Alphabet Inc. $GOOG Shares Purchased by Dock Street Asset Management Inc.

Key Points

• Dock Street Asset Management Inc. increased its holdings in Alphabet Inc. (NASDAQ:GOOG) by 0.8%, bringing its total to 234,306 shares worth approximately $41.56 million at the end of the 2nd quarter.
• Sundar Pichai, CEO of Alphabet, sold 32,500 shares for about $8.1 million, reducing his position by 1.34%, while other executives also sold shares recently.
• Alphabet announced a quarterly dividend of $0.21, translating to an annual yield of 0.3%, with a payout ratio of 8.95%.

Dock Street Asset Management Inc. boosted its holdings in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 0.8% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 234,306 shares of the information services provider's stock after buying an additional 1,970 shares during the quarter. Alphabet makes up about 3.9% of Dock Street Asset Management Inc.'s holdings, making the stock its 9th largest position. Dock Street Asset Management Inc.'s holdings in Alphabet were worth $41,563,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of GOOG. Vanguard Group Inc. increased its stake in Alphabet by 2.4% in the first quarter. Vanguard Group Inc. now owns 411,570,922 shares of the information services provider's stock valued at $64,299,725,000 after purchasing an additional 9,687,855 shares during the last quarter. Kingstone Capital Partners Texas LLC increased its stake in Alphabet by 580,897.4% in the second quarter. Kingstone Capital Partners Texas LLC now owns 135,087,705 shares of the information services provider's stock valued at $23,963,208,000 after purchasing an additional 135,064,454 shares during the last quarter. JPMorgan Chase & Co. increased its stake in Alphabet by 9.9% in the first quarter. JPMorgan Chase & Co. now owns 102,232,997 shares of the information services provider's stock valued at $15,971,861,000 after purchasing an additional 9,243,959 shares during the last quarter. Deutsche Bank AG increased its stake in Alphabet by 5.4% in the first quarter. Deutsche Bank AG now owns 21,345,784 shares of the information services provider's stock valued at $3,334,852,000 after purchasing an additional 1,098,996 shares during the last quarter. Finally, Invesco Ltd. increased its stake in Alphabet by 2.2% in the first quarter. Invesco Ltd. now owns 20,380,073 shares of the information services provider's stock valued at $3,183,979,000 after purchasing an additional 440,526 shares during the last quarter. 27.26% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, CEO Sundar Pichai sold 32,500 shares of Alphabet stock in a transaction on Wednesday, September 17th. The shares were sold at an average price of $249.50, for a total value of $8,108,750.00. Following the transaction, the chief executive officer directly owned 2,397,392 shares in the company, valued at $598,149,304. This trade represents a 1.34% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Amie Thuener O'toole sold 2,778 shares of Alphabet stock in a transaction on Monday, September 15th. The shares were sold at an average price of $245.00, for a total transaction of $680,610.00. Following the completion of the transaction, the chief accounting officer owned 17,293 shares in the company, valued at approximately $4,236,785. This trade represents a 13.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 243,372 shares of company stock valued at $55,110,740. Corporate insiders own 12.99% of the company's stock.

Alphabet Stock Up 0.8%

Shares of NASDAQ:GOOG opened at $253.79 on Friday. The firm has a fifty day moving average price of $232.18 and a 200 day moving average price of $192.97. Alphabet Inc. has a 1-year low of $142.66 and a 1-year high of $257.58. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90. The stock has a market cap of $3.07 trillion, a P/E ratio of 27.03, a P/E/G ratio of 1.71 and a beta of 1.00.

Alphabet (NASDAQ:GOOG - Get Free Report) last posted its quarterly earnings data 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 net margin of 31.12% and a return on equity of 34.31%. The firm had revenue of $96.43 billion for the quarter, compared to analyst estimates of $93.67 billion. During the same period last year, the firm posted $1.89 EPS. Alphabet's quarterly revenue was up 13.8% on a year-over-year basis. Sell-side analysts predict that Alphabet Inc. will post 8.89 EPS for the current year.

Alphabet Announces Dividend

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

Analyst Upgrades and Downgrades

Several brokerages have commented on GOOG. KeyCorp set a $265.00 price target on shares of Alphabet in a research note on Wednesday, September 3rd. BNP Paribas lowered shares of Alphabet from a "strong-buy" rating to a "hold" rating in a research note on Thursday, June 26th. Pivotal Research increased their price target on shares of Alphabet from $245.00 to $300.00 and gave the company a "buy" rating in a research note on Wednesday, September 3rd. TD Cowen lifted their target price on shares of Alphabet from $270.00 to $280.00 and gave the company a "buy" rating in a report on Wednesday, October 8th. Finally, Barclays reiterated a "buy" rating on shares of Alphabet in a research note on Wednesday, July 9th. Six equities research analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, five have given a Hold rating and three have assigned a Sell rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $244.68.

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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