Alphabet Inc. $GOOG is Channing Global Advisors LLC's 6th Largest Position

Key Points

• Channing Global Advisors LLC reduced its stake in Alphabet Inc. (NASDAQ:GOOG) by 10.6% in Q2, now owning 49,494 shares which make up 5.7% of its total holdings, valued at approximately $8.78 million.
• Analysts have set varied price targets for Alphabet, with UBS at $255 and Jefferies raising it from $230 to $285, highlighting a consensus rating of "Moderate Buy."
• Alphabet announced a quarterly dividend of $0.21 per share, yielding a 0.3% annualized dividend, with a low payout ratio of 8.95%.

Channing Global Advisors LLC cut its stake in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 10.6% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 49,494 shares of the information services provider's stock after selling 5,844 shares during the quarter. Alphabet comprises about 5.7% of Channing Global Advisors LLC's holdings, making the stock its 6th largest position. Channing Global Advisors LLC's holdings in Alphabet were worth $8,780,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in GOOG. MorganRosel Wealth Management LLC bought a new stake in Alphabet during the first quarter worth about $26,000. IFS Advisors LLC lifted its stake in shares of Alphabet by 400.0% in the 2nd quarter. IFS Advisors LLC now owns 150 shares of the information services provider's stock valued at $27,000 after acquiring an additional 120 shares during the last quarter. Robbins Farley lifted its stake in shares of Alphabet by 60.0% in the 2nd quarter. Robbins Farley now owns 160 shares of the information services provider's stock valued at $28,000 after acquiring an additional 60 shares during the last quarter. WestEnd Advisors LLC lifted its stake in shares of Alphabet by 58.7% in the 2nd quarter. WestEnd Advisors LLC now owns 165 shares of the information services provider's stock valued at $29,000 after acquiring an additional 61 shares during the last quarter. Finally, Fairman Group LLC lifted its stake in shares of Alphabet by 121.3% in the 2nd quarter. Fairman Group LLC now owns 177 shares of the information services provider's stock valued at $31,000 after acquiring an additional 97 shares during the last quarter. 27.26% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

GOOG has been the subject of a number of recent research reports. UBS Group set a $255.00 target price on Alphabet and gave the company a "neutral" rating in a research note on Thursday, October 9th. Jefferies Financial Group upped their price target on Alphabet from $230.00 to $285.00 and gave the company a "buy" rating in a research report on Thursday, October 2nd. Citizens Jmp raised Alphabet from a "hold" rating to a "strong-buy" rating in a research report on Thursday, June 26th. Cowen reaffirmed a "buy" rating on shares of Alphabet in a research report on Wednesday, October 8th. Finally, Oppenheimer reaffirmed an "outperform" rating and set a $270.00 price target (up previously from $235.00) on shares of Alphabet in a research report on Wednesday, September 3rd. Six investment analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, five have assigned a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $244.68.

Alphabet Price Performance

NASDAQ GOOG opened at $253.79 on Friday. The business's fifty day moving average price is $232.18 and its 200-day moving average price is $192.73. The stock has a market capitalization of $3.07 trillion, a price-to-earnings ratio of 27.03, a PEG ratio of 1.70 and a beta of 1.00. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90. Alphabet Inc. has a 1-year low of $142.66 and a 1-year high of $257.58.

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

Alphabet Announces Dividend

The firm also recently announced 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 annualized dividend and a dividend yield of 0.3%. The ex-dividend date was Monday, September 8th. Alphabet's payout ratio is 8.95%.

Insiders Place Their Bets

In other news, CAO Amie Thuener O'toole sold 2,778 shares of Alphabet stock in a transaction that occurred on Monday, September 15th. The shares were 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 approximately $4,236,785. The trade was a 13.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Sundar Pichai sold 32,500 shares of the business's stock in a transaction that occurred on Wednesday, September 17th. The stock was sold at an average price of $249.50, for a total transaction of $8,108,750.00. Following the completion of the transaction, the chief executive officer directly owned 2,397,392 shares of the company's stock, valued at $598,149,304. This trade represents a 1.34% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 243,372 shares of company stock worth $55,110,740 over the last three months. 12.99% of the stock is currently owned by corporate 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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