Addison Capital Co Sells 2,104 Shares of Alphabet Inc. $GOOGL

Key Points

• Addison Capital Co reduced its stake in Alphabet Inc. by 3.3%, now holding 61,774 shares valued at approximately $9.55 million, making it the firm’s fourth largest position.
• Alphabet recently reported earnings of $2.31 EPS, beating analyst estimates of $2.15, with quarterly revenue of $96.43 billion surpassing estimates as well.
• The company declared a quarterly dividend of $0.21 per share, with a dividend yield of 0.4% and a payout ratio of 8.95%.

Addison Capital Co lowered its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 3.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 61,774 shares of the information services provider's stock after selling 2,104 shares during the quarter. Alphabet comprises about 3.7% of Addison Capital Co's investment portfolio, making the stock its 4th biggest position. Addison Capital Co's holdings in Alphabet were worth $9,553,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of GOOGL. Nuveen LLC bought a new position in shares of Alphabet during the 1st quarter valued at $4,317,606,000. GAMMA Investing LLC raised its holdings in shares of Alphabet by 16,993.2% during the 1st quarter. GAMMA Investing LLC now owns 16,062,457 shares of the information services provider's stock valued at $2,483,898,000 after purchasing an additional 15,968,487 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Alphabet by 2.9% during the 1st quarter. Vanguard Group Inc. now owns 509,826,331 shares of the information services provider's stock valued at $78,839,544,000 after purchasing an additional 14,307,345 shares in the last quarter. Assenagon Asset Management S.A. raised its holdings in shares of Alphabet by 307.6% during the 1st quarter. Assenagon Asset Management S.A. now owns 10,302,644 shares of the information services provider's stock valued at $1,593,201,000 after purchasing an additional 7,774,811 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of Alphabet during the 4th quarter valued at $1,375,509,000. Institutional investors own 40.03% of the company's stock.

Alphabet Stock Performance

NASDAQ GOOGL traded up $0.43 during midday trading on Friday, hitting $240.80. The company had a trading volume of 26,758,216 shares, compared to its average volume of 35,407,372. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07. The stock has a market cap of $2.91 trillion, a price-to-earnings ratio of 25.64, a P/E/G ratio of 1.62 and a beta of 1.01. The firm has a fifty day simple moving average of $201.89 and a two-hundred day simple moving average of $177.51. Alphabet Inc. has a fifty-two week low of $140.53 and a fifty-two week high of $242.25.

Alphabet (NASDAQ:GOOGL - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.15 by $0.16. The company had revenue of $96.43 billion for the quarter, compared to analyst estimates of $93.60 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. Equities analysts forecast that Alphabet Inc. will post 8.9 earnings per share for the current fiscal year.

Alphabet Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Monday, September 8th will be given a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 0.3%. The ex-dividend date is Monday, September 8th. Alphabet's dividend payout ratio (DPR) is currently 8.95%.

Insider Activity at Alphabet

In other Alphabet news, Director John L. Hennessy sold 600 shares of the firm's 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 directly owned 6,316 shares in the company, valued at $1,287,137.64. This trade represents a 8.68% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Kavitark Ram Shriram sold 15,000 shares of the firm's stock in a transaction on Friday, July 18th. The stock was sold at an average price of $185.76, for a total transaction of $2,786,400.00. Following the completion of the sale, the director owned 240,400 shares in the company, valued at $44,656,704. This represents a 5.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 254,710 shares of company stock valued at $49,208,380. Company insiders own 11.64% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on GOOGL. Loop Capital restated a "hold" rating and set a $190.00 price target (up previously from $165.00) on shares of Alphabet in a report on Tuesday, August 5th. BNP Paribas downgraded shares of Alphabet from a "strong-buy" rating to a "hold" rating in a report on Thursday, June 26th. Susquehanna lifted their target price on shares of Alphabet from $220.00 to $225.00 and gave the stock a "positive" rating in a report on Thursday, July 24th. Phillip Securities downgraded shares of Alphabet from a "strong-buy" rating to a "moderate buy" rating in a report on Monday, September 8th. Finally, Cantor Fitzgerald lifted their target price on shares of Alphabet from $196.00 to $201.00 and gave the stock a "neutral" rating in a report on Thursday, July 24th. Three analysts have rated the stock with a Strong Buy rating, thirty-two have given a Buy rating and ten have issued a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $221.44.

Alphabet 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.