Carret Asset Management LLC Reduces Stake in Alphabet Inc.

Published May 3, 2024

Carret Asset Management LLC has decreased its investment in Alphabet Inc. (NASDAQ: GOOGL) by selling off 1,060 shares, a 0.9% reduction from its previous holdings. This change occurred during the fourth quarter and was reported in a recent SEC filing. After the sale, the investment firm now owns 116,150 shares in the tech giant. These shares have an approximate value of $16,225,000 and represent about 2.1% of Carret Asset Management's portfolio, ranking Alphabet as their seventh largest investment.

Changes Among Institutional Investors

Other large investors have also recently changed their stakes in Alphabet. For instance, Meritage Group LP significantly increased its shareholdings by 1,061.5% in the third quarter, while Macroview Investment Management LLC boosted its shares by 165.8% during the same period. Additions to Alphabet investments were noted for several other entities including Armor Investment Advisors LLC, Valued Wealth Advisors LLC, and LFA Lugano Financial Advisors SA. Overall, institutional investors presently hold approximately 40.03% of Alphabet's stock.

Insider Transactions at Alphabet

Recent insider trading reports indicate that several Alphabet executives have sold shares. Notably, CEO Sundar Pichai sold 22,500 shares at an average price of $132.70 each. Meanwhile, CAO Amie Thuener O’toole transacted 682 shares at an average price of $136.49. Following these moves, insiders have sold a total of 275,129 shares valued at $40,382,765 in the past three months. Insiders currently hold about 0.88% of Alphabet's stock.

Alphabet's Share Price and Analysts' Opinions

Alphabet's stock performance and projections have caught the attention of analysts. Multiple analysts from reputable firms have revised their target prices and ratings for Alphabet, generally indicating a positive outlook, with most suggesting a 'buy' rating and the average target price hovering around $190.60.

Alphabet's Financial Performance

Alphabet's recent quarterly earnings surpassed expectations, reporting $1.89 earnings per share which beat the consensus estimate of $1.49. The company showcased a strong return on equity of 29.52% and a net margin of 25.90%. Analysts anticipate that Alphabet Inc. will maintain solid earnings per share in the forthcoming fiscal year.

Dividend Announcement

Alphabet has also declared a quarterly dividend, set to be disbursed on June 17th to shareholders recorded on June 10th. This amounts to a $0.80 annualized dividend with a yield of 0.48%. The official ex-dividend date is June 10th.

About Alphabet Inc.

Alphabet Inc. operates worldwide, with a diverse array of products and services offered by its segments which include Google Services, Google Cloud, and Other Bets. Popular products under Alphabet include Search, Android, YouTube, and various other technological and digital services.

Alphabet, Investment, Shares