Alphabet Inc. $GOOG Shares Purchased by Cullinan Associates Inc.

Key Points

• Cullinan Associates Inc. increased its stake in Alphabet Inc. by 2.2% during the second quarter, now owning 88,021 shares valued at approximately $15.6 million.
• Investment analysts have issued various price targets for Alphabet, with TD Cowen and Scotiabank setting their new targets at $280.00 and $240.00, respectively, indicating a positive outlook on the stock.
• Alphabet announced a $0.21 quarterly dividend, representing an annualized yield of 0.3%, with a dividend payout ratio of 8.95%.

Cullinan Associates Inc. boosted its holdings in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 2.2% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 88,021 shares of the information services provider's stock after acquiring an additional 1,900 shares during the quarter. Alphabet accounts for 1.0% of Cullinan Associates Inc.'s portfolio, making the stock its 26th largest position. Cullinan Associates Inc.'s holdings in Alphabet were worth $15,614,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the business. IFS Advisors LLC increased its position in shares of Alphabet by 400.0% during the 2nd quarter. IFS Advisors LLC now owns 150 shares of the information services provider's stock valued at $27,000 after purchasing an additional 120 shares during the period. Robbins Farley increased its position in shares of Alphabet by 60.0% during the 2nd quarter. Robbins Farley now owns 160 shares of the information services provider's stock valued at $28,000 after purchasing an additional 60 shares during the period. MorganRosel Wealth Management LLC acquired a new position in shares of Alphabet during the 1st quarter valued at $26,000. Greykasell Wealth Strategies Inc. acquired a new position in shares of Alphabet during the 1st quarter valued at $32,000. Finally, Goodman Advisory Group LLC acquired a new position in shares of Alphabet during the 1st quarter valued at $32,000. 27.26% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

GOOG has been the subject of several research reports. Barclays reissued a "buy" rating on shares of Alphabet in a research note on Wednesday, July 9th. TD Cowen raised their price objective on Alphabet from $270.00 to $280.00 and gave the stock a "buy" rating in a research note on Wednesday. Scotiabank raised their price objective on Alphabet from $200.00 to $240.00 and gave the stock a "sector outperform" rating in a research note on Tuesday, July 22nd. Weiss Ratings reissued a "buy (b)" rating on shares of Alphabet in a research note on Wednesday. Finally, JPMorgan Chase & Co. raised their price objective on Alphabet from $232.00 to $260.00 and gave the stock an "overweight" rating in a research note on Wednesday, September 3rd. Six investment analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, five have issued a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, Alphabet currently has an average rating of "Moderate Buy" and an average target price of $237.68.

Insiders Place Their Bets

In related news, Director Frances Arnold sold 103 shares of Alphabet stock in a transaction on Tuesday, September 30th. The stock was sold at an average price of $243.13, for a total transaction of $25,042.39. Following the completion of the sale, the director owned 17,284 shares of the company's stock, valued at approximately $4,202,258.92. This trade represents a 0.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider John Kent Walker sold 17,816 shares of Alphabet stock in a transaction on Monday, September 29th. The shares were sold at an average price of $247.42, for a total value of $4,408,034.72. Following the sale, the insider directly owned 42,985 shares of the company's stock, valued at approximately $10,635,348.70. The trade was a 29.30% 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 valued at $59,135,475 over the last quarter. 12.99% of the stock is owned by insiders.

Alphabet Stock Performance

Shares of Alphabet stock opened at $245.46 on Thursday. The stock has a market cap of $2.97 trillion, a PE ratio of 26.14, a price-to-earnings-growth ratio of 1.67 and a beta of 1.00. The business has a fifty day simple moving average of $225.03 and a 200-day simple moving average of $188.71. 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 12 month low of $142.66 and a 12 month high of $256.70.

Alphabet (NASDAQ:GOOG - Get Free Report) last issued its 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. The business 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%.Alphabet's revenue was up 13.8% compared to the same quarter last year. During the same quarter last year, the firm posted $1.89 earnings per share. On average, sell-side analysts anticipate that Alphabet Inc. will post 8.89 EPS for the current fiscal year.

Alphabet Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Monday, September 8th were given a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 0.3%. The ex-dividend date of this dividend was Monday, September 8th. Alphabet's dividend payout ratio (DPR) is 8.95%.

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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