Lee Danner & Bass Inc. has increased its investment in Alphabet Inc. (NASDAQ: GOOGL) by 5.1%, bringing its total holdings to $2,933,000 as of the end of the first quarter of 2024. The firm acquired an additional 928 shares, resulting in a total of 18,968 shares of the technology giant. This move highlights the ongoing interest among institutional investors in Alphabet, known for its diverse range of products and services.
Several other hedge funds have also adjusted their positions in Alphabet. For instance, Harbour Trust & Investment Management Co. raised its stake by 0.3%, acquiring an additional 80 shares and bringing its total to 27,075 shares valued at $4,187,000. Rockbridge Capital Management LLC entered the scene in the fourth quarter, purchasing a new stake worth approximately $3,119,000. Meanwhile, Cypress Capital LLC increased its holdings by 4.1% during the same quarter, now owning 14,310 shares valued at $2,213,000.
Optivise Advisory Services LLC and Community Bank N.A. also expanded their stakes. Optivise boosted its holdings by 8.0%, now owning 5,464 shares worth $1,035,000. Community Bank N.A. increased its stake by 6.4%, acquiring 2,790 additional shares to hold a total of 46,173 shares valued at $8,741,000. Collectively, institutional investors and hedge funds now own approximately 40.03% of Alphabet’s stock.
Analyst Ratings and Market Performance
Recent comments from equity analysts reflect a positive outlook on Alphabet’s stock. Wedbush set a price target of $190.00, rating the stock as “outperform” on April 15, 2024. Oppenheimer raised its target from $185.00 to $200.00, also assigning an “outperform” rating. Similarly, Bank of America adjusted its target price to $200.00, maintaining a “buy” rating. In contrast, Stifel Nicolaus lowered its target from $225.00 to $192.00 while still recommending a “buy.”
Currently, Alphabet enjoys a consensus rating of “Moderate Buy” with an average price target of $199.61, according to MarketBeat. The company’s stock performance has been robust, with shares opening at $180.19 on the last trading day. Over the past year, Alphabet has seen a low of $140.53 and a high of $207.05.
Insider Transactions and Financial Health
In terms of insider activity, Director John L. Hennessy sold 600 shares on May 22, 2024, at an average price of $175.00, totaling $105,000. Following this sale, he holds 6,813 shares valued at approximately $1,192,275. Additionally, Director Kavitark Ram Shriram sold 10,500 shares on the same day for $1,837,500, decreasing his ownership by 3.85% to 261,966 shares valued at $45,844,050.
Over the past three months, insiders have sold a total of 215,643 shares worth approximately $36,330,928, representing 11.64% of the stock currently held by company insiders. Despite these transactions, Alphabet’s financial performance remains strong. The company reported earnings of $2.81 per share for the first quarter of 2024, surpassing analysts’ expectations of $2.02. Revenue for the quarter reached $76.49 billion, although it fell short of the anticipated $89.30 billion.
On June 16, 2024, Alphabet announced an increase in its quarterly dividend to $0.21 per share, up from $0.20. This dividend, reflecting a yield of 0.47%, represents an annualized payout of $0.84, with a dividend payout ratio of 9.36%.
Alphabet Inc. continues to be a dominant player in the technology sector, offering a range of services through its Google Services, Google Cloud, and Other Bets segments. With a market capitalization of $2.19 trillion, the company is well-positioned for future growth, drawing significant interest from investors and analysts alike.