OLD National Bancorp IN Acquires 37,174 Shares of Alphabet Inc. $GOOGL

OLD National Bancorp IN increased its position in shares of Alphabet Inc. (NASDAQ:GOOGL) by 8.6% in the second quarter, HoldingsChannel reports. The firm owned 470,764 shares of the information services provider’s stock after purchasing an additional 37,174 shares during the period. Alphabet makes up approximately 1.5% of OLD National Bancorp IN’s investment portfolio, making the stock its 12th biggest holding. OLD National Bancorp IN’s holdings in Alphabet were worth $82,963,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Missouri Trust & Investment Co increased its holdings in Alphabet by 0.3% during the second quarter. Missouri Trust & Investment Co now owns 16,916 shares of the information services provider’s stock worth $2,981,000 after buying an additional 55 shares during the last quarter. AM Investment Strategies LLC increased its holdings in shares of Alphabet by 0.9% in the second quarter. AM Investment Strategies LLC now owns 6,477 shares of the information services provider’s stock valued at $1,141,000 after purchasing an additional 57 shares during the last quarter. Bfsg LLC increased its holdings in shares of Alphabet by 0.6% in the second quarter. Bfsg LLC now owns 10,428 shares of the information services provider’s stock valued at $1,838,000 after purchasing an additional 59 shares during the last quarter. Financial Council LLC increased its holdings in shares of Alphabet by 1.0% in the second quarter. Financial Council LLC now owns 5,800 shares of the information services provider’s stock valued at $1,022,000 after purchasing an additional 60 shares during the last quarter. Finally, Enzi Wealth increased its holdings in shares of Alphabet by 2.5% in the first quarter. Enzi Wealth now owns 2,561 shares of the information services provider’s stock valued at $408,000 after purchasing an additional 62 shares during the last quarter. Institutional investors and hedge funds own 40.03% of the company’s stock.

Insider Buying and Selling

In related news, Director Frances Arnold sold 103 shares of the company’s stock in a transaction dated Tuesday, September 30th. The shares were sold at an average price of $243.13, for a total transaction of $25,042.39. Following the completion of the sale, the director owned 17,284 shares of the company’s stock, valued at $4,202,258.92. This represents a 0.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Amie Thuener O’toole sold 953 shares of the company’s stock in a transaction dated Wednesday, October 1st. The stock was sold at an average price of $241.20, for a total transaction of $229,863.60. Following the sale, the chief accounting officer directly owned 17,294 shares of the company’s stock, valued at $4,171,312.80. This represents a 5.22% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 276,338 shares of company stock valued at $59,062,683 in the last 90 days. 11.64% of the stock is currently owned by corporate insiders.

Alphabet Trading Down 2.1%

Shares of Alphabet stock opened at $236.57 on Monday. The firm has a 50-day moving average of $226.31 and a 200-day moving average of $188.84. The stock has a market cap of $2.86 trillion, a PE ratio of 25.19, a PEG ratio of 1.60 and a beta of 1.00. Alphabet Inc. has a 52-week low of $140.53 and a 52-week high of $256.00. 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:GOOGL) last announced its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.15 by $0.16. The company had revenue of $96.43 billion during the quarter, compared to analysts’ expectations of $93.60 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. As a group, sell-side analysts forecast that Alphabet Inc. will post 8.9 EPS for the current year.

Alphabet Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Monday, September 8th were given a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date of this dividend was Monday, September 8th. Alphabet’s payout ratio is presently 8.95%.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Cantor Fitzgerald reiterated a “neutral” rating and issued a $201.00 price objective on shares of Alphabet in a report on Wednesday, September 24th. Wolfe Research upped their price objective on shares of Alphabet from $220.00 to $290.00 in a report on Tuesday, September 30th. Loop Capital reiterated a “hold” rating and issued a $190.00 price objective (up from $165.00) on shares of Alphabet in a report on Tuesday, August 5th. Needham & Company LLC upped their price objective on shares of Alphabet from $220.00 to $260.00 and gave the company a “buy” rating in a report on Wednesday, September 3rd. Finally, Wells Fargo & Company set a $236.00 price objective on shares of Alphabet and gave the company an “equal weight” rating in a report on Tuesday, October 7th. Four investment analysts have rated the stock with a Strong Buy rating, thirty-four have given a Buy rating and ten have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Alphabet presently has a consensus rating of “Moderate Buy” and an average price target of $245.88.

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.