Alphabet Inc. $GOOG Shares Sold by M&T Bank Corp

Key Points

• M&T Bank trimmed its stake in Alphabet by 4.0%, selling 88,389 shares and leaving 2,098,491 shares valued at about $372.25 million (1.3% of M&T’s portfolio).
• Alphabet beat Q3 expectations, reporting $2.87 EPS versus $2.29 expected and $102.35 billion in revenue (up 15.9% year-over-year), while analysts maintain an overall "Buy" consensus.
• Insider selling and dividend news: CEO Sundar Pichai sold 32,500 shares (about $8.13M) and insiders sold 227,850 shares last quarter ($58.9M total); Alphabet also declared a quarterly dividend of $0.21 (annualized $0.84, yield ~0.3%), ex-dividend Dec. 8, payable Dec. 15.

M&T Bank Corp lessened its position in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 4.0% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,098,491 shares of the information services provider's stock after selling 88,389 shares during the period. Alphabet makes up 1.3% of M&T Bank Corp's portfolio, making the stock its 16th biggest position. M&T Bank Corp's holdings in Alphabet were worth $372,251,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. IFS Advisors LLC increased its stake in shares of Alphabet by 400.0% in the second 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 grew its holdings in Alphabet by 60.0% in the 2nd quarter. Robbins Farley now owns 160 shares of the information services provider's stock worth $28,000 after buying an additional 60 shares in the last quarter. WestEnd Advisors LLC increased its position in Alphabet by 58.7% in the 2nd quarter. WestEnd Advisors LLC now owns 165 shares of the information services provider's stock valued at $29,000 after acquiring an additional 61 shares during the period. Fairman Group LLC grew its stake in shares of Alphabet by 121.3% in the second quarter. Fairman Group LLC now owns 177 shares of the information services provider's stock worth $31,000 after purchasing an additional 97 shares in the last quarter. Finally, University of Illinois Foundation bought a new position in shares of Alphabet in the second quarter worth $31,000. 27.26% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Alphabet news, CEO Sundar Pichai sold 32,500 shares of Alphabet stock in a transaction that occurred on Wednesday, October 15th. The shares were sold at an average price of $250.15, for a total transaction of $8,129,875.00. Following the transaction, the chief executive officer directly owned 2,369,619 shares in the company, valued at approximately $592,760,192.85. The trade was a 1.35% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Amie Thuener O'toole sold 2,778 shares of the business's stock in a transaction on Wednesday, October 15th. The shares were sold at an average price of $250.05, for a total transaction of $694,638.90. Following the sale, the chief accounting officer directly owned 14,516 shares in the company, valued at approximately $3,629,725.80. This trade represents a 16.06% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 227,850 shares of company stock valued at $58,874,814. 12.99% of the stock is owned by corporate insiders.

Alphabet Trading Down 1.6%

Shares of NASDAQ:GOOG opened at $315.12 on Tuesday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90. The stock has a market capitalization of $3.80 trillion, a price-to-earnings ratio of 31.08, a PEG ratio of 1.86 and a beta of 1.05. Alphabet Inc. has a 1-year low of $142.66 and a 1-year high of $328.67. The company has a 50 day moving average price of $271.07 and a 200 day moving average price of $221.40.

Alphabet (NASDAQ:GOOG - Get Free Report) last posted its quarterly earnings results on Thursday, October 30th. The information services provider reported $2.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.29 by $0.58. The company had revenue of $102.35 billion for the quarter, compared to analysts' expectations of $99.90 billion. Alphabet had a return on equity of 36.08% and a net margin of 32.23%.The firm's revenue was up 15.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.12 earnings per share. On average, research analysts anticipate that Alphabet Inc. will post 8.89 EPS for the current fiscal year.

Alphabet Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Monday, December 8th will be given a $0.21 dividend. The ex-dividend date is Monday, December 8th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.3%. Alphabet's dividend payout ratio (DPR) is 8.28%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Mizuho set a $325.00 price objective on shares of Alphabet in a research note on Thursday, October 30th. KeyCorp restated an "overweight" rating and set a $330.00 price target on shares of Alphabet in a research report on Thursday, October 30th. Weiss Ratings reiterated a "buy (b)" rating on shares of Alphabet in a report on Wednesday, October 8th. DA Davidson set a $300.00 target price on Alphabet in a report on Tuesday, November 25th. Finally, Wolfe Research increased their price target on Alphabet from $290.00 to $350.00 and gave the company an "outperform" rating in a research note on Thursday, October 30th. Seven research analysts have rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $307.22.

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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