Alphabet Inc. $GOOG Shares Sold by Norris Perne & French LLP MI

Key Points

• Norris Perne & French LLP MI reduced its holdings in Alphabet Inc. ($GOOG) by 8.9% during the second quarter, now owning 21,106 shares valued at approximately $3.74 million.
• Alphabet's quarterly earnings beat expectations, reporting earnings per share of $2.31 and revenue of $96.43 billion, a 13.8% increase compared to the previous year.
• The firm recently declared a quarterly dividend of $0.21 per share, representing an annualized dividend yield of 0.3%.

Norris Perne & French LLP MI lessened its holdings in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 8.9% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 21,106 shares of the information services provider's stock after selling 2,052 shares during the period. Norris Perne & French LLP MI's holdings in Alphabet were worth $3,744,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in GOOG. Brighton Jones LLC raised its position in shares of Alphabet by 5.6% during the 4th quarter. Brighton Jones LLC now owns 120,253 shares of the information services provider's stock worth $22,901,000 after acquiring an additional 6,410 shares in the last quarter. Revisor Wealth Management LLC increased its position in Alphabet by 107.9% during the first quarter. Revisor Wealth Management LLC now owns 3,659 shares of the information services provider's stock worth $572,000 after buying an additional 1,899 shares during the period. Affiance Financial LLC increased its position in Alphabet by 1.4% during the first quarter. Affiance Financial LLC now owns 14,478 shares of the information services provider's stock worth $2,262,000 after buying an additional 201 shares during the period. Merit Financial Group LLC increased its position in Alphabet by 7.9% during the first quarter. Merit Financial Group LLC now owns 129,839 shares of the information services provider's stock worth $20,285,000 after buying an additional 9,539 shares during the period. Finally, HBW Advisory Services LLC increased its position in Alphabet by 6.7% during the first quarter. HBW Advisory Services LLC now owns 17,331 shares of the information services provider's stock worth $2,708,000 after buying an additional 1,087 shares during the period. Institutional investors and hedge funds own 27.26% of the company's stock.

Alphabet Stock Down 0.3%

Alphabet stock opened at $243.55 on Wednesday. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90. Alphabet Inc. has a 1-year low of $142.66 and a 1-year high of $256.70. The company has a market cap of $2.95 trillion, a PE ratio of 25.94, a price-to-earnings-growth ratio of 1.65 and a beta of 1.01. The stock's 50 day moving average price is $218.70 and its 200 day moving average price is $185.47.

Alphabet (NASDAQ:GOOG - Get Free Report) last posted 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 firm had revenue of $96.43 billion for the quarter, compared to the consensus estimate of $93.67 billion. During the same period in the previous year, the business earned $1.89 earnings per share. The company's revenue for the quarter was up 13.8% compared to the same quarter last year. On average, sell-side analysts predict that Alphabet Inc. will post 8.89 EPS for the current fiscal year.

Alphabet Dividend Announcement

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

Analyst Upgrades and Downgrades

Several research analysts have commented on GOOG shares. Oppenheimer reaffirmed an "outperform" rating and set a $270.00 price target (up previously from $235.00) on shares of Alphabet in a research report on Wednesday, September 3rd. Phillip Securities lowered Alphabet from a "strong-buy" rating to a "moderate buy" rating in a research report on Monday, September 8th. Pivotal Research lifted their price target on Alphabet from $245.00 to $300.00 and gave the stock a "buy" rating in a research report on Wednesday, September 3rd. Lake Street Capital reaffirmed a "buy" rating on shares of Alphabet in a research report on Wednesday, July 9th. Finally, JPMorgan Chase & Co. lifted their price target on Alphabet from $232.00 to $260.00 and gave the stock an "overweight" rating in a research report on Wednesday, September 3rd. Four equities research analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, five have given a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $230.35.

Insider Transactions at Alphabet

In other Alphabet news, 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 transaction of $149,664.00. Following the sale, the director directly owned 5,716 shares in the company, valued at approximately $1,425,799.04. The trade was a 9.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Sundar Pichai sold 32,500 shares of the business's stock in a transaction on Wednesday, September 17th. The stock was sold at an average price of $249.50, for a total value of $8,108,750.00. Following the sale, the chief executive officer owned 2,397,392 shares in the company, valued at approximately $598,149,304. The trade was a 1.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 225,469 shares of company stock valued at $46,586,752. 12.99% of the stock is owned by company insiders.

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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