Westwood Wealth Cuts Alphabet Stake by 98% Amid Insider Sales
Investment firm Westwood Wealth Management slashed its position in Alphabet Inc. (GOOGL) by 98.1% in the fourth quarter, a significant portfolio move disclosed in a recent SEC filing. The firm sold 69,558 shares, leaving a holding worth approximately $421,000. The sell-off coincides with heavy insider selling at the Google parent company this quarter, though Alphabet continues to report strong earnings, declare dividends, and maintain a positive consensus outlook from Wall Street analysts.
Key Takeaways:
- Major Stake Reduction: Westwood Wealth Management sold 69,558 Alphabet shares, reducing its holding by 98.1% to just 1,346 shares.
- Heavy Insider Activity: Company insiders sold over 2.1 million shares valued at more than $118 million in the same period.
- Strong Fundamentals: Alphabet recently reported quarterly earnings and revenue that beat analyst expectations and announced a new quarterly dividend.
Westwood Wealth Executes Major Portfolio Rebalance
The firm’s drastic reduction leaves it with a minimal position in the tech giant, valued at roughly $421,000 at the quarter’s end. This move represents a substantial shift in Westwood’s investment strategy regarding one of the world’s largest companies. Other institutional investors and hedge funds made smaller, new purchases of Alphabet stock during recent quarters, contrasting with Westwood’s decisive sell-off.
Alphabet Insiders Significantly Reduce Holdings
Executive selling activity was pronounced. Insider John Kent Walker sold 47,574 shares for about $14.34 million, an action that decreased his direct ownership by 78.25%. Overall, insiders disposed of 2,110,165 shares worth $118.13 million last quarter. Despite these sales, corporate insiders still retain an 11.64% ownership stake in Alphabet Inc.
Company Performance Contrasts with Selling Pressure
Despite the selling from a major investor and executives, Alphabet’s business performance remains robust. The company posted Q4 earnings per share of $2.82, surpassing estimates, on revenue of $113.83 billion. Alphabet also announced a $0.21 per share quarterly dividend, establishing an annual yield of 0.3%. Wall Street analysts maintain a "Moderate Buy" consensus rating on the stock with an average price target of $367.18.
