Corebridge Financial Inc. Decreases Position in Alphabet Inc. $GOOG

Corebridge Financial Inc. trimmed its stake in Alphabet Inc. (NASDAQ:GOOG) by 4.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,261,585 shares of the information services provider’s stock after selling 57,761 shares during the period. Alphabet makes up approximately 1.1% of Corebridge Financial Inc.’s portfolio, making the stock its 10th biggest holding. Corebridge Financial Inc.’s holdings in Alphabet were worth $197,097,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the stock. ARQ Wealth Advisors LLC grew its position in Alphabet by 39.3% during the fourth quarter. ARQ Wealth Advisors LLC now owns 4,964 shares of the information services provider’s stock valued at $945,000 after acquiring an additional 1,400 shares during the last quarter. Independence Bank of Kentucky grew its position in Alphabet by 10.2% during the first quarter. Independence Bank of Kentucky now owns 14,907 shares of the information services provider’s stock valued at $2,329,000 after acquiring an additional 1,376 shares during the last quarter. Fermata Advisors LLC grew its position in Alphabet by 2.7% during the first quarter. Fermata Advisors LLC now owns 9,771 shares of the information services provider’s stock valued at $1,527,000 after acquiring an additional 259 shares during the last quarter. jvl associates llc grew its position in Alphabet by 3.5% during the first quarter. jvl associates llc now owns 10,055 shares of the information services provider’s stock valued at $1,571,000 after acquiring an additional 343 shares during the last quarter. Finally, Members Trust Co grew its position in Alphabet by 84.7% during the first quarter. Members Trust Co now owns 4,999 shares of the information services provider’s stock valued at $781,000 after acquiring an additional 2,292 shares during the last quarter. 27.26% of the stock is currently owned by institutional investors.

Alphabet Stock Up 3.0%

Shares of Alphabet stock opened at $206.72 on Monday. The stock has a market capitalization of $2.50 trillion, a price-to-earnings ratio of 22.01, a P/E/G ratio of 1.39 and a beta of 1.02. The company’s 50 day moving average price is $187.71 and its 200-day moving average price is $174.60. Alphabet Inc. has a 52-week low of $142.66 and a 52-week high of $209.23. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90.

Alphabet (NASDAQ:GOOG) last released its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, beating the consensus estimate of $2.12 by $0.19. The business had revenue of $96.43 billion for the quarter, compared to analysts’ expectations of $93.67 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The firm’s revenue for the quarter was up 13.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.89 earnings per share. Equities research analysts forecast that Alphabet Inc. will post 8.89 EPS for the current year.

Alphabet Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Monday, September 8th will be issued a $0.21 dividend. The ex-dividend date is Monday, September 8th. This represents a $0.84 annualized dividend and a yield of 0.4%. Alphabet’s payout ratio is 8.95%.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Barclays reiterated a “buy” rating on shares of Alphabet in a research report on Wednesday, July 9th. Tigress Financial reiterated a “strong-buy” rating on shares of Alphabet in a research report on Friday, May 2nd. Roth Capital reiterated a “buy” rating on shares of Alphabet in a research report on Wednesday, July 9th. Citizens Jmp upgraded shares of Alphabet from a “hold” rating to a “strong-buy” rating in a report on Thursday, June 26th. Finally, JPMorgan Chase & Co. raised their target price on shares of Alphabet from $200.00 to $232.00 and gave the stock an “overweight” rating in a report on Thursday, July 24th. Five analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, six have issued a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $215.19.

Insider Activity at Alphabet

In related news, CEO Sundar Pichai sold 32,500 shares of Alphabet stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $199.92, for a total value of $6,497,400.00. Following the sale, the chief executive officer owned 2,462,392 shares in the company, valued at $492,281,408.64. The trade was a 1.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider John Kent Walker sold 23,820 shares of Alphabet stock in a transaction on Monday, August 4th. The shares were sold at an average price of $194.70, for a total transaction of $4,637,754.00. Following the completion of the sale, the insider owned 42,999 shares in the company, valued at approximately $8,371,905.30. This trade represents a 35.65% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 254,719 shares of company stock worth $47,223,172. 12.99% of the stock is currently owned by insiders.

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.