Connor Clark & Lunn Investment Management Ltd. Sells 1,174,605 Shares of Alphabet Inc. (NASDAQ:GOOG)

Connor Clark & Lunn Investment Management Ltd. lowered its stake in shares of Alphabet Inc. (NASDAQ:GOOG) by 68.6% in the third quarter, Holdings Channel reports. The institutional investor owned 536,663 shares of the information services provider’s stock after selling 1,174,605 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Alphabet were worth $89,725,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the stock. Abich Financial Wealth Management LLC boosted its stake in Alphabet by 9,200.0% in the second quarter. Abich Financial Wealth Management LLC now owns 186 shares of the information services provider’s stock valued at $34,000 after acquiring an additional 184 shares in the last quarter. 1620 Investment Advisors Inc. acquired a new stake in shares of Alphabet in the 2nd quarter worth $37,000. HWG Holdings LP purchased a new position in Alphabet during the 2nd quarter worth $40,000. Slocum Gordon & Co LLP acquired a new position in Alphabet during the 2nd quarter valued at about $44,000. Finally, Sanctuary Wealth Management L.L.C. raised its stake in Alphabet by 87.3% in the third quarter. Sanctuary Wealth Management L.L.C. now owns 251 shares of the information services provider’s stock valued at $42,000 after buying an additional 117 shares during the last quarter. Hedge funds and other institutional investors own 27.26% of the company’s stock.

Alphabet Stock Up 1.6 %

GOOG opened at $179.58 on Wednesday. The company has a market cap of $2.20 trillion, a PE ratio of 23.82, a price-to-earnings-growth ratio of 1.22 and a beta of 1.04. Alphabet Inc. has a twelve month low of $129.40 and a twelve month high of $193.31. The company has a 50-day moving average price of $168.15 and a 200 day moving average price of $171.87. The company has a quick ratio of 1.95, a current ratio of 1.95 and a debt-to-equity ratio of 0.04.

Alphabet (NASDAQ:GOOG) last released its earnings results on Tuesday, October 29th. The information services provider reported $2.12 earnings per share for the quarter, beating the consensus estimate of $1.83 by $0.29. Alphabet had a return on equity of 31.66% and a net margin of 27.74%. The business had revenue of $88.27 billion for the quarter, compared to the consensus estimate of $86.39 billion. During the same quarter last year, the business posted $1.55 earnings per share. The business’s quarterly revenue was up 15.1% compared to the same quarter last year. Sell-side analysts expect that Alphabet Inc. will post 7.99 earnings per share for the current fiscal year.

Alphabet Dividend Announcement

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

Analyst Upgrades and Downgrades

GOOG has been the topic of several recent analyst reports. Phillip Securities upgraded shares of Alphabet to a “strong-buy” rating in a report on Friday, November 1st. Seaport Res Ptn upgraded shares of Alphabet from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 29th. Scotiabank started coverage on shares of Alphabet in a research note on Friday, October 11th. They set a “sector outperform” rating and a $212.00 price objective for the company. Citigroup upped their target price on Alphabet from $212.00 to $216.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Finally, JPMorgan Chase & Co. raised their target price on Alphabet from $208.00 to $212.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Five analysts have rated the stock with a hold rating, thirteen have given a buy rating and three have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Alphabet presently has an average rating of “Moderate Buy” and an average price target of $200.56.

Insider Transactions at Alphabet

In other Alphabet news, CEO Sundar Pichai sold 22,500 shares of the firm’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $158.68, for a total value of $3,570,300.00. Following the completion of the sale, the chief executive officer now directly owns 2,137,385 shares of the company’s stock, valued at $339,160,251.80. This trade represents a 1.04 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Kavitark Ram Shriram sold 10,500 shares of the business’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $177.41, for a total transaction of $1,862,805.00. Following the transaction, the director now directly owns 319,966 shares in the company, valued at approximately $56,765,168.06. The trade was a 3.18 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 184,295 shares of company stock valued at $30,698,791 over the last 90 days. 12.99% of the stock is currently owned by corporate insiders.

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.