Alphabet Inc. $GOOG is Armstrong Henry H Associates Inc.'s 7th Largest Position

Key Points

• Armstrong Henry H Associates Inc. reduced its holdings in Alphabet Inc. by 3.0% in Q2, making it the firm's 7th largest position with approximately $16.99 million in value.
• Multiple hedge funds, including Brighton Jones LLC and Select Equity Group L.P., have increased their stakes in Alphabet, indicating continued investor interest.
• Alphabet recently reported a strong quarterly earnings performance, with a 13.8% year-over-year revenue increase and EPS of $2.31, surpassing analyst expectations.

Armstrong Henry H Associates Inc. reduced its holdings in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 3.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 95,751 shares of the information services provider's stock after selling 3,000 shares during the period. Alphabet comprises about 1.6% of Armstrong Henry H Associates Inc.'s holdings, making the stock its 7th largest holding. Armstrong Henry H Associates Inc.'s holdings in Alphabet were worth $16,985,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Brighton Jones LLC raised its stake in shares of Alphabet by 5.6% during the 4th quarter. Brighton Jones LLC now owns 120,253 shares of the information services provider's stock worth $22,901,000 after purchasing an additional 6,410 shares in the last quarter. Bank Pictet & Cie Europe AG raised its stake in shares of Alphabet by 4.3% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 506,535 shares of the information services provider's stock worth $96,465,000 after purchasing an additional 20,855 shares in the last quarter. Sentinus LLC increased its holdings in shares of Alphabet by 23.5% during the 4th quarter. Sentinus LLC now owns 8,799 shares of the information services provider's stock valued at $1,676,000 after acquiring an additional 1,677 shares during the last quarter. Select Equity Group L.P. increased its holdings in shares of Alphabet by 25.1% during the 4th quarter. Select Equity Group L.P. now owns 584,478 shares of the information services provider's stock valued at $111,308,000 after acquiring an additional 117,189 shares during the last quarter. Finally, Scissortail Wealth Management LLC increased its holdings in shares of Alphabet by 53,418.2% during the 4th quarter. Scissortail Wealth Management LLC now owns 5,887 shares of the information services provider's stock valued at $1,121,000 after acquiring an additional 5,876 shares during the last quarter. 27.26% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Lake Street Capital reissued a "buy" rating on shares of Alphabet in a report on Wednesday, July 9th. Oppenheimer reissued an "outperform" rating and set a $270.00 price objective (up previously from $235.00) on shares of Alphabet in a report on Wednesday, September 3rd. JPMorgan Chase & Co. raised their target price on Alphabet from $232.00 to $260.00 and gave the company an "overweight" rating in a report on Wednesday, September 3rd. The Goldman Sachs Group reaffirmed a "buy" rating and issued a $220.00 target price on shares of Alphabet in a report on Monday, June 2nd. Finally, KeyCorp set a $265.00 target price on Alphabet in a report on Wednesday, September 3rd. Four equities research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, five have issued a Hold rating and three have assigned a Sell rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $227.56.

Insiders Place Their Bets

In other Alphabet news, Director John L. Hennessy sold 1,000 shares of Alphabet stock in a transaction on Friday, August 8th. The stock was sold at an average price of $200.00, for a total value of $200,000.00. Following the completion of the transaction, the director owned 6,916 shares in the company, valued at approximately $1,383,200. The trade was a 12.63% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Kavitark Ram Shriram sold 18,566 shares of Alphabet stock in a transaction on Friday, July 18th. The shares were sold at an average price of $185.76, for a total value of $3,448,820.16. Following the completion of the transaction, the director owned 243,400 shares of the company's stock, valued at approximately $45,213,984. The trade was a 7.09% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 254,710 shares of company stock worth $49,208,380. 12.99% of the stock is owned by company insiders.

Alphabet Price Performance

Shares of GOOG stock opened at $241.38 on Friday. The stock's fifty day simple moving average is $202.67 and its 200 day simple moving average is $178.86. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90. The firm has a market cap of $2.92 trillion, a price-to-earnings ratio of 25.71, a P/E/G ratio of 1.62 and a beta of 1.01. Alphabet Inc. has a one year low of $142.66 and a one year high of $242.57.

Alphabet (NASDAQ:GOOG - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, beating the consensus estimate 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 return on equity of 34.31% and a net margin of 31.12%.Alphabet's quarterly revenue was up 13.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.89 EPS. On average, analysts expect that Alphabet Inc. will post 8.89 earnings per share for the current fiscal year.

Alphabet Dividend Announcement

The firm also recently disclosed 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. The ex-dividend date is Monday, September 8th. This represents a $0.84 annualized dividend and a yield of 0.3%. Alphabet's 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.

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