AAFMAA Wealth Management & Trust LLC Sells 5,663 Shares of Alphabet Inc. $GOOG

Key Points

• AAFMAA Wealth Management & Trust LLC has reduced its stake in Alphabet Inc. by 31.1%, selling 5,663 shares, leaving them with 12,564 shares valued at approximately $2.23 million.
• Several other institutional investors also increased their positions in Alphabet, with TB Alternative Assets Ltd. boosting their stake by 54.1%, acquiring an additional 106,067 shares.
• Alphabet's recent quarterly earnings surpassed expectations, reporting earnings of $2.31 per share on revenue of $96.43 billion, representing a 13.8% year-over-year increase.

AAFMAA Wealth Management & Trust LLC lessened its position in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 31.1% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,564 shares of the information services provider's stock after selling 5,663 shares during the period. Alphabet comprises 0.9% of AAFMAA Wealth Management & Trust LLC's holdings, making the stock its 27th largest position. AAFMAA Wealth Management & Trust LLC's holdings in Alphabet were worth $2,229,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of GOOG. Colton Groome Financial Advisors LLC lifted its holdings in shares of Alphabet by 3.4% in the second quarter. Colton Groome Financial Advisors LLC now owns 1,742 shares of the information services provider's stock valued at $309,000 after purchasing an additional 57 shares in the last quarter. Register Financial Advisors LLC raised its position in Alphabet by 28.5% in the 2nd quarter. Register Financial Advisors LLC now owns 4,889 shares of the information services provider's stock valued at $867,000 after buying an additional 1,084 shares during the last quarter. Essex Financial Services Inc. lifted its stake in Alphabet by 3.6% in the 2nd quarter. Essex Financial Services Inc. now owns 51,536 shares of the information services provider's stock valued at $9,142,000 after acquiring an additional 1,813 shares in the last quarter. Maridea Wealth Management LLC lifted its stake in Alphabet by 43.6% in the 2nd quarter. Maridea Wealth Management LLC now owns 10,439 shares of the information services provider's stock valued at $1,852,000 after acquiring an additional 3,168 shares in the last quarter. Finally, TB Alternative Assets Ltd. boosted its position in Alphabet by 54.1% during the 2nd quarter. TB Alternative Assets Ltd. now owns 302,032 shares of the information services provider's stock worth $53,577,000 after acquiring an additional 106,067 shares during the last quarter. Institutional investors and hedge funds own 27.26% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on GOOG shares. Lake Street Capital reiterated a "buy" rating on shares of Alphabet in a report on Wednesday, July 9th. Cowen restated a "buy" rating on shares of Alphabet in a research note on Wednesday, July 9th. Wells Fargo & Company restated an "equal weight" rating on shares of Alphabet in a report on Wednesday, July 9th. Pivotal Research upped their target price on Alphabet from $245.00 to $300.00 and gave the stock a "buy" rating in a report on Wednesday, September 3rd. Finally, KeyCorp set a $265.00 price target on Alphabet in a research report on Wednesday, September 3rd. Four investment analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, five have issued a Hold rating and three have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $230.35.

Alphabet Trading Up 0.2%

Shares of NASDAQ:GOOG opened at $247.18 on Friday. Alphabet Inc. has a 52-week low of $142.66 and a 52-week high of $256.70. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90. The company has a market capitalization of $2.99 trillion, a P/E ratio of 26.32, a price-to-earnings-growth ratio of 1.66 and a beta of 1.01. The company has a 50-day simple moving average of $216.61 and a 200 day simple moving average of $184.28.

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

Alphabet Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Monday, September 8th were given a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date of this dividend was Monday, September 8th. Alphabet's payout ratio is 8.95%.

Insider Activity at Alphabet

In other news, insider John Kent Walker sold 23,820 shares of the stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $194.70, for a total value of $4,637,754.00. Following the transaction, the insider directly owned 42,999 shares of the company's stock, valued at $8,371,905.30. This represents a 35.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Amie Thuener O'toole sold 2,778 shares of the firm's stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $245.00, for a total transaction of $680,610.00. Following the sale, the chief accounting officer owned 17,293 shares of the company's stock, valued at approximately $4,236,785. This represents a 13.84% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 258,088 shares of company stock valued at $52,405,304. 12.99% of the stock is owned by company insiders.

Alphabet Company Profile

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.

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