Sumitomo Life Insurance Co. Has $32.52 Million Holdings in Alphabet Inc. $GOOGL

Sumitomo Life Insurance Co. lifted its position in Alphabet Inc. (NASDAQ:GOOGL) by 3.2% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 184,544 shares of the information services provider’s stock after acquiring an additional 5,750 shares during the period. Alphabet comprises about 2.2% of Sumitomo Life Insurance Co.’s investment portfolio, making the stock its 10th biggest holding. Sumitomo Life Insurance Co.’s holdings in Alphabet were worth $32,522,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. GHP Investment Advisors Inc. boosted its stake in Alphabet by 1.0% during the 2nd quarter. GHP Investment Advisors Inc. now owns 26,096 shares of the information services provider’s stock valued at $4,599,000 after purchasing an additional 246 shares during the last quarter. Plato Investment Management Ltd lifted its holdings in shares of Alphabet by 2.4% during the second quarter. Plato Investment Management Ltd now owns 131,412 shares of the information services provider’s stock valued at $23,074,000 after purchasing an additional 3,105 shares in the last quarter. Atlas Private Wealth Advisors boosted its position in shares of Alphabet by 4.2% during the second quarter. Atlas Private Wealth Advisors now owns 9,161 shares of the information services provider’s stock valued at $1,614,000 after buying an additional 367 shares during the last quarter. Kesler Norman & Wride LLC raised its position in Alphabet by 2.9% in the 2nd quarter. Kesler Norman & Wride LLC now owns 25,745 shares of the information services provider’s stock worth $4,537,000 after buying an additional 729 shares during the last quarter. Finally, Hills Bank & Trust Co raised its position in Alphabet by 1.9% in the 2nd quarter. Hills Bank & Trust Co now owns 4,501 shares of the information services provider’s stock worth $793,000 after buying an additional 84 shares during the last quarter. Institutional investors own 40.03% of the company’s stock.

Analysts Set New Price Targets

GOOGL has been the topic of a number of research analyst reports. Tigress Financial increased their price objective on shares of Alphabet from $240.00 to $280.00 and gave the company a “strong-buy” rating in a research report on Friday, September 5th. Roth Capital increased their price target on Alphabet from $210.00 to $265.00 and gave the company a “buy” rating in a report on Thursday, October 16th. Wedbush reaffirmed an “outperform” rating and issued a $320.00 price objective (up previously from $245.00) on shares of Alphabet in a report on Thursday, October 30th. CIBC increased their target price on Alphabet to $315.00 in a report on Monday, October 20th. Finally, Wells Fargo & Company raised their target price on Alphabet from $236.00 to $268.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 30th. Four investment analysts have rated the stock with a Strong Buy rating, thirty-seven have given a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $304.10.

Alphabet Trading Down 2.8%

Alphabet stock opened at $278.57 on Friday. Alphabet Inc. has a 12-month low of $140.53 and a 12-month high of $292.01. The firm has a market capitalization of $3.36 trillion, a price-to-earnings ratio of 27.47, a P/E/G ratio of 1.86 and a beta of 1.05. The firm has a 50 day moving average of $256.42 and a 200 day moving average of $207.79. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07.

Alphabet (NASDAQ:GOOGL) last posted its quarterly earnings results on Wednesday, October 29th. 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 analyst estimates of $99.90 billion. Alphabet had a net margin of 32.23% and a return on equity of 36.08%. As a group, research analysts predict that Alphabet Inc. will post 8.9 earnings per share for the current year.

Alphabet Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Monday, December 8th will be paid a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 0.3%. The ex-dividend date is Monday, December 8th. Alphabet’s dividend payout ratio is presently 8.28%.

Insider Buying and Selling at Alphabet

In other news, CAO Amie Thuener O’toole sold 954 shares of Alphabet stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $282.33, for a total transaction of $269,342.82. Following the sale, the chief accounting officer owned 14,517 shares in the company, valued at $4,098,584.61. This trade represents a 6.17% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Sundar Pichai sold 32,500 shares of the business’s stock in a transaction on Wednesday, November 5th. The stock was sold at an average price of $283.48, for a total transaction of $9,213,100.00. Following the completion of the transaction, the chief executive officer directly owned 2,337,119 shares in the company, valued at $662,526,494.12. This trade represents a 1.37% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 221,796 shares of company stock worth $53,983,001. Insiders own 11.55% of the company’s stock.

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.