OLD National Bancorp IN Lowers Stock Holdings in Alphabet Inc. (NASDAQ:GOOGL)

OLD National Bancorp IN lowered its position in shares of Alphabet Inc. (NASDAQ:GOOGL) by 4.2% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 433,590 shares of the information services provider’s stock after selling 19,205 shares during the quarter. Alphabet makes up about 1.8% of OLD National Bancorp IN’s holdings, making the stock its 11th largest holding. OLD National Bancorp IN’s holdings in Alphabet were worth $67,050,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Macroview Investment Management LLC lifted its position in shares of Alphabet by 4.2% during the fourth quarter. Macroview Investment Management LLC now owns 1,293 shares of the information services provider’s stock worth $245,000 after purchasing an additional 52 shares in the last quarter. Cornerstone Planning Group LLC lifted its position in shares of Alphabet by 2.3% during the fourth quarter. Cornerstone Planning Group LLC now owns 2,381 shares of the information services provider’s stock worth $457,000 after purchasing an additional 53 shares in the last quarter. Addison Advisors LLC lifted its position in shares of Alphabet by 0.7% during the fourth quarter. Addison Advisors LLC now owns 7,527 shares of the information services provider’s stock worth $1,425,000 after purchasing an additional 53 shares in the last quarter. Burt Wealth Advisors lifted its position in shares of Alphabet by 1.0% during the fourth quarter. Burt Wealth Advisors now owns 5,307 shares of the information services provider’s stock worth $1,005,000 after purchasing an additional 54 shares in the last quarter. Finally, Perritt Capital Management Inc lifted its position in shares of Alphabet by 10.4% during the fourth quarter. Perritt Capital Management Inc now owns 618 shares of the information services provider’s stock worth $117,000 after purchasing an additional 58 shares in the last quarter. Institutional investors and hedge funds own 40.03% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on GOOGL shares. Citigroup boosted their price target on shares of Alphabet from $195.00 to $200.00 and gave the stock a “buy” rating in a research note on Friday, April 25th. Morgan Stanley dropped their price target on shares of Alphabet from $210.00 to $185.00 and set an “overweight” rating for the company in a research note on Thursday, April 17th. Needham & Company LLC reissued a “buy” rating and set a $178.00 price target on shares of Alphabet in a research note on Friday, April 25th. Jefferies Financial Group dropped their price target on shares of Alphabet from $235.00 to $200.00 and set a “buy” rating for the company in a research note on Monday, March 31st. Finally, Wells Fargo & Company boosted their price target on shares of Alphabet from $167.00 to $175.00 and gave the stock an “equal weight” rating in a research note on Friday, April 25th. Ten equities research analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and four have issued a strong buy rating to the company’s stock. According to MarketBeat, Alphabet has an average rating of “Moderate Buy” and a consensus target price of $199.75.

Insider Buying and Selling at Alphabet

In other news, CAO Amie Thuener O’toole sold 673 shares of the stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $155.33, for a total value of $104,537.09. Following the transaction, the chief accounting officer now directly owns 15,303 shares of the company’s stock, valued at $2,377,014.99. This represents a 4.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Kavitark Ram Shriram sold 10,500 shares of the stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $175.00, for a total transaction of $1,837,500.00. Following the completion of the transaction, the director now directly owns 261,966 shares in the company, valued at $45,844,050. The trade was a 3.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 195,770 shares of company stock worth $32,036,638 over the last quarter. 11.64% of the stock is currently owned by insiders.

Alphabet Stock Performance

Shares of GOOGL opened at $173.68 on Monday. Alphabet Inc. has a 12 month low of $140.53 and a 12 month high of $207.05. The firm has a fifty day simple moving average of $160.14 and a 200 day simple moving average of $174.38. The stock has a market capitalization of $2.11 trillion, a price-to-earnings ratio of 21.58, a PEG ratio of 1.34 and a beta of 1.01. The company has a current ratio of 1.84, a quick ratio of 1.84 and a debt-to-equity ratio of 0.03.

Alphabet (NASDAQ:GOOGL) last announced its quarterly earnings results on Thursday, April 24th. The information services provider reported $2.81 EPS for the quarter, beating analysts’ consensus estimates of $2.02 by $0.79. The firm had revenue of $76.49 billion during the quarter, compared to analysts’ expectations of $89.30 billion. Alphabet had a net margin of 28.60% and a return on equity of 32.49%. During the same quarter last year, the company posted $1.89 earnings per share. Research analysts forecast that Alphabet Inc. will post 8.9 EPS for the current fiscal year.

Alphabet Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Monday, June 9th will be paid a $0.21 dividend. The ex-dividend date is Monday, June 9th. This represents a $0.84 dividend on an annualized basis and a yield of 0.48%. This is a boost from Alphabet’s previous quarterly dividend of $0.20. Alphabet’s dividend payout ratio (DPR) is currently 9.36%.

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.