Alphabet Inc. $GOOG Shares Acquired by Truist Financial Corp

Key Points

• Truist Financial Corp increased its stake in Alphabet Inc. by 0.4%, owning 3,626,927 shares valued at approximately $643 million, marking the stock as its 17th largest holding.
• Several institutional investors, including Kingstone Capital Partners and Vanguard Group, have made significant changes to their holdings in Alphabet, indicating strong interest in the stock.
• Alphabet announced a quarterly dividend of $0.21 per share, with an annualized yield of 0.3%, and reported a 13.8% year-over-year revenue growth, totaling $96.43 billion for the last quarter.

Truist Financial Corp lifted its position in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 0.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,626,927 shares of the information services provider's stock after purchasing an additional 15,065 shares during the quarter. Alphabet accounts for approximately 0.9% of Truist Financial Corp's portfolio, making the stock its 17th largest holding. Truist Financial Corp's holdings in Alphabet were worth $643,381,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in GOOG. Kingstone Capital Partners Texas LLC grew its stake 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 worth $23,963,208,000 after purchasing an additional 135,064,454 shares during the period. Nuveen LLC acquired a new stake in Alphabet in the 1st quarter valued at $2,622,943,000. Vanguard Group Inc. grew its stake in Alphabet by 2.4% in the 1st quarter. Vanguard Group Inc. now owns 411,570,922 shares of the information services provider's stock valued at $64,299,725,000 after acquiring an additional 9,687,855 shares during the period. JPMorgan Chase & Co. grew its stake in Alphabet by 9.9% in the 1st quarter. JPMorgan Chase & Co. now owns 102,232,997 shares of the information services provider's stock valued at $15,971,861,000 after acquiring an additional 9,243,959 shares during the period. Finally, Strs Ohio acquired a new stake in Alphabet in the 1st quarter valued at $369,713,000. Institutional investors and hedge funds own 27.26% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on GOOG. Barclays reissued a "buy" rating on shares of Alphabet in a research note on Wednesday, July 9th. Scotiabank lifted their price target on shares of Alphabet from $200.00 to $240.00 and gave the company a "sector outperform" rating in a research note on Tuesday, July 22nd. Jefferies Financial Group lifted their price target on shares of Alphabet from $230.00 to $285.00 and gave the company a "buy" rating in a research note on Thursday. Roth Capital reissued a "buy" rating on shares of Alphabet in a research note on Wednesday, July 9th. Finally, Raymond James Financial reissued an "outperform" rating and issued a $210.00 price target (up previously from $185.00) on shares of Alphabet in a research note on Thursday, July 24th. Five research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating, five have assigned a Hold rating and three have issued a Sell rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $235.33.

Insider Transactions at Alphabet

In other news, CEO Sundar Pichai sold 32,500 shares of Alphabet stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $184.38, for a total transaction of $5,992,350.00. Following the transaction, the chief executive officer owned 2,527,392 shares in the company, valued at $466,000,536.96. The trade was a 1.27% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider John Kent Walker sold 23,820 shares of Alphabet stock in a transaction 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 transaction, 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. Insiders have sold a total of 276,738 shares of company stock worth $59,135,475 in the last quarter. Company insiders own 12.99% of the company's stock.

Alphabet Stock Up 0.4%

NASDAQ GOOG opened at $246.43 on Friday. Alphabet Inc. has a 52 week low of $142.66 and a 52 week 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 business's fifty day simple moving average is $220.84 and its 200-day simple moving average is $186.43. The firm has a market cap of $2.98 trillion, a PE ratio of 26.24, a P/E/G ratio of 1.66 and a beta of 1.00.

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, topping the consensus estimate of $2.12 by $0.19. Alphabet had a return on equity of 34.31% and a net margin of 31.12%.The business had revenue of $96.43 billion for the quarter, compared to analyst estimates of $93.67 billion. During the same quarter in the previous year, the firm earned $1.89 EPS. The company's quarterly revenue was up 13.8% compared to the same quarter last year. As a group, equities analysts anticipate that Alphabet Inc. will post 8.89 earnings per share for the current year.

Alphabet Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Monday, September 8th were issued 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 currently 8.95%.

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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