Alphabet Inc. $GOOG Shares Sold by HB Wealth Management LLC

Key Points

• HB Wealth Management LLC reduced its stake in Alphabet Inc. by 6.9% during the 2nd quarter, resulting in ownership of 322,372 shares worth approximately $57 million.
• Insider transactions revealed that the Chief Accounting Officer and a Director sold shares of Alphabet, contributing to a total of 243,285 shares sold by insiders over the last ninety days, worth nearly $51 million.
• The company recently announced a quarterly dividend of $0.21, translating to an annualized yield of 0.3% with a payout ratio of 8.95%.

HB Wealth Management LLC decreased its position in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 6.9% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 322,372 shares of the information services provider's stock after selling 23,999 shares during the quarter. HB Wealth Management LLC's holdings in Alphabet were worth $57,186,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. Elser Financial Planning Inc acquired a new position in shares of Alphabet in the 2nd quarter worth approximately $859,000. Oakworth Capital Inc. boosted its position in Alphabet by 3.4% during the 2nd quarter. Oakworth Capital Inc. now owns 182,756 shares of the information services provider's stock valued at $32,419,000 after purchasing an additional 6,021 shares during the period. Baron Silver Stevens Financial Advisors LLC boosted its position in Alphabet by 22.0% during the 2nd quarter. Baron Silver Stevens Financial Advisors LLC now owns 8,258 shares of the information services provider's stock valued at $1,465,000 after purchasing an additional 1,491 shares during the period. Avondale Wealth Management boosted its position in Alphabet by 201.4% during the 2nd quarter. Avondale Wealth Management now owns 2,110 shares of the information services provider's stock valued at $374,000 after purchasing an additional 1,410 shares during the period. Finally, Oceanside Advisors LLC acquired a new position in Alphabet during the 2nd quarter valued at approximately $227,000. Institutional investors and hedge funds own 27.26% of the company's stock.

Insider Buying and Selling

In other news, CAO Amie Thuener O'toole sold 2,778 shares of the business's stock in a transaction 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 of the company's stock, valued at approximately $4,236,785. The trade was a 13.84% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director John L. Hennessy sold 600 shares of the business's stock in a transaction on Monday, September 15th. The stock was sold at an average price of $249.44, for a total value of $149,664.00. Following the completion of the sale, the director directly owned 5,716 shares in the company, valued at $1,425,799.04. This represents a 9.50% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 243,285 shares of company stock worth $50,994,787. 12.99% of the stock is owned by corporate insiders.

Alphabet Stock Up 0.8%

Shares of Alphabet stock opened at $245.54 on Thursday. The business's fifty day moving average price is $219.78 and its two-hundred day moving average price is $185.88. 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 company has a market capitalization of $2.97 trillion, a P/E ratio of 26.15, a PEG ratio of 1.64 and a beta of 1.00. Alphabet Inc. has a 1-year low of $142.66 and a 1-year high of $256.70.

Alphabet (NASDAQ:GOOG - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, beating the consensus estimate of $2.12 by $0.19. The firm had revenue of $96.43 billion for 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 firm's revenue for the quarter was up 13.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.89 EPS. As a group, research analysts forecast that Alphabet Inc. will post 8.89 EPS for the current year.

Alphabet Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Piper Sandler restated a "neutral" rating on shares of Alphabet in a research report on Wednesday, July 9th. Roth Capital restated a "buy" rating on shares of Alphabet in a research report on Wednesday, July 9th. BNP Paribas lowered Alphabet from a "strong-buy" rating to a "hold" rating in a research report on Thursday, June 26th. KeyCorp set a $265.00 price objective on Alphabet in a research report on Wednesday, September 3rd. Finally, Cowen restated a "buy" rating on shares of Alphabet in a research report on Wednesday, July 9th. Five analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, five have issued a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $230.35.

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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