Empire Life Boosts Alphabet Holdings to $46.33 Million
Empire Life Investments Inc. has increased its stake in Alphabet Inc. (NASDAQ: GOOG) by 2.2% during the first quarter of 2024, according to reports from HoldingsChannel.com. The investment firm now holds 296,572 shares of the tech giant, valued at approximately $46.33 million. This adjustment places Alphabet as the fourth largest holding within Empire Life’s investment portfolio, comprising around 3.0% of its total assets.
In addition to Empire Life, several other investment firms have adjusted their positions in Alphabet. Concentrum Wealth Management raised its holdings by 0.3% during the fourth quarter, acquiring 17,328 shares now valued at $3.3 million. JDM Financial Group LLC increased its stake by 10.6%, owning 593 shares worth $113,000 after purchasing additional shares. Also, Objectivity Squared LLC and Tranquility Partners LLC both slightly increased their investments in Alphabet, while Stonebridge Financial Group LLC raised its stake by 0.6%.
As of now, institutional investors collectively own approximately 27.26% of Alphabet’s stock.
Alphabet’s Stock Performance and Dividend Announcement
Alphabet’s stock opened at $189.95 on the trading day following these announcements. The company boasts a market capitalization of $2.30 trillion, with a price-to-earnings (PE) ratio of 20.23 and a price-to-earnings-growth (PEG) ratio of 1.26. The stock’s performance has shown notable fluctuations, with a 12-month low of $142.66 and a high of $208.70.
In related news, Alphabet declared a quarterly dividend of $0.21 per share, scheduled for payment on September 15, 2024. Investors on record as of September 8 will receive this dividend, translating to an annualized yield of 0.4%. The company’s dividend payout ratio currently stands at 8.95%.
Insider Transactions and Analyst Ratings
Recent insider trading activity at Alphabet has caught attention. Director Kavitark Ram Shriram sold 18,566 shares on July 18, 2024, at an average price of $185.76, totaling around $3.45 million. Post-sale, Shriram holds 243,400 shares valued at approximately $45.2 million, marking a 7.09% decrease in ownership.
CEO Sundar Pichai also divested 32,500 shares on July 16, 2024, selling at an average price of $184.38 for a total of $5.99 million. Following this transaction, Pichai retains 2,527,392 shares worth around $466 million, reflecting a 1.27% reduction in his stake. In the last three months, insiders have sold 249,399 shares valued at $43.5 million, with insiders currently owning 12.99% of the company.
Several analysts have recently provided their forecasts for Alphabet. UBS Group raised its price target from $186.00 to $192.00, maintaining a “neutral” rating. Scotiabank increased its target from $200.00 to $240.00, recommending a “sector outperform” rating. Conversely, Needham & Company downgraded its view from “buy” to “cautious.” Overall, Alphabet has an average rating of “Moderate Buy” among analysts, with a price target of $215.19.
Alphabet Inc. continues to be a significant player in the tech industry, providing various products and platforms globally through segments like Google Services, Google Cloud, and Other Bets. As the company navigates market fluctuations and ongoing strategic adjustments, its growth trajectory remains a focal point for both investors and analysts alike.
