Alphabet Inc. $GOOG is Invesco LLC's 2nd Largest Position

Key Points

• Invesco LLC has reduced its stake in Alphabet Inc. ($GOOG) by 2.1%, owning 109,881 shares, which represents 7.3% of its portfolio, making it the fund's second largest position.
• Alphabet reported impressive financial results, with a quarterly EPS of $2.31, exceeding analysts' expectations, and revenue of $96.43 billion, showing a year-over-year increase of 13.8%.
• The firm paid a quarterly dividend of $0.21 on September 15th, 2023, which equates to an annualized dividend yield of 0.3% and a payout ratio of 8.95%.

Invesco LLC lowered its position in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 2.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 109,881 shares of the information services provider's stock after selling 2,409 shares during the period. Alphabet comprises about 7.3% of Invesco LLC's portfolio, making the stock its 2nd largest position. Invesco LLC's holdings in Alphabet were worth $19,492,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Principia Wealth Advisory LLC increased its holdings in Alphabet by 111.8% during the first quarter. Principia Wealth Advisory LLC now owns 161 shares of the information services provider's stock worth $26,000 after buying an additional 85 shares during the last quarter. MorganRosel Wealth Management LLC purchased a new stake in Alphabet during the first quarter worth about $26,000. Goodman Advisory Group LLC purchased a new stake in Alphabet during the first quarter worth about $32,000. Greykasell Wealth Strategies Inc. purchased a new stake in Alphabet during the first quarter worth about $32,000. Finally, Elevate Wealth Advisory Inc. purchased a new stake in Alphabet during the first quarter worth about $34,000. Hedge funds and other institutional investors own 27.26% of the company's stock.

Alphabet Price Performance

Shares of NASDAQ:GOOG opened at $243.55 on Wednesday. The company has a 50 day moving average of $218.70 and a 200 day moving average of $185.47. The stock has a market cap of $2.95 trillion, a P/E ratio of 25.94, a P/E/G ratio of 1.65 and a beta of 1.01. Alphabet Inc. has a 12 month low of $142.66 and a 12 month high of $256.70. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07.

Alphabet (NASDAQ:GOOG - Get Free Report) last issued its quarterly earnings data 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. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The company had revenue of $96.43 billion during the quarter, compared to analysts' expectations of $93.67 billion. During the same quarter in the previous year, the company earned $1.89 earnings per share. Alphabet's revenue for the quarter was up 13.8% on a year-over-year basis. As a group, sell-side analysts forecast that Alphabet Inc. will post 8.89 EPS for the current fiscal year.

Alphabet Announces Dividend

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

Insider Transactions at Alphabet

In other news, Director John L. Hennessy sold 600 shares of the business's stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $249.44, for a total value of $149,664.00. Following the completion of the sale, the director directly owned 5,716 shares in the company, valued at approximately $1,425,799.04. The trade was a 9.50% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 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 sale, the chief executive officer owned 2,397,392 shares of the company's stock, valued at approximately $598,149,304. The trade was a 1.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 225,469 shares of company stock worth $46,586,752. Corporate insiders own 12.99% of the company's stock.

Analyst Ratings Changes

A number of research firms recently issued reports on GOOG. Barclays restated a "buy" rating on shares of Alphabet in a report on Wednesday, July 9th. Phillip Securities downgraded shares of Alphabet from a "strong-buy" rating to a "moderate buy" rating in a report on Monday, September 8th. Scotiabank raised their price objective on shares of Alphabet from $200.00 to $240.00 and gave the stock a "sector outperform" rating in a report on Tuesday, July 22nd. Pivotal Research lifted their target price on shares of Alphabet from $245.00 to $300.00 and gave the stock a "buy" rating in a research note on Wednesday, September 3rd. Finally, Oppenheimer reiterated an "outperform" rating and issued a $270.00 target price (up previously from $235.00) on shares of Alphabet in a research note on Wednesday, September 3rd. Four equities research 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. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $230.35.

Alphabet Company 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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