Alphabet Inc. $GOOG Shares Bought by RNC Capital Management LLC

Key Points

• RNC Capital Management LLC increased its stake in Alphabet Inc. by 4.1%, acquiring an additional 3,338 shares, bringing total holdings to 84,025 shares worth approximately $13.13 million.
• Insider selling activity included Director John L. Hennessy selling 1,000 shares on August 8th, as well as insider John Kent Walker selling 23,820 shares on August 4th, indicating significant decreases in their positions.
• Alphabet's stock has a moderate buy rating with an average price target set at $227.56, reflecting the positive outlook from multiple analysts amid strong quarterly earnings results.

RNC Capital Management LLC grew its holdings in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 4.1% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 84,025 shares of the information services provider's stock after purchasing an additional 3,338 shares during the period. RNC Capital Management LLC's holdings in Alphabet were worth $13,127,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Principia Wealth Advisory LLC increased its holdings in shares of Alphabet by 111.8% during the first quarter. Principia Wealth Advisory LLC now owns 161 shares of the information services provider's stock valued at $26,000 after purchasing an additional 85 shares during the period. MorganRosel Wealth Management LLC acquired a new position in shares of Alphabet during the first quarter valued at $26,000. Goodman Advisory Group LLC acquired a new position in shares of Alphabet during the first quarter valued at $32,000. Greykasell Wealth Strategies Inc. acquired a new position in shares of Alphabet during the first quarter valued at $32,000. Finally, Elevate Wealth Advisory Inc. acquired a new position in shares of Alphabet during the first quarter valued at $34,000. 27.26% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director John L. Hennessy sold 1,000 shares of the stock in a transaction on Friday, August 8th. The stock was sold at an average price of $200.00, for a total value of $200,000.00. Following the completion of the transaction, the director owned 6,916 shares in the company, valued at $1,383,200. This trade represents a 12.63% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider John Kent Walker sold 23,820 shares of the stock in a transaction on 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 owned 42,999 shares of the company's stock, valued at $8,371,905.30. This trade represents a 35.65% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 254,710 shares of company stock worth $49,208,380. Company insiders own 12.99% of the company's stock.

Wall Street Analysts Forecast Growth

GOOG has been the topic of a number of research analyst reports. UBS Group raised their price target on Alphabet from $186.00 to $192.00 and gave the company a "neutral" rating in a report on Wednesday, July 16th. Roth Capital reissued a "buy" rating on shares of Alphabet in a report on Wednesday, July 9th. Raymond James Financial reaffirmed an "outperform" rating and set a $210.00 target price (up from $185.00) on shares of Alphabet in a report on Thursday, July 24th. Wells Fargo & Company reaffirmed an "equal weight" rating on shares of Alphabet in a report on Wednesday, July 9th. Finally, Lake Street Capital reaffirmed a "buy" rating on shares of Alphabet in a report on Wednesday, July 9th. Five analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, six have assigned a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat, Alphabet currently has an average rating of "Moderate Buy" and an average price target of $227.56.

Alphabet Trading Up 1.1%

NASDAQ:GOOG opened at $235.17 on Monday. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07. Alphabet Inc. has a 1-year low of $142.66 and a 1-year high of $236.13. The firm has a market capitalization of $2.84 trillion, a price-to-earnings ratio of 25.04, a price-to-earnings-growth ratio of 1.58 and a beta of 1.01. The stock has a fifty day simple moving average of $196.65 and a 200 day simple moving average of $176.75.

Alphabet (NASDAQ:GOOG - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to analyst estimates of $93.67 billion. During the same quarter last year, the company posted $1.89 EPS. Alphabet's revenue for the quarter was up 13.8% on a year-over-year basis. Sell-side analysts forecast 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 will be paid on Monday, September 15th. Investors of record on Monday, September 8th will be given a $0.21 dividend. The ex-dividend date is Monday, September 8th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.4%. Alphabet's dividend payout ratio (DPR) is 8.95%.

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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