Alphabet Inc. $GOOG Position Reduced by Riverview Trust Co

Key Points

• Riverview Trust Co significantly reduced its stake in Alphabet Inc. by 83.8%, leaving it with only 1,256 shares valued at $223,000.
• Alphabet reported better-than-expected earnings of $2.31 per share for the last quarter, surpassing analysts' estimates by $0.19, with a revenue of $96.43 billion.
• The company recently announced a dividend payment of $0.21 per share, reflecting a 0.3% yield and a payout ratio of 8.95%.

Riverview Trust Co cut its position in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 83.8% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,256 shares of the information services provider's stock after selling 6,518 shares during the quarter. Riverview Trust Co's holdings in Alphabet were worth $223,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Robbins Farley lifted its position in shares of Alphabet by 60.0% in the second quarter. Robbins Farley now owns 160 shares of the information services provider's stock worth $28,000 after purchasing an additional 60 shares in the last quarter. Principia Wealth Advisory LLC lifted its position in shares of Alphabet by 111.8% in the first quarter. Principia Wealth Advisory LLC now owns 161 shares of the information services provider's stock worth $26,000 after purchasing an additional 85 shares in the last quarter. MorganRosel Wealth Management LLC purchased a new stake in shares of Alphabet in the first quarter worth approximately $26,000. Greykasell Wealth Strategies Inc. purchased a new stake in shares of Alphabet in the first quarter worth approximately $32,000. Finally, Goodman Advisory Group LLC purchased a new stake in shares of Alphabet in the first quarter worth approximately $32,000. 27.26% of the stock is owned by hedge funds and other institutional investors.

Alphabet Stock Up 0.0%

Shares of NASDAQ GOOG opened at $246.45 on Friday. The stock has a market cap of $2.98 trillion, a PE ratio of 26.25, a PEG ratio of 1.66 and a beta of 1.00. The business has a fifty day moving average of $221.89 and a two-hundred day moving average of $187.15. Alphabet Inc. has a 52-week low of $142.66 and a 52-week high of $256.70. 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 (NASDAQ:GOOG - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.12 by $0.19. The company had revenue of $96.43 billion during 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 revenue was up 13.8% on a year-over-year basis. During the same period last year, the business earned $1.89 earnings per share. As a group, equities research analysts expect that Alphabet Inc. will post 8.89 earnings per share for the current fiscal year.

Alphabet Announces Dividend

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

Insider Activity at Alphabet

In related news, Director Kavitark Ram Shriram sold 18,566 shares of Alphabet stock in a transaction dated Friday, July 18th. The stock was 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 directly owned 243,400 shares of the company's stock, valued at $45,213,984. The trade was a 7.09% 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 Alphabet stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $194.70, for a total value of $4,637,754.00. Following the completion of the transaction, the insider directly owned 42,999 shares of the company's stock, valued at $8,371,905.30. This represents a 35.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 276,738 shares of company stock valued at $59,135,475 over the last ninety days. 12.99% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on GOOG. KeyCorp set a $265.00 price target on shares of Alphabet in a research report on Wednesday, September 3rd. BNP Paribas downgraded Alphabet from a "strong-buy" rating to a "hold" rating in a report on Thursday, June 26th. Mizuho upgraded Alphabet to a "strong-buy" rating in a report on Monday, September 29th. Citizens Jmp upgraded Alphabet from a "hold" rating to a "strong-buy" rating in a report on Thursday, June 26th. Finally, UBS Group increased their price objective on Alphabet from $186.00 to $192.00 and gave the stock a "neutral" rating in a report on Wednesday, July 16th. Five research analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating, five have issued a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $235.33.

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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