Ameliora Wealth Management Ltd. has reduced its stake in Alphabet Inc. (NASDAQ: GOOGL) by 12.8%, bringing its total holdings to $3.18 million. The investment firm owned 18,014 shares after selling 2,633 shares during the second quarter of 2023, according to a recent filing with the Securities & Exchange Commission.
Alphabet represents approximately 1.1% of Ameliora’s overall investment portfolio, ranking as the firm’s 25th largest position. The firm is not alone in adjusting its holdings; other institutional investors have also made significant changes to their positions in Alphabet.
Guardian Wealth Management Inc. increased its investment in Alphabet by an impressive 242.9% in the first quarter. The firm now holds 168 shares valued at approximately $26,000 following the acquisition of an additional 119 shares. Similarly, both IMA Advisory Services Inc. and von Borstel & Associates Inc. each initiated new positions in Alphabet, valued at $28,000. Furthermore, NBZ Investment Advisors LLC expanded its stake by 85.7% during the same period, now owning 195 shares worth about $30,000.
As of now, institutional investors and hedge funds collectively hold 40.03% of Alphabet’s stock.
Analyst Ratings and Stock Performance
Recent evaluations by financial analysts have been mixed for Alphabet shares. BNP Paribas downgraded the stock from a “strong-buy” rating to “hold” on June 26, 2023. In contrast, Canaccord Genuity Group raised its target price for Alphabet from $230 to $270, maintaining a “buy” rating. Wolfe Research also increased its price objective to $290.
Overall, the stock has received favorable ratings, with four analysts giving it a “Strong Buy,” 34 a “Buy,” and ten a “Hold.” MarketBeat.com indicates that Alphabet holds an average rating of “Moderate Buy” with a price target of $249.26.
On Thursday, GOOGL shares opened at $251.03. Alphabet boasts a market capitalization of $3.04 trillion, a price-to-earnings ratio of 26.73, and a debt-to-equity ratio of 0.07. The company’s shares have shown considerable volatility, with a 52-week low of $140.53 and a high of $256.00.
The most recent earnings report, released on July 23, 2023, indicated earnings per share of $2.31, surpassing the consensus estimate of $2.15. Alphabet reported a revenue of $96.43 billion for the quarter, exceeding the anticipated $93.60 billion.
Dividend Announcements and Insider Activity
Alphabet recently declared a quarterly dividend of $0.21 per share, which was paid to shareholders on September 15, 2023. This dividend represents an annualized payout of $0.84 and yields 0.3%, with a payout ratio of 8.95%.
In addition to dividend announcements, insider trading activity has been notable. Director John L. Hennessy sold 600 shares on October 13, 2023, for a total of $145,752, reducing his position by 10.50%. Following this transaction, Hennessy retained 5,116 shares valued at approximately $1.24 million. Another director, Frances Arnold, sold 103 shares on September 30, 2023, for around $25,042, which reflected a minor decrease of 0.59% in her holdings.
In total, insiders sold 244,438 shares worth over $53 million in the last ninety days, with insiders currently holding 11.64% of Alphabet’s stock.
Alphabet Inc. operates globally, providing products and services through its segments, including Google Services, Google Cloud, and Other Bets. Its diverse offerings encompass advertising, search, and cloud computing services, catering to a wide range of markets across the globe.