Gitterman Wealth Management LLC has increased its investment in Alphabet Inc. (NASDAQ: GOOGL) by 20.8% during the third quarter of 2023. According to the company’s most recent Form 13F filing with the Securities and Exchange Commission (SEC), Gitterman now holds 9,763 shares of the technology giant, after acquiring an additional 1,678 shares in the period. This investment is valued at approximately $2.37 million, making Alphabet the firm’s 14th largest holding and accounting for around 0.5% of its overall portfolio.
Several other institutional investors have also recently adjusted their positions in Alphabet. Among them, Financial Gravity Companies Inc. established a new stake valued at $31,000 in the second quarter. CarsonAllaria Wealth Management Ltd. increased its holdings by 36.4%, now owning 251 shares worth $44,000 after purchasing an additional 67 shares. Pilgrim Partners Asia Pte Ltd and Corsicana & Co. also acquired new positions in the third quarter, valued at $53,000 and $54,000, respectively. As a result, institutional investors now own 40.03% of Alphabet’s stock.
Recent Insider Transactions
In related news, significant insider transactions have taken place at Alphabet. On January 30, 2024, major shareholder 2017 Gp L.L.C. Gv sold 1,845,308 shares at an average price of $19.00, amounting to a total of approximately $35.06 million. This transaction was disclosed in a filing with the SEC. Additionally, CEO Sundar Pichai sold 32,500 shares on November 19, 2023, for an average price of $296.64, totaling around $9.64 million. Following this sale, Pichai retains 2,304,619 shares, valued at about $683.64 million, representing a 1.39% decrease in his holdings. Over the past 90 days, insiders have sold a total of 2,064,308 shares worth $104.38 million, with insiders collectively owning 11.55% of the company’s stock.
Market Performance and Financial Outlook
Alphabet’s shares opened at $305.72 on Monday. The company has a market capitalization of $3.70 trillion and a price-to-earnings (PE) ratio of 28.28. The stock has fluctuated between a one-year low of $140.53 and a high of $349.00. The firm recently reported its quarterly earnings on February 4, 2024, revealing earnings per share (EPS) of $2.82, exceeding the consensus estimate of $2.57 by $0.25. Revenue for the quarter was $113.83 billion, also surpassing expectations of $111.24 billion. Analysts anticipate that Alphabet will achieve $8.90 in EPS for the current fiscal year.
Additionally, Alphabet has announced a quarterly dividend to be paid on March 16, 2024. Shareholders of record as of March 9, 2024, will receive a dividend of $0.21, which translates to an annualized rate of $0.84 and a yield of 0.3%. The company’s current payout ratio stands at 7.77%.
Alphabet Inc., established in 2015, acts as the parent company to Google and a variety of businesses that extend beyond Google’s traditional internet services. Its core operations include popular consumer products like Google Search, YouTube, and Android, as well as cloud computing and advertising platforms, which are essential for its revenue generation.
For more detailed insights into Alphabet’s stock and institutional holdings, investors and analysts can access the latest 13F filings and insider trades through financial news platforms.
