Edmond DE Rothschild Increases Alphabet Holdings to $256.9 Million

Edmond DE Rothschild Holding S.A. has increased its stake in Alphabet Inc. (NASDAQ: GOOGL) by 4.7% during the second quarter of 2023, according to its latest filing with the Securities and Exchange Commission. The firm now holds 1,457,732 shares of the technology giant, valued at approximately $256,896,000. This makes Alphabet the second-largest position in Edmond DE Rothschild’s portfolio, representing 4.1% of its total holdings.

Several institutional investors have also adjusted their stakes in Alphabet. Aviso Financial Inc. raised its holdings by 1.2% during the same period, acquiring an additional 1,148 shares, bringing its total to 94,642 shares valued at $16,679,000. One Charles Private Wealth Services LLC significantly increased its position by 19.1%, now owning 7,990 shares worth $1,408,000 after purchasing an additional 1,279 shares. Steward Partners Investment Advisory LLC also grew its holdings by 0.5%, giving it a total of 984,065 shares valued at $173,422,000.

Burk Holdings LLC entered a new position in Alphabet during the second quarter, valued at approximately $242,000. Additionally, South Plains Financial Inc. increased its stake by 6.8%, now holding 19,919 shares worth $3,510,000. Collectively, institutional investors own 40.03% of Alphabet’s stock.

Insider Transactions and Company Performance

In related news, several company insiders have made notable transactions. Amie Thuener O’toole, Chief Accounting Officer, sold 954 shares on December 2, 2023, for an average price of $317.00, totaling $302,418.00. Following this transaction, she retains 11,740 shares valued at approximately $3,721,580, reflecting a 7.52% decrease in her ownership.

Director Frances Arnold also sold shares, with a transaction of 102 shares on December 1, 2023, at an average price of $317.66, amounting to $32,401.32. Following this sale, she owns 18,104 shares valued at $5,750,916.64, which is a 0.56% decrease in her stake. Over the past ninety days, insiders sold a total of 226,128 shares worth $61,326,372. Currently, corporate insiders hold 11.64% of Alphabet’s stock.

Alphabet’s stock opened at $321.27 on the most recent trading day. The company has demonstrated solid financial metrics, including a market capitalization of $3.88 trillion, a price-to-earnings (P/E) ratio of 31.68, and a debt-to-equity ratio of 0.06. The stock has fluctuated between a one-year low of $140.53 and a high of $328.83.

On October 29, 2023, Alphabet announced its quarterly earnings, reporting an earnings per share (EPS) of $2.87, which surpassed the consensus estimate of $2.29 by $0.58. Revenue for the quarter reached $102.35 billion, exceeding expectations of $99.90 billion. The company achieved a net margin of 32.23% and a return on equity of 35.00%. Analysts project an EPS of 8.9 for the current fiscal year.

Dividend Announcement and Analyst Insights

Alphabet has also announced a quarterly dividend of $0.21 per share, scheduled for payment on December 15, 2023. Shareholders on record as of December 8 will receive this payment, resulting in an annualized dividend of $0.84 and a yield of 0.3%. The company’s dividend payout ratio currently stands at 8.28%.

Furthermore, numerous research analysts have provided updated ratings on Alphabet’s stock. Oppenheimer raised its target price from $270.00 to $300.00 and maintained an “outperform” rating. Stifel Nicolaus set a target of $333.00, while Needham & Company LLC increased its price objective to $330.00, also issuing a “buy” rating. Citigroup restated its “buy” rating and adjusted its target price to $343.00. Morgan Stanley similarly raised its target from $270.00 to $330.00.

Overall, Alphabet’s stock is currently rated as a “Moderate Buy,” with an average target price of $312.65, according to data from MarketBeat.com. The company continues to play a significant role in various markets, providing products and services through its Google Services, Google Cloud, and Other Bets segments, reaching customers across the globe.