
Ameliora Wealth Management Ltd. has reduced its stake in Alphabet Inc. (NASDAQ: GOOGL) by 12.8%, according to recent filings with the Securities & Exchange Commission. The fund now holds 18,014 shares of the tech giant, down from 20,647 shares after selling 2,633 shares during the second quarter of 2023. Alphabet’s shares now represent approximately 1.1% of Ameliora’s investment portfolio, making it the fund’s 25th largest position.
As of the latest filing, Ameliora’s holdings in Alphabet were valued at $3,175,000. This reduction comes at a time when several other institutional investors have also adjusted their positions in Alphabet. For instance, Guardian Wealth Management Inc. increased its stake by 242.9% during the first quarter, now owning 168 shares valued at $26,000. Other notable changes include new positions taken by IMA Advisory Services Inc. and von Borstel & Associates Inc., both valued at $28,000.
Analyst Ratings and Stock Performance
Recent analyst assessments indicate mixed sentiments about Alphabet’s stock performance. On June 26, BNP Paribas downgraded the company’s stock from a “strong-buy” to a “hold” rating. Conversely, Canaccord Genuity Group raised its target price from $230.00 to $270.00, assigning a “buy” rating. Wolfe Research also updated its price objective to $290.00, while Mizuho set a target of $295.00 and gave it an “outperform” rating.
As of the last trading day, Alphabet shares opened at $251.03, maintaining a market capitalization of $3.04 trillion. The company has displayed robust financial metrics, including a price-to-earnings ratio of 26.73 and a net margin of 31.12%. Recently, Alphabet reported earnings of $2.31 per share for the second quarter, exceeding expectations of $2.15 per share, with revenue reaching $96.43 billion.
Dividend Announcement and Insider Transactions
In addition to stock movements, Alphabet announced a quarterly dividend of $0.21 per share, paid on September 15, 2023, to shareholders of record as of September 8. This dividend reflects an annualized total of $0.84 and a yield of 0.3%, with a payout ratio of 8.95%.
Recent insider transactions also highlight confidence in the company’s future. Director John L. Hennessy sold 600 shares on October 13 for an average price of $242.92, totaling $145,752.00. Following this transaction, he retains 5,116 shares valued at approximately $1,242,778.72. Another director, Frances Arnold, sold 103 shares on September 30, netting approximately $25,042.39.
With 40.03% of Alphabet’s stock held by institutional investors and hedge funds, the ongoing activity among these entities reflects significant interest and investment in the tech powerhouse. As the market continues to evolve, Alphabet remains a focal point for both investors and analysts alike, with expectations for continued growth in the coming quarters.