchasing an additional 17,875 shares during the quarter. Alphabet accounts for approximately 1.3% of Cim Investment Management Inc.’s investment portfolio, making the stock its 15th biggest position. Cim Investment Management Inc.’s holdings in Alphabet were worth $6,586,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Brighton Jones LLC increased its position in Alphabet by 5.6% during the 4th quarter. Brighton Jones LLC now owns 120,253 shares of the information services provider’s stock worth $22,901,000 after purchasing an additional 6,410 shares in the last quarter. Nicholas Hoffman & Company LLC. grew its stake in shares of Alphabet by 4.0% during the first quarter. Nicholas Hoffman & Company LLC. now owns 25,146 shares of the information services provider’s stock worth $3,929,000 after buying an additional 976 shares during the last quarter. Boston Partners increased its holdings in shares of Alphabet by 7.5% during the first quarter. Boston Partners now owns 18,582 shares of the information services provider’s stock worth $2,903,000 after buying an additional 1,292 shares in the last quarter. Ethos Financial Group LLC lifted its stake in shares of Alphabet by 53.9% in the 1st quarter. Ethos Financial Group LLC now owns 11,238 shares of the information services provider’s stock valued at $1,756,000 after acquiring an additional 3,938 shares during the last quarter. Finally, Seven Mile Advisory boosted its holdings in shares of Alphabet by 2.0% during the 1st quarter. Seven Mile Advisory now owns 16,043 shares of the information services provider’s stock valued at $2,506,000 after acquiring an additional 311 shares in the last quarter. Institutional investors own 27.26% of the company’s stock.

Insiders Place Their Bets

In other Alphabet news, Director Frances Arnold sold 102 shares of Alphabet stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $317.66, for a total value of $32,401.32. Following the completion of the sale, the director directly owned 18,104 shares in the company, valued at approximately $5,750,916.64. The trade was a 0.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Sundar Pichai sold 32,500 shares of the stock in a transaction that occurred on Wednesday, December 3rd. The stock was sold at an average price of $319.50, for a total value of $10,383,750.00. Following the transaction, the chief executive officer owned 2,272,119 shares in the company, valued at $725,942,020.50. The trade was a 1.41% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 225,528 shares of company stock worth $61,296,884. Company insiders own 12.99% of the company’s stock.

Wall Street Analyst Weigh In

GOOG has been the subject of a number of recent research reports. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $330.00 target price on shares of Alphabet in a report on Thursday, October 30th. Cowen reaffirmed a “buy” rating on shares of Alphabet in a research note on Friday. Weiss Ratings reiterated a “buy (b)” rating on shares of Alphabet in a research report on Wednesday, October 8th. Wolfe Research boosted their target price on shares of Alphabet from $290.00 to $350.00 and gave the stock an “outperform” rating in a report on Thursday, October 30th. Finally, Guggenheim reaffirmed a “buy” rating and set a $375.00 price target on shares of Alphabet in a research note on Monday, December 1st. Seven research analysts have rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $313.04.

Alphabet Stock Down 1.0%

Alphabet stock opened at $310.52 on Monday. The firm has a 50 day moving average price of $283.75 and a two-hundred day moving average price of $230.73. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.75 and a current ratio of 1.75. Alphabet Inc. has a 52-week low of $142.66 and a 52-week high of $328.67. The firm has a market cap of $3.75 trillion, a price-to-earnings ratio of 30.62, a PEG ratio of 1.80 and a beta of 1.07.

Alphabet (NASDAQ:GOOG) last announced 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. The business had revenue of $102.35 billion during the quarter, compared to the consensus estimate of $99.90 billion. Alphabet had a net margin of 32.23% and a return on equity of 35.00%. Alphabet’s quarterly revenue was up 15.9% on a year-over-year basis. During the same quarter last year, the firm earned $2.12 earnings per share. Equities analysts predict that Alphabet Inc. will post 8.89 EPS for the current year.

Alphabet Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Monday, December 8th will be given a dividend of $0.21 per share. The ex-dividend date 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%.

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.