NWI Management LP Sells 1,000,000 Shares of Alphabet Inc. $GOOG

Key Points

• NWI Management LP drastically reduced its stake in Alphabet Inc. by 80.8%, selling 1 million shares, making it its 5th largest position.
• Alphabet reported earnings of $2.31 EPS for the last quarter, exceeding analysts' expectations, with revenues reaching $96.43 billion.
• The company plans to pay a quarterly dividend of $0.21 per share on September 15th, with a current dividend yield of 0.4%.

NWI Management LP decreased its holdings in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 80.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 237,000 shares of the information services provider's stock after selling 1,000,000 shares during the period. Alphabet comprises about 4.7% of NWI Management LP's portfolio, making the stock its 5th largest holding. NWI Management LP's holdings in Alphabet were worth $37,027,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. NewEdge Advisors LLC boosted its holdings in shares of Alphabet by 6.3% during the first quarter. NewEdge Advisors LLC now owns 603,261 shares of the information services provider's stock valued at $94,247,000 after acquiring an additional 35,502 shares during the period. Night Owl Capital Management LLC boosted its holdings in shares of Alphabet by 3.3% during the first quarter. Night Owl Capital Management LLC now owns 357,293 shares of the information services provider's stock valued at $55,820,000 after acquiring an additional 11,476 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Alphabet by 7.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,947,263 shares of the information services provider's stock valued at $304,219,000 after acquiring an additional 128,735 shares during the period. Integrated Wealth Concepts LLC boosted its holdings in shares of Alphabet by 8.3% during the first quarter. Integrated Wealth Concepts LLC now owns 190,985 shares of the information services provider's stock valued at $29,838,000 after acquiring an additional 14,617 shares during the period. Finally, Jacobs Levy Equity Management Inc. boosted its holdings in shares of Alphabet by 0.8% during the first quarter. Jacobs Levy Equity Management Inc. now owns 2,646,461 shares of the information services provider's stock valued at $413,457,000 after acquiring an additional 20,806 shares during the period. Institutional investors own 27.26% of the company's stock.

Wall Street Analysts Forecast Growth

GOOG has been the subject of several analyst reports. JPMorgan Chase & Co. boosted their price target on shares of Alphabet from $232.00 to $260.00 and gave the company an "overweight" rating in a report on Wednesday, September 3rd. Pivotal Research boosted their price target on shares of Alphabet from $245.00 to $300.00 and gave the company a "buy" rating in a report on Wednesday, September 3rd. Citizens Jmp raised shares of Alphabet from a "hold" rating to a "strong-buy" rating in a report on Thursday, June 26th. UBS Group upped their price objective on shares of Alphabet from $186.00 to $192.00 and gave the stock a "neutral" rating in a report on Wednesday, July 16th. Finally, KeyCorp set a $265.00 price objective on shares of Alphabet in a report on Wednesday, September 3rd. Five analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, six have issued a Hold rating and three have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $227.56.

Insiders Place Their Bets

In other news, CEO Sundar Pichai sold 32,500 shares of the company's stock in a transaction dated Wednesday, August 20th. The stock was sold at an average price of $199.92, for a total value of $6,497,400.00. Following the transaction, the chief executive officer owned 2,462,392 shares in the company, valued at $492,281,408.64. This represents a 1.30% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director John L. Hennessy sold 1,000 shares of the company's stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $200.00, for a total value of $200,000.00. Following the completion of the transaction, the director owned 6,916 shares in the company, valued at $1,383,200. This represents a 12.63% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 254,710 shares of company stock worth $49,208,380 over the last quarter. Company insiders own 12.99% of the company's stock.

Alphabet Trading Down 0.4%

NASDAQ GOOG traded down $1.01 on Monday, hitting $234.16. 23,088,673 shares of the company were exchanged, compared to its average volume of 24,040,113. The company's 50 day moving average price is $196.65 and its 200-day moving average price is $176.75. 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 firm has a market capitalization of $2.83 trillion, a P/E ratio of 24.94, a price-to-earnings-growth ratio of 1.58 and a beta of 1.01. Alphabet Inc. has a twelve month low of $142.66 and a twelve month high of $238.40.

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 (EPS) for the quarter, topping 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 business's revenue for the quarter was up 13.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.89 EPS. Analysts predict that Alphabet Inc. will post 8.89 earnings per share for the current fiscal year.

Alphabet Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Monday, September 8th will be issued a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 0.4%. The ex-dividend date is Monday, September 8th. Alphabet's payout ratio is presently 8.95%.

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.