Allstate Corp Acquires 22,753 Shares of Alphabet Inc. $GOOG

Key Points

• Allstate Corp increased its stake in Alphabet Inc. by 15.2%, acquiring an additional 22,753 shares in the first quarter, bringing its total holdings to 172,047 shares valued at approximately $26.9 million.
• Alphabet recently declared a quarterly dividend of $0.21 per share, with an ex-dividend date set for September 8th, reflecting an annualized payout of $0.84 and a dividend yield of 0.4%.
• CEO Sundar Pichai sold 32,500 shares of Alphabet, reducing his ownership by 1.3%, in a transaction totaling approximately $6.5 million.

Allstate Corp boosted its holdings in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 15.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 172,047 shares of the information services provider's stock after purchasing an additional 22,753 shares during the period. Alphabet makes up 0.8% of Allstate Corp's portfolio, making the stock its 19th largest position. Allstate Corp's holdings in Alphabet were worth $26,879,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in GOOG. ARQ Wealth Advisors LLC increased its position in shares of Alphabet by 39.3% in the fourth quarter. ARQ Wealth Advisors LLC now owns 4,964 shares of the information services provider's stock valued at $945,000 after acquiring an additional 1,400 shares during the period. Independence Bank of Kentucky increased its position in shares of Alphabet by 10.2% in the first quarter. Independence Bank of Kentucky now owns 14,907 shares of the information services provider's stock valued at $2,329,000 after acquiring an additional 1,376 shares during the period. Fermata Advisors LLC increased its position in shares of Alphabet by 2.7% in the first quarter. Fermata Advisors LLC now owns 9,771 shares of the information services provider's stock valued at $1,527,000 after acquiring an additional 259 shares during the period. jvl associates llc increased its position in shares of Alphabet by 3.5% in the first quarter. jvl associates llc now owns 10,055 shares of the information services provider's stock valued at $1,571,000 after acquiring an additional 343 shares during the period. Finally, Members Trust Co increased its position in shares of Alphabet by 84.7% in the first quarter. Members Trust Co now owns 4,999 shares of the information services provider's stock valued at $781,000 after acquiring an additional 2,292 shares during the period. 27.26% of the stock is owned by institutional investors.

Insider Activity

In other news, CEO Sundar Pichai sold 32,500 shares of the stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $199.92, for a total transaction of $6,497,400.00. Following the sale, the chief executive officer owned 2,462,392 shares in the company, valued at $492,281,408.64. This represents a 1.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider John Kent Walker sold 23,820 shares of the stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $194.70, for a total transaction of $4,637,754.00. Following the sale, the insider owned 42,999 shares in the company, valued at approximately $8,371,905.30. The trade was a 35.65% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 254,719 shares of company stock worth $47,223,172. Corporate insiders own 12.99% of the company's stock.

Alphabet Price Performance

Shares of GOOG opened at $200.62 on Friday. The stock has a market cap of $2.43 trillion, a PE ratio of 21.37, a price-to-earnings-growth ratio of 1.35 and a beta of 1.02. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current 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 firm's 50-day simple moving average is $187.09 and its two-hundred day simple moving average is $174.87.

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

Alphabet Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Monday, September 8th will be issued a dividend of $0.21 per share. 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%.

Wall Street Analysts Forecast Growth

GOOG has been the topic of a number of analyst reports. Wells Fargo & Company restated an "equal weight" rating on shares of Alphabet in a research report on Wednesday, July 9th. Oppenheimer reiterated an "outperform" rating and set a $235.00 target price (up previously from $220.00) on shares of Alphabet in a report on Thursday, July 24th. Rosenblatt Securities upgraded Alphabet from a "hold" rating to a "strong-buy" rating in a report on Friday, April 25th. Roth Capital reiterated a "buy" rating on shares of Alphabet in a report on Wednesday, July 9th. Finally, Raymond James Financial reiterated an "outperform" rating and set a $210.00 target price (up previously from $185.00) on shares of Alphabet in a report on Thursday, July 24th. Five investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, six have given a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $215.19.

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.

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