Independence Bank of Kentucky Has $24.29 Million Position in Alphabet Inc. $GOOGL

Independence Bank of Kentucky lowered its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL) by 2.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 84,457 shares of the information services provider’s stock after selling 2,164 shares during the quarter. Alphabet makes up 3.1% of Independence Bank of Kentucky’s portfolio, making the stock its 5th biggest holding. Independence Bank of Kentucky’s holdings in Alphabet were worth $24,286,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. EMC Capital Management bought a new position in shares of Alphabet during the fourth quarter worth $33,000. Lifetime Wealth Management P.C. bought a new stake in Alphabet in the 4th quarter valued at $32,000. PMV Capital Advisers LLC bought a new stake in Alphabet in the 4th quarter valued at $38,000. IFC & Insurance Marketing Inc. purchased a new stake in Alphabet in the 4th quarter worth $38,000. Finally, Bard Associates Inc. bought a new position in shares of Alphabet during the 4th quarter valued at about $52,000. Institutional investors own 40.03% of the company’s stock.

Insider Activity

In related news, major shareholder 2019 Gp L.L.C. Gv sold 87,475 shares of the company’s stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $23.75, for a total transaction of $2,077,531.25. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CAO Marsida Saraci sold 449 shares of the company’s stock in a transaction dated Friday, June 26th. The shares were sold at an average price of $341.72, for a total transaction of $153,432.28. Following the transaction, the chief accounting officer owned 27,348 shares in the company, valued at $9,345,358.56. The trade was a 1.62% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 159,415 shares of company stock worth $7,672,279 in the last 90 days. Company insiders own 11.61% of the company’s stock.

Alphabet Trading Up 1.5%

Shares of GOOGL stock opened at $351.99 on Tuesday. Alphabet Inc. has a 1 year low of $186.15 and a 1 year high of $408.61. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.92 and a quick ratio of 1.92. The stock’s 50 day simple moving average is $368.16 and its two-hundred day simple moving average is $338.41. The company has a market cap of $4.26 trillion, a PE ratio of 26.85, a price-to-earnings-growth ratio of 1.44 and a beta of 1.24.

Alphabet (NASDAQ:GOOGL) last announced its earnings results on Wednesday, April 29th. The information services provider reported $5.11 EPS for the quarter, topping analysts’ consensus estimates of $2.64 by $2.47. The firm had revenue of $109.90 billion during the quarter, compared to analysts’ expectations of $106.98 billion. Alphabet had a return on equity of 38.99% and a net margin of 37.92%. Research analysts predict that Alphabet Inc. will post 14.33 earnings per share for the current year.

Alphabet Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 8th were issued a $0.22 dividend. This is a boost from Alphabet’s previous quarterly dividend of $0.21. The ex-dividend date was Monday, June 8th. This represents a $0.88 annualized dividend and a dividend yield of 0.3%. Alphabet’s dividend payout ratio (DPR) is 6.71%.

Analyst Ratings Changes

GOOGL has been the topic of several research reports. KeyCorp lifted their target price on Alphabet from $425.00 to $445.00 and gave the stock an “overweight” rating in a report on Friday, July 10th. Bank of America raised their price target on Alphabet from $370.00 to $430.00 and gave the company a “buy” rating in a report on Thursday, April 30th. Zacks Research raised Alphabet from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 13th. Canaccord Genuity Group upped their price objective on Alphabet from $415.00 to $450.00 and gave the stock a “buy” rating in a report on Thursday, April 30th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Alphabet in a research report on Friday. Three investment analysts have rated the stock with a Strong Buy rating, forty-seven have issued a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $414.11.

Trending Headlines about Alphabet

Here are the key news stories impacting Alphabet this week:

• Positive Sentiment: Google is reportedly developing a new AI server chip to make Gemini run more efficiently, which could improve performance and reduce infrastructure costs. Reuters: Google plans new chip to run Gemini models more efficiently
• Positive Sentiment: Shares were also lifted by reports that Alphabet’s AI chip initiative could strengthen its competitive position against Nvidia and support its broader AI rollout. Yahoo Finance: Alphabet stock gains on report of next-generation AI chip project
• Positive Sentiment: Analysts and market commentators say Alphabet’s upcoming Q2 results could be supported by Search ad strength, Cloud growth, and rising subscriptions, with expectations for an earnings surprise still elevated. Zacks: Will Alphabet’s Q2 Earnings Reignite the Tech Rally?
• Positive Sentiment: Wall Street analysts remain generally constructive on Alphabet ahead of earnings, with some notes suggesting meaningful upside from current levels. Zacks: Wall Street Analysts Think Alphabet (GOOGL) Is a Good Investment: Is It?
• Neutral Sentiment: Alphabet’s upcoming earnings report is expected to be a major event for the stock, with traders bracing for a potentially large move depending on guidance and AI capex plans. Investopedia: Here’s How Much Google Parent Alphabet’s Stock Is Seen Moving After Earnings Wednesday
• Neutral Sentiment: Several articles highlighted Alphabet as one of this week’s most closely watched earnings names, but these were largely preview pieces rather than new fundamental developments. Proactive Investors: Week ahead: Wall Street gears up for volatility as Big Tech earnings kick into high gear
• Negative Sentiment: One New York Times report criticized Google’s AI search features as potentially harming the open web, which could add regulatory and reputational pressure over time. NYT: How Google’s A.I. Search Is Imperiling the Open Web
• Negative Sentiment: Two securities-fraud investigation notices may create some headline overhang, although they are routine plaintiff-lawyer announcements and not evidence of new wrongdoing. Globe Newswire: Securities Fraud Investigation Into Alphabet Inc. (GOOG) Continues

Alphabet Profile

Alphabet Inc is the holding company created in 2015 to organize Google and a portfolio of businesses developing technologies beyond Google’s core internet services. Its principal operations are led by Google, which builds and operates consumer-facing products such as Google Search, YouTube, Android, Chrome, Gmail, Google Maps and Google Workspace, as well as advertising platforms (Google Ads and AdSense) that historically generate the majority of its revenue. Google also develops consumer hardware (Pixel phones, Nest smart-home devices, Chromecast) and developer and distribution platforms such as Google Play.

Beyond Google’s consumer and advertising businesses, Alphabet invests in enterprise and infrastructure offerings through Google Cloud, which provides cloud computing, data analytics and productivity services to businesses and institutions.