17 Capital Partners LLC Boosts Holdings in Alphabet Inc. $GOOG

Key Points

• 17 Capital Partners LLC increased its holdings in Alphabet Inc. by 149.1% during the first quarter, owning 11,562 shares valued at approximately $1.8 million.
• Several institutional investors, including Algert Global LLC and Ethos Financial Group LLC, have also increased their positions in Alphabet, indicating strong institutional interest in the stock.
• Alphabet plans to pay a $0.21 quarterly dividend to shareholders on September 15th, reflecting a 0.4% yield based on the current stock price.

17 Capital Partners LLC boosted its position in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 149.1% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 11,562 shares of the information services provider's stock after purchasing an additional 6,921 shares during the period. Alphabet comprises 1.2% of 17 Capital Partners LLC's holdings, making the stock its 15th biggest holding. 17 Capital Partners LLC's holdings in Alphabet were worth $1,806,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in GOOG. Nuveen LLC purchased a new stake in Alphabet in the 1st quarter valued at about $2,622,943,000. GAMMA Investing LLC lifted its position in shares of Alphabet by 18,562.3% in the 1st quarter. GAMMA Investing LLC now owns 14,323,323 shares of the information services provider's stock worth $2,237,733,000 after purchasing an additional 14,246,573 shares during the period. Vanguard Group Inc. lifted its position in shares of Alphabet by 2.4% in the 1st quarter. Vanguard Group Inc. now owns 411,570,922 shares of the information services provider's stock worth $64,299,725,000 after purchasing an additional 9,687,855 shares during the period. JPMorgan Chase & Co. lifted its position in shares of Alphabet by 9.9% in the 1st quarter. JPMorgan Chase & Co. now owns 102,232,997 shares of the information services provider's stock worth $15,971,861,000 after purchasing an additional 9,243,959 shares during the period. Finally, Northern Trust Corp lifted its position in shares of Alphabet by 16.1% in the 4th quarter. Northern Trust Corp now owns 57,098,042 shares of the information services provider's stock worth $10,873,751,000 after purchasing an additional 7,917,625 shares during the period. 27.26% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Alphabet

In other news, Director John L. Hennessy sold 600 shares of the stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $203.79, for a total value of $122,274.00. Following the sale, the director owned 6,316 shares in the company, valued at $1,287,137.64. This represents a 8.68% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider John Kent Walker sold 23,820 shares of the stock in a transaction on Monday, August 4th. The stock was sold at an average price of $194.70, for a total transaction of $4,637,754.00. Following the completion of the sale, the insider owned 42,999 shares in the company, valued at $8,371,905.30. The trade was a 35.65% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 242,319 shares of company stock worth $44,243,272 over the last ninety days. 12.99% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on GOOG shares. Pivotal Research upped their price target on shares of Alphabet from $225.00 to $245.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Citizens Jmp raised shares of Alphabet from a "hold" rating to a "strong-buy" rating in a research report on Thursday, June 26th. Piper Sandler reaffirmed a "neutral" rating on shares of Alphabet in a research report on Wednesday, July 9th. Roth Capital reiterated a "buy" rating on shares of Alphabet in a research note on Wednesday, July 9th. Finally, Tigress Financial reiterated a "strong-buy" rating on shares of Alphabet in a research note on Friday, May 2nd. Five research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, six have given a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $215.19.

Alphabet Stock Performance

Alphabet stock traded down $2.24 during mid-day trading on Wednesday, reaching $200.25. 11,776,718 shares of the company traded hands, compared to its average volume of 23,779,943. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90. Alphabet Inc. has a fifty-two week low of $142.66 and a fifty-two week high of $208.70. The company has a market capitalization of $2.42 trillion, a price-to-earnings ratio of 21.33, a price-to-earnings-growth ratio of 1.38 and a beta of 1.02. The firm's fifty day moving average is $186.19 and its two-hundred day moving average is $174.71.

Alphabet (NASDAQ:GOOG - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.12 by $0.19. The business had revenue of $96.43 billion for the quarter, compared to analyst estimates of $93.67 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. Alphabet's revenue for the quarter was up 13.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.89 EPS. On average, equities research analysts expect that Alphabet Inc. will post 8.89 earnings per share for the current fiscal year.

Alphabet Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Monday, September 8th will be paid a $0.21 dividend. The ex-dividend date is Monday, September 8th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.4%. Alphabet's dividend payout ratio is presently 8.95%.

About Alphabet

Alphabet Inc offers various products and platforms in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America. It operates through Google Services, Google Cloud, and Other Bets segments. The Google Services segment provides products and services, including ads, Android, Chrome, devices, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.