Cornerstone Capital Trims Stake in Alphabet Amid Strong Earnings

Cornerstone Capital Inc., a financial institution, has revealed its holdings in Alphabet Inc. (NASDAQ:GOOGL). According to recent filings with the Securities and Exchange Commission (SEC), Cornerstone Capital reduced its stake in Alphabet by 1.4% during the second quarter.

The fund owned approximately 168,701 shares of Alphabet's stock after selling 2,470 shares during the period. This represents a significant holding for Cornerstone Capital, making up 5.4% of its investment portfolio and ranking as its second largest holding.

Cornerstone Capital's holdings in Alphabet were valued at $60,289,000 as of its most recent SEC filing. Other notable investors have also adjusted their stakes in GOOGL, with NewEdge Wealth LLC increasing its stake by 11.8% during the fourth quarter and PFG Investments LLC boosting its stake by 2.6% in the first quarter.

Alphabet recently announced quarterly earnings that exceeded expectations, reporting $9.11 EPS for the quarter and beating analyst estimates of $2.89 by $6.22. The company also reported revenue of $119.80 billion for the quarter, which was higher than anticipated.