Cannon Advisors Increases Stake in Alphabet, Acquires 450 Shares

Cannon Advisors Inc. has increased its investment in Alphabet Inc. (NASDAQ: GOOGL) by acquiring an additional 450 shares during the second quarter of 2023. This move raises Cannon Advisors’ total holdings in the technology and information services company to 25,201 shares, reflecting a growth of 1.8% for the period. As of the latest reporting, Alphabet represents approximately 3.6% of Cannon Advisors’ portfolio, making it the firm’s seventh-largest investment, valued at around $4,441,000.

Several other institutional investors have also adjusted their positions in Alphabet recently. For instance, Gimbal Financial expanded its stake by 1.9%, now holding 2,776 shares valued at $489,000. Missouri Trust & Investment Co. increased its holdings by 0.3% to 16,916 shares, valued at $2,981,000, while Silver Coast Investments LLC raised its position by 1.3%, owning 4,317 shares worth $761,000. AM Investment Strategies LLC and Bfsg LLC also reported modest increases in their Alphabet investments.

As of now, institutional investors hold around 40.03% of Alphabet’s stock.

Stock Performance and Dividend Announcement

On October 13, 2023, shares of Alphabet opened at $320.02. The company’s stock has experienced a fifty-two week low of $140.53 and a high of $328.83. Alphabet maintains a debt-to-equity ratio of 0.07 and a quick ratio of 1.90. The stock’s moving averages stand at $269.25 for the past 50 days and $218.76 over 200 days. Alphabet’s market capitalization is approximately $3.86 trillion, with a price-to-earnings (P/E) ratio of 31.56.

Notably, Alphabet has declared a quarterly dividend of $0.21, which will be paid on December 15, 2023. Shareholders on record as of December 8, 2023 will receive this dividend, reflecting an annualized payout of $0.84 and a yield of 0.3%. The company’s payout ratio is 8.28%.

Insider Transactions and Analyst Ratings

Recent insider trading activity has also caught the attention of investors. On October 15, 2023, CEO Sundar Pichai sold 32,500 shares at an average price of $250.15, totaling approximately $8,129,875. Post-sale, he holds 2,369,619 shares valued at about $592,760,192.85, reflecting a 1.35% decrease in his position. Additionally, Chief Accounting Officer Amie Thuener O’toole sold 2,778 shares, amounting to $694,638.90, resulting in a 16.06% reduction in her holdings.

In the last 90 days, insiders have sold a total of 225,072 shares worth approximately $58,074,027. Company insiders retain about 11.64% of Alphabet’s stock.

Equities analysts have provided varying outlooks on Alphabet’s performance. BMO Capital Markets set a price target of $294.00 with an “outperform” rating, while DZ Bank reaffirmed a “buy” rating. Evercore ISI upgraded its target from $300.00 to $325.00, also assigning an “outperform” rating. In total, four analysts have rated the stock as a Strong Buy, with a consensus rating of “Moderate Buy” and an average price target of $307.84, according to MarketBeat.com.

Alphabet Inc. continues to play a significant role in the global technology landscape, operating through various segments including Google Services and Google Cloud, which serve millions of customers worldwide. As the company navigates market dynamics and investor sentiment, its performance remains closely monitored by analysts and stakeholders alike.