Alphabet Inc. $GOOG is Banque Pictet & Cie SA's 2nd Largest Position

Key Points

• Banque Pictet & Cie SA has reduced its stake in Alphabet Inc. by 2.0%, making the company its second largest holding, valued at approximately $715.15 million.
• Alphabet's earnings per share for the latest quarter was $2.31, exceeding analysts' forecasts, with a revenue of $96.43 billion, showing a year-over-year increase of 13.8%.
• The company recently announced a quarterly dividend of $0.21 per share, translating to an annual yield of 0.3% and a payout ratio of 8.95%.

Banque Pictet & Cie SA reduced its stake in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 2.0% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,031,513 shares of the information services provider's stock after selling 84,348 shares during the quarter. Alphabet makes up about 5.0% of Banque Pictet & Cie SA's holdings, making the stock its 2nd biggest holding. Banque Pictet & Cie SA's holdings in Alphabet were worth $715,150,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in Alphabet by 2.4% in the first 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. Kingstone Capital Partners Texas LLC boosted its holdings in shares of Alphabet by 580,897.4% during the 2nd quarter. Kingstone Capital Partners Texas LLC now owns 135,087,705 shares of the information services provider's stock valued at $23,963,208,000 after buying an additional 135,064,454 shares in the last quarter. JPMorgan Chase & Co. grew 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 buying an additional 9,243,959 shares during the period. Deutsche Bank AG increased its stake in shares of Alphabet by 5.4% in the 1st quarter. Deutsche Bank AG now owns 21,345,784 shares of the information services provider's stock worth $3,334,852,000 after acquiring an additional 1,098,996 shares in the last quarter. Finally, Invesco Ltd. increased its stake in shares of Alphabet by 2.2% in the 1st quarter. Invesco Ltd. now owns 20,380,073 shares of the information services provider's stock worth $3,183,979,000 after acquiring an additional 440,526 shares in the last quarter. 27.26% of the stock is currently owned by institutional investors.

Alphabet Stock Up 0.2%

Shares of Alphabet stock opened at $247.18 on Friday. Alphabet Inc. has a twelve month low of $142.66 and a twelve month high of $256.70. 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 company's 50 day moving average is $216.61 and its 200 day moving average is $184.28. The company has a market cap of $2.99 trillion, a price-to-earnings ratio of 26.32, a price-to-earnings-growth ratio of 1.66 and a beta of 1.01.

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

Alphabet Dividend Announcement

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

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. The Goldman Sachs Group restated a "buy" rating and issued a $220.00 price objective on shares of Alphabet in a report on Monday, June 2nd. Pivotal Research boosted their price target on Alphabet from $245.00 to $300.00 and gave the stock a "buy" rating in a research report on Wednesday, September 3rd. Cowen restated a "buy" rating on shares of Alphabet in a research note on Wednesday, July 9th. Phillip Securities cut Alphabet from a "strong-buy" rating to a "moderate buy" rating in a research note on Monday, September 8th. Finally, Lake Street Capital reissued a "buy" rating on shares of Alphabet in a report on Wednesday, July 9th. Four analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating, five have issued a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, Alphabet has a consensus rating of "Moderate Buy" and an average target price of $230.35.

Insider Transactions at Alphabet

In related news, CAO Amie Thuener O'toole sold 2,778 shares of Alphabet 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 completion of the sale, the chief accounting officer owned 17,293 shares of the company's stock, valued at $4,236,785. The trade was a 13.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Sundar Pichai sold 32,500 shares of the stock in a transaction that occurred on Wednesday, September 3rd. The stock was sold at an average price of $229.73, for a total transaction of $7,466,225.00. Following the completion of the transaction, the chief executive officer owned 2,429,892 shares in the company, valued at approximately $558,219,089.16. This trade represents a 1.32% decrease in their position. The disclosure for this sale can be found here. Insiders sold 258,088 shares of company stock worth $52,405,304 in the last ninety days. 12.99% of the stock is owned by company insiders.

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.

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