Westwood Holdings Acquires 47,603 Shares in Alphabet Inc.

Westwood Holdings Group Inc. has increased its stake in Alphabet Inc. (NASDAQ: GOOG) by 23.1% during the second quarter of 2023. According to its latest 13F filing with the Securities and Exchange Commission, the investment firm now holds a total of 253,957 shares after acquiring an additional 47,603 shares during this period. As of the last reporting date, Westwood’s holdings in Alphabet were valued at approximately $45.05 million.

Other institutional investors have also adjusted their positions in Alphabet recently. For instance, IFS Advisors LLC raised its stake by an impressive 400% in the second quarter, now owning 150 shares worth about $27,000. Similarly, Robbins Farley increased its holdings by 60%, owning 160 shares valued at $28,000, while WestEnd Advisors LLC boosted its stake by 58.7%, bringing its total to 165 shares worth $29,000. Also noteworthy is Fairman Group LLC, which increased its holdings by 121.3%, now owning 177 shares valued at $31,000.

In addition, Greykasell Wealth Strategies Inc. entered the market with a new stake in Alphabet valued at approximately $32,000 during the first quarter. Collectively, hedge funds and institutional investors own about 27.26% of Alphabet’s stock.

In related developments, Alphabet’s Director John L. Hennessy sold 600 shares on October 13, 2023, at an average price of $242.92, totaling $145,752. Following this transaction, he retains 5,116 shares, valued at around $1.24 million. Moreover, CEO Sundar Pichai sold 32,500 shares on November 5, 2023, for a total of $9.21 million, reducing his ownership by 1.37%.

Over the past ninety days, insiders have sold a total of 221,796 shares worth $53.98 million. Company insiders now own approximately 12.99% of Alphabet’s stock, illustrating ongoing activity among key stakeholders.

Alphabet’s financial performance remains robust. The company reported earnings of $2.87 per share for the third quarter of 2023, surpassing analysts’ expectations of $2.29 by $0.58. Its revenue for the quarter reached $102.35 billion, exceeding estimates of $99.90 billion. Compared to the same quarter in the previous year, revenue increased by 15.9%.

Looking ahead, analysts predict that Alphabet is set to post an earnings per share (EPS) of $8.89 for the current fiscal year.

In terms of shareholder returns, Alphabet recently announced a quarterly dividend of $0.21 per share, scheduled for payment on December 15, 2023. Shareholders on record by December 8, 2023, will receive this dividend, which reflects an annualized payout of $0.84 and a yield of 0.3%. The ex-dividend date is also December 8, 2023. Notably, Alphabet’s dividend payout ratio stands at 8.28%.

Several research analysts have recently provided insights on Alphabet’s stock. UBS Group reaffirmed a “neutral” rating, while TD Cowen raised its price target from $270 to $280 and assigned a “buy” rating. Cantor Fitzgerald set a target price of $310 with a “neutral” rating. Meanwhile, Phillip Securities upgraded its rating from “moderate buy” to “strong-buy” on November 7, 2023. Robert W. Baird also increased its price objective from $215 to $275, labeling the stock as “outperform.”

Currently, six analysts rate Alphabet with a “strong buy” recommendation, 26 suggest a “buy,” four recommend holding, and three advise selling. According to data from MarketBeat.com, Alphabet holds an average rating of “moderate buy” with a consensus price target of $324.81.

Alphabet Inc., based in the United States, operates globally through segments such as Google Services, Google Cloud, and Other Bets. It offers a diverse range of products and services, including advertising, cloud computing, and consumer electronics, thereby maintaining a significant presence in various markets worldwide.