Alphabet Inc. $GOOG Shares Acquired by Meyer Handelman Co.

Key Points

• Meyer Handelman Co. increased its holdings in Alphabet Inc. by 3.3% in the second quarter, now owning 307,678 shares worth approximately $54.6 million.
• Analysts have issued various ratings for Alphabet, with Oppenheimer setting a price target of $270 and JPMorgan maintaining an "overweight" rating with a price target of $260.
• Alphabet declared a quarterly dividend of $0.21 per share, representing an annualized payout of $0.84 and a dividend yield of 0.3%.

Meyer Handelman Co. raised its holdings in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 3.3% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 307,678 shares of the information services provider's stock after acquiring an additional 9,875 shares during the quarter. Alphabet makes up 1.8% of Meyer Handelman Co.'s investment portfolio, making the stock its 12th biggest holding. Meyer Handelman Co.'s holdings in Alphabet were worth $54,579,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the company. ACT Advisors LLC. lifted its holdings in shares of Alphabet by 3.5% in the 2nd quarter. ACT Advisors LLC. now owns 1,625 shares of the information services provider's stock valued at $288,000 after purchasing an additional 55 shares during the last quarter. LongView Wealth Management lifted its holdings in shares of Alphabet by 1.1% in the 2nd quarter. LongView Wealth Management now owns 5,126 shares of the information services provider's stock valued at $909,000 after purchasing an additional 56 shares during the last quarter. Kooman & Associates lifted its holdings in shares of Alphabet by 1.4% in the 2nd quarter. Kooman & Associates now owns 4,127 shares of the information services provider's stock valued at $732,000 after purchasing an additional 56 shares during the last quarter. Colton Groome Financial Advisors LLC lifted its holdings in shares of Alphabet by 3.4% in the 2nd quarter. Colton Groome Financial Advisors LLC now owns 1,742 shares of the information services provider's stock valued at $309,000 after purchasing an additional 57 shares during the last quarter. Finally, NCM Capital Management LLC lifted its holdings in shares of Alphabet by 2.2% in the 1st quarter. NCM Capital Management LLC now owns 2,802 shares of the information services provider's stock valued at $438,000 after purchasing an additional 60 shares during the last quarter. 27.26% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

GOOG has been the subject of several analyst reports. Oppenheimer reaffirmed an "outperform" rating and set a $270.00 price objective (up from $235.00) on shares of Alphabet in a research note on Wednesday, September 3rd. Phillip Securities downgraded Alphabet from a "strong-buy" rating to a "moderate buy" rating in a research note on Monday, September 8th. JPMorgan Chase & Co. upped their price objective on Alphabet from $232.00 to $260.00 and gave the company an "overweight" rating in a research note on Wednesday, September 3rd. Cowen reaffirmed a "buy" rating on shares of Alphabet in a research note on Wednesday, July 9th. Finally, KeyCorp set a $265.00 price objective on Alphabet in a research note on Wednesday, September 3rd. Four research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, five have issued a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $230.35.

Alphabet Stock Performance

Shares of GOOG stock opened at $247.18 on Friday. 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 1.67 and a beta of 1.01. The stock has a 50 day simple moving average of $216.61 and a 200-day simple moving average of $184.39. 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 earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.12 by $0.19. The business had revenue of $96.43 billion during the quarter, compared to the consensus estimate of $93.67 billion. Alphabet had a return on equity of 34.31% and a net margin of 31.12%.The company's revenue for the quarter was up 13.8% on a year-over-year basis. During the same period in the prior year, the business posted $1.89 EPS. On average, equities analysts forecast that Alphabet Inc. will post 8.89 EPS for the current year.

Alphabet Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Monday, September 8th were issued a $0.21 dividend. The ex-dividend date 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 is currently 8.95%.

Insiders Place Their Bets

In related news, CAO Amie Thuener O'toole sold 2,778 shares of the company's stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $245.00, for a total value of $680,610.00. Following the sale, the chief accounting officer owned 17,293 shares in the company, valued at $4,236,785. This represents a 13.84% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider John Kent Walker sold 23,820 shares of the company's stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $194.70, for a total value of $4,637,754.00. Following the completion of the sale, the insider owned 42,999 shares in the company, valued at approximately $8,371,905.30. This represents a 35.65% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 258,088 shares of company stock worth $52,405,304. 12.99% of the stock is owned by insiders.

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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