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

Independence Bank of Kentucky trimmed its stake in Alphabet Inc. (NASDAQ:GOOGL) by 2.5% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 84,457 shares of the information services provider’s stock after selling 2,164 shares during the period. Alphabet comprises 3.1% of Independence Bank of Kentucky’s holdings, 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 filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also added to or reduced their stakes in GOOGL. Symmetry Partners LLC grew its stake in Alphabet by 0.4% in the fourth quarter. Symmetry Partners LLC now owns 7,912 shares of the information services provider’s stock worth $2,476,000 after purchasing an additional 30 shares in the last quarter. Private Wealth Management Group LLC increased its holdings in Alphabet by 1.2% during the 1st quarter. Private Wealth Management Group LLC now owns 2,540 shares of the information services provider’s stock worth $730,000 after purchasing an additional 30 shares during the period. Members Trust Co raised its position in Alphabet by 0.5% during the 4th quarter. Members Trust Co now owns 6,434 shares of the information services provider’s stock valued at $2,014,000 after purchasing an additional 31 shares in the last quarter. Altfest L J & Co. Inc. raised its position in Alphabet by 0.4% during the 4th quarter. Altfest L J & Co. Inc. now owns 7,952 shares of the information services provider’s stock valued at $2,489,000 after purchasing an additional 31 shares in the last quarter. Finally, Corus Family Wealth Advisors lifted its holdings in shares of Alphabet by 1.5% in the 1st quarter. Corus Family Wealth Advisors now owns 2,090 shares of the information services provider’s stock worth $601,000 after buying an additional 31 shares during the period. 40.03% of the stock is currently owned by institutional investors.

More Alphabet News

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

Analyst Ratings Changes

GOOGL has been the topic of a number of recent research reports. The Goldman Sachs Group increased their price target on Alphabet from $400.00 to $450.00 and gave the stock a “buy” rating in a research report on Thursday, April 30th. Zacks Research upgraded Alphabet from a “hold” rating to a “strong-buy” rating in a report on Monday, July 13th. Mizuho upped their price objective on shares of Alphabet from $420.00 to $460.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 6th. New Street Research increased their target price on shares of Alphabet from $450.00 to $455.00 and gave the stock a “buy” rating in a report on Friday, June 5th. Finally, Evercore increased their target price on shares of Alphabet from $400.00 to $420.00 and gave the stock an “outperform” rating in a report on Thursday, April 30th. Three research analysts have rated the stock with a Strong Buy rating, forty-seven have issued a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $414.11.

Alphabet Price Performance

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

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

Alphabet Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 8th were paid a dividend of $0.22 per share. This is a positive change 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 yield of 0.3%. Alphabet’s dividend payout ratio (DPR) is presently 6.71%.

Insider Activity

In other Alphabet news, Director Frances Arnold sold 112 shares of the firm’s stock in a transaction dated Tuesday, June 30th. The stock was sold at an average price of $351.28, for a total value of $39,343.36. Following the completion of the sale, the director owned 18,833 shares of the company’s stock, valued at approximately $6,615,656.24. This trade represents a 0.59% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Marsida Saraci sold 449 shares of the firm’s stock in a transaction dated Friday, June 26th. The stock was sold at an average price of $341.72, for a total value of $153,432.28. Following the completion of the sale, the chief accounting officer directly owned 27,348 shares of the company’s stock, valued at approximately $9,345,358.56. This represents a 1.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 159,415 shares of company stock worth $7,672,279 over the last quarter. Company insiders own 11.61% of the company’s stock.

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.