Gabelli Funds LLC has reduced its stake in Alphabet Inc. (NASDAQ: GOOG) by 16.6% during the second quarter of 2023, as disclosed to the Securities and Exchange Commission (SEC). Following the sale of 86,465 shares, the investment firm now holds 435,260 shares valued at approximately $77.21 million.
The adjustments in Gabelli’s portfolio reflect broader trends among significant investors in Alphabet. In the same quarter, Jump Financial LLC established a new position in Alphabet with an investment of around $19.09 million. Cary Street Partners Investment Advisory LLC increased its stake by 38.5%, acquiring an additional 4,278 shares to reach a total of 15,403 shares, valued at $2.73 million. Other notable transactions included Stenger Family Office LLC’s investment of $2.18 million and Victory Financial Group LLC’s 5.4% increase in its holdings.
Institutional investors now account for 27.26% of Alphabet’s stock, highlighting significant confidence in the company’s future performance.
Recent Insider Transactions
Alphabet’s insider trading activity has also garnered attention. On October 15, 2023, Chief Accounting Officer Amie Thuener O’toole sold 2,778 shares at an average price of $250.05, totaling approximately $694,639. This transaction resulted in a 16.06% decrease in her holdings, leaving her with 14,516 shares valued at around $3.63 million.
In another significant move, CEO Sundar Pichai sold 32,500 shares the same day for an average price of $250.15, amounting to about $8.13 million. After the sale, his remaining shares total 2,369,619, worth approximately $592.76 million, representing a 1.35% decrease in his position. In total, insiders have sold 228,906 shares valued at $62.13 million over the last quarter, with insiders holding 12.99% of the company’s stock.
Market Performance and Outlook
As of the latest trading session, Alphabet shares opened at $322.09. The company’s 50-day moving average stands at $276.73, while the 200-day moving average is $225.28. Over the past year, Alphabet has seen stock fluctuations, with a 52-week low of $142.66 and a 52-week high of $328.67.
Alphabet reported its quarterly earnings on October 30, 2023, revealing earnings per share of $2.87, exceeding analysts’ expectations of $2.29. With a net margin of 32.23% and a return on equity of 35.00%, the company generated $102.35 billion in revenue, surpassing the consensus estimate of $99.90 billion. This represents a 15.9% increase in revenue from the same quarter last year. Analysts anticipate Alphabet will report an EPS of 8.89 for the current fiscal year.
Additionally, the firm has announced a quarterly dividend of $0.21 per share, to be paid on December 15, 2023, to shareholders of record as of December 8, 2023. With an annualized dividend yield of 0.3%, Alphabet’s dividend payout ratio currently stands at 8.28%.
Alphabet Inc. continues to expand its diverse offerings across various sectors, including Google Services, Google Cloud, and Other Bets, serving clients globally. As investment activity remains dynamic, stakeholders are closely monitoring Alphabet’s performance and strategic decisions in the coming months.
