Magellan Asset Management Ltd Reduces Holdings in Alphabet Inc. (NASDAQ:GOOG)

Magellan Asset Management Ltd cut its position in Alphabet Inc. (NASDAQ:GOOG) by 8.5% in the 4th quarter, Holdings Channel.com reports. The firm owned 960,259 shares of the information services provider’s stock after selling 89,284 shares during the quarter. Alphabet comprises 2.0% of Magellan Asset Management Ltd’s holdings, making the stock its 21st largest position. Magellan Asset Management Ltd’s holdings in Alphabet were worth $182,872,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the company. Uniting Wealth Partners LLC acquired a new stake in shares of Alphabet during the fourth quarter worth approximately $747,000. Grant Private Wealth Management Inc bought a new position in Alphabet during the 4th quarter valued at $1,740,000. Spahn Wealth & Retirement LLC bought a new stake in shares of Alphabet in the 4th quarter worth about $6,765,000. Arete Wealth Advisors LLC raised its stake in shares of Alphabet by 14.5% in the 4th quarter. Arete Wealth Advisors LLC now owns 39,370 shares of the information services provider’s stock valued at $7,494,000 after purchasing an additional 4,978 shares in the last quarter. Finally, Motley Fool Asset Management LLC raised its stake in shares of Alphabet by 15.5% in the 4th quarter. Motley Fool Asset Management LLC now owns 531,053 shares of the information services provider’s stock valued at $101,134,000 after purchasing an additional 71,421 shares in the last quarter. 27.26% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

GOOG has been the subject of several research analyst reports. Citizens Jmp lowered Alphabet from a “strong-buy” rating to a “hold” rating in a report on Thursday, January 2nd. Westpark Capital began coverage on Alphabet in a report on Tuesday. They issued a “buy” rating and a $210.00 price target for the company. Needham & Company LLC restated a “buy” rating on shares of Alphabet in a research note on Wednesday, February 5th. Benchmark reaffirmed a “negative” rating on shares of Alphabet in a report on Wednesday, February 5th. Finally, Morgan Stanley reissued an “overweight” rating on shares of Alphabet in a report on Wednesday, February 5th. One analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have assigned a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $208.65.

Insider Activity

In related news, Director John L. Hennessy sold 1,500 shares of Alphabet stock in a transaction dated Monday, January 13th. The stock was sold at an average price of $189.80, for a total transaction of $284,700.00. Following the completion of the transaction, the director now owns 21,824 shares in the company, valued at approximately $4,142,195.20. This trade represents a 6.43 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Ruth Porat sold 17,690 shares of the firm’s stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $183.48, for a total value of $3,245,761.20. Following the completion of the sale, the insider now directly owns 1,449,286 shares of the company’s stock, valued at approximately $265,914,995.28. The trade was a 1.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 87,297 shares of company stock valued at $15,936,270 over the last three months. 12.99% of the stock is owned by insiders.

Alphabet Price Performance

GOOG opened at $158.86 on Thursday. 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 capitalization of $1.94 trillion, a P/E ratio of 19.73, a PEG ratio of 1.34 and a beta of 1.04. Alphabet Inc. has a 12-month low of $148.20 and a 12-month high of $208.70. The stock has a fifty day moving average of $179.06 and a 200-day moving average of $178.56.

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

Alphabet Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Monday, March 10th were paid a dividend of $0.20 per share. The ex-dividend date was Monday, March 10th. This represents a $0.80 annualized dividend and a yield of 0.50%. Alphabet’s dividend payout ratio is currently 9.94%.

About Alphabet

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.