CIBC Asset Management Inc Has $279.36 Million Holdings in Alphabet Inc. (NASDAQ:GOOG)

CIBC Asset Management Inc lifted its position in Alphabet Inc. (NASDAQ:GOOG) by 3.2% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,671,894 shares of the information services provider’s stock after buying an additional 51,352 shares during the quarter. Alphabet comprises 0.9% of CIBC Asset Management Inc’s investment portfolio, making the stock its 27th largest holding. CIBC Asset Management Inc’s holdings in Alphabet were worth $279,361,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Abich Financial Wealth Management LLC grew its position in Alphabet by 9,200.0% in the 2nd quarter. Abich Financial Wealth Management LLC now owns 186 shares of the information services provider’s stock worth $34,000 after purchasing an additional 184 shares during the last quarter. 1620 Investment Advisors Inc. bought a new position in shares of Alphabet during the 2nd quarter worth about $37,000. HWG Holdings LP acquired a new stake in shares of Alphabet during the 2nd quarter valued at about $40,000. Sanctuary Wealth Management L.L.C. boosted its position in shares of Alphabet by 87.3% during the 3rd quarter. Sanctuary Wealth Management L.L.C. now owns 251 shares of the information services provider’s stock valued at $42,000 after acquiring an additional 117 shares in the last quarter. Finally, Slocum Gordon & Co LLP acquired a new position in Alphabet in the second quarter worth about $44,000. Institutional investors and hedge funds own 27.26% of the company’s stock.

Insider Activity

In other Alphabet news, Director Kavitark Ram Shriram sold 10,500 shares of Alphabet stock in a transaction on Wednesday, October 30th. The shares were sold at an average price of $180.78, for a total transaction of $1,898,190.00. Following the completion of the transaction, the director now directly owns 330,466 shares of the company’s stock, valued at $59,741,643.48. The trade was a 3.08 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Sundar Pichai sold 22,500 shares of the stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $167.66, for a total transaction of $3,772,350.00. Following the completion of the transaction, the chief executive officer now directly owns 2,159,885 shares in the company, valued at approximately $362,126,319.10. This represents a 1.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 206,795 shares of company stock worth $34,471,141 over the last ninety days. Insiders own 12.99% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on GOOG shares. Citigroup upped their price objective on Alphabet from $212.00 to $216.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. JPMorgan Chase & Co. upped their price target on Alphabet from $208.00 to $212.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. UBS Group lifted their price objective on Alphabet from $187.00 to $192.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Phillip Securities raised shares of Alphabet to a “strong-buy” rating in a report on Friday, November 1st. Finally, Jefferies Financial Group boosted their price target on shares of Alphabet from $220.00 to $235.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Five research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and three have issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $200.56.

Alphabet Stock Performance

Shares of GOOG opened at $177.35 on Friday. Alphabet Inc. has a twelve month low of $129.40 and a twelve month high of $193.31. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.95 and a current ratio of 1.95. The firm’s 50 day moving average price is $166.20 and its two-hundred day moving average price is $171.57. The firm has a market cap of $2.17 trillion, a P/E ratio of 23.52, a PEG ratio of 1.27 and a beta of 1.04.

Alphabet (NASDAQ:GOOG) last released its earnings results on Tuesday, October 29th. The information services provider reported $2.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.83 by $0.29. The firm had revenue of $88.27 billion during the quarter, compared to analysts’ expectations of $86.39 billion. Alphabet had a return on equity of 31.66% and a net margin of 27.74%. The company’s revenue was up 15.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.55 EPS. On average, analysts forecast that Alphabet Inc. will post 7.99 EPS for the current fiscal year.

Alphabet Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 9th will be paid a dividend of $0.20 per share. The ex-dividend date of this dividend is Monday, December 9th. This represents a $0.80 annualized dividend and a dividend yield of 0.45%. Alphabet’s dividend payout ratio is currently 10.61%.

About Alphabet

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.