Thrivent Financial for Lutherans significantly reduced its investment in Alphabet Inc. (NASDAQ: GOOG) by 87.8% during the second quarter, as disclosed in its latest filing with the SEC. The institutional investor now owns 285,042 shares of the tech giant after selling 2,053,403 shares. Alphabet now represents only 0.6% of Thrivent Financial’s overall portfolio, making it the 29th largest holding, with a reported value of $50.6 million.
Other institutional investors have been active in the Alphabet market as well. REDW Wealth LLC increased its stake by 2.3%, acquiring 2,410 shares worth $428,000; ACT Advisors LLC raised its stake by 3.5%, bringing its total to 1,625 shares valued at $288,000. Moser Wealth Advisors LLC and LongView Wealth Management also boosted their positions by 2.2% and 1.1%, respectively. It’s noted that 27.26% of Alphabet’s stock is currently held by institutional investors and hedge funds.
On the analyst front, several firms have recently provided positive outlooks for Alphabet. Mizuho set a price target of $325, while BMO Capital Markets reaffirmed an “outperform” rating with a target of $340. Analysts broadly hold a consensus rating of “Moderate Buy” for Alphabet, with an average target price of $324.81. According to MarketBeat, the stock garnered multiple ‘Strong Buy’ ratings among analysts, indicating strong confidence in Alphabet’s future performance.
When it comes to its financial performance, Alphabet’s shares opened at $285.60. The company posted impressive quarterly earnings, reporting $2.87 earnings per share—well above the $2.29 consensus estimate—and a revenue of $102.35 billion, exceeding projected numbers of $99.90 billion. With a net margin of 32.23% and a return on equity of 36.08%, Alphabet’s quarterly revenue marked a notable increase of 15.9% compared to the previous year.
Additionally, Alphabet announced a quarterly dividend of $0.21 per share, due to be paid on December 15, which reflects an annualized dividend of $0.84 and a yield of 0.3%. This dividend aligns with the company’s strong financial performance and indicates a commitment to returning value to its shareholders.
Recent insider transactions reveal that management is also making strategic moves. Director Frances Arnold sold 112 shares at an average price of $291.80, resulting in a slight decrease in her holdings. Similarly, Director John L. Hennessy sold 600 shares at an average price of $280.06. Such transactions are closely monitored and reported in SEC filings, providing transparency regarding insider activity.
Alphabet continues to demonstrate its resilience and growth potential across various segments, including Google Services, Google Cloud, and its Other Bets. With a robust market cap of approximately $3.45 trillion, Alphabet remains a key player in the information services industry, fueling optimism among investors and analysts alike.