Corebridge Financial Inc. Sells 52,897 Shares of Alphabet Inc. (NASDAQ:GOOG)

Corebridge Financial Inc. lowered its stake in Alphabet Inc. (NASDAQ:GOOG) by 3.9% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,319,346 shares of the information services provider’s stock after selling 52,897 shares during the period. Alphabet makes up approximately 1.4% of Corebridge Financial Inc.’s holdings, making the stock its 9th biggest position. Corebridge Financial Inc.’s holdings in Alphabet were worth $251,256,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in GOOG. Fiduciary Advisors Inc. acquired a new stake in Alphabet in the 4th quarter worth approximately $27,000. Weiss Asset Management LP bought a new position in shares of Alphabet in the third quarter valued at approximately $25,000. Safe Harbor Fiduciary LLC acquired a new stake in shares of Alphabet in the third quarter worth $33,000. Mountain Hill Investment Partners Corp. bought a new stake in shares of Alphabet during the 4th quarter worth $39,000. Finally, Noble Wealth Management PBC acquired a new position in Alphabet in the 4th quarter valued at $43,000. Institutional investors own 27.26% of the company’s stock.

Alphabet Stock Up 0.7 %

Shares of GOOG opened at $166.25 on Monday. Alphabet Inc. has a 12 month low of $148.20 and a 12 month high of $208.70. The stock has a market cap of $2.03 trillion, a price-to-earnings ratio of 20.65, a P/E/G ratio of 1.34 and a beta of 1.03. The company has a 50-day moving average price of $184.37 and a two-hundred day moving average price of $178.22. The company has a quick ratio of 1.84, a current ratio of 1.84 and a debt-to-equity ratio of 0.03.

Alphabet (NASDAQ:GOOG) last announced its quarterly earnings results on Tuesday, February 4th. The information services provider reported $2.15 EPS for the quarter, beating the consensus estimate of $2.12 by $0.03. Alphabet had a return on equity of 32.49% and a net margin of 28.60%. Equities analysts predict that Alphabet Inc. will post 8.89 EPS for the current fiscal year.

Alphabet Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Monday, March 10th were issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.48%. The ex-dividend date was Monday, March 10th. Alphabet’s payout ratio is 9.94%.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Wedbush reissued an “outperform” rating and set a $220.00 target price on shares of Alphabet in a research report on Thursday, January 30th. Rosenblatt Securities reissued a “neutral” rating on shares of Alphabet in a research report on Wednesday. Scotiabank raised their target price on Alphabet from $212.00 to $240.00 and gave the company a “sector outperform” rating in a report on Friday, January 24th. Benchmark reiterated a “negative” rating on shares of Alphabet in a report on Wednesday, February 5th. Finally, Oppenheimer raised their price objective on shares of Alphabet from $215.00 to $225.00 and gave the stock an “outperform” rating in a research note on Thursday, January 30th. One analyst has rated the stock with a sell rating, six have given a hold rating, fourteen have issued a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $209.13.

Insider Buying and Selling

In related news, insider John Kent Walker sold 16,820 shares of the firm’s stock in a transaction on Monday, December 30th. The stock was sold at an average price of $192.62, for a total transaction of $3,239,868.40. Following the completion of the sale, the insider now directly owns 43,981 shares of the company’s stock, valued at $8,471,620.22. This trade represents a 27.66 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Ruth Porat sold 17,690 shares of Alphabet stock in a transaction on Friday, February 21st. The shares were sold at an average price of $183.48, for a total value of $3,245,761.20. Following the completion of the transaction, the insider now owns 1,449,286 shares of the company’s stock, valued at approximately $265,914,995.28. The trade was a 1.21 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 93,048 shares of company stock worth $17,374,274 in the last quarter. 12.99% of the stock is owned by corporate insiders.

Alphabet Company Profile

Alphabet Inc offers various products and platforms in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America. It operates through Google Services, Google Cloud, and Other Bets segments. The Google Services segment provides products and services, including ads, Android, Chrome, devices, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.