Alphabet Inc. $GOOG Shares Sold by PNC Financial Services Group Inc.

Key Points

• PNC Financial Services slightly reduced its Alphabet stake by 0.9% in the fourth quarter, but still held 2.83 million shares worth about $889.1 million.
• Alphabet reported a strong quarter, with EPS of $5.11 versus the $2.68 estimate and revenue of $109.9 billion, up 21.8% year over year.
• The company also raised its quarterly dividend to $0.22 per share from $0.21, while analysts remain broadly bullish with a consensus Buy rating and average target price of $372.65.

PNC Financial Services Group Inc. lessened its stake in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 0.9% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 2,833,352 shares of the information services provider's stock after selling 25,090 shares during the quarter. PNC Financial Services Group Inc.'s holdings in Alphabet were worth $889,106,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of GOOG. Brighton Jones LLC raised its stake in shares of Alphabet by 5.6% in the 4th quarter. Brighton Jones LLC now owns 120,253 shares of the information services provider's stock valued at $22,901,000 after purchasing an additional 6,410 shares in the last quarter. Worldquant Millennium Advisors LLC raised its stake in shares of Alphabet by 76.2% in the 2nd quarter. Worldquant Millennium Advisors LLC now owns 1,865,304 shares of the information services provider's stock valued at $330,886,000 after purchasing an additional 806,681 shares in the last quarter. Darwin Wealth Management LLC acquired a new stake in shares of Alphabet in the 2nd quarter valued at about $658,000. Financial Advisors Network Inc. raised its stake in shares of Alphabet by 7.7% in the 2nd quarter. Financial Advisors Network Inc. now owns 7,945 shares of the information services provider's stock valued at $1,409,000 after purchasing an additional 565 shares in the last quarter. Finally, Ausdal Financial Partners Inc. raised its stake in shares of Alphabet by 10.7% in the 2nd quarter. Ausdal Financial Partners Inc. now owns 37,310 shares of the information services provider's stock valued at $6,618,000 after purchasing an additional 3,616 shares in the last quarter. Institutional investors and hedge funds own 27.26% of the company's stock.

Insider Activity

In related news, major shareholder 2019 Gp L.L.C. Gv sold 87,475 shares of the company's stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $23.75, for a total value of $2,077,531.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider John Kent Walker sold 8,993 shares of the company's stock in a transaction that occurred on Friday, March 27th. The shares were sold at an average price of $275.89, for a total transaction of $2,481,078.77. Following the completion of the sale, the insider owned 51,808 shares of the company's stock, valued at approximately $14,293,309.12. This trade represents a 14.79% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 226,481 shares of company stock valued at $27,422,061 in the last ninety days. 12.99% of the stock is owned by company insiders.

Alphabet Trading Up 0.3%

Alphabet stock opened at $386.12 on Friday. The firm has a 50 day simple moving average of $341.87 and a 200-day simple moving average of $323.94. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.92 and a quick ratio of 1.92. The stock has a market capitalization of $4.68 trillion, a PE ratio of 29.45, a price-to-earnings-growth ratio of 1.65 and a beta of 1.25. Alphabet Inc. has a 12-month low of $163.33 and a 12-month high of $404.47.

Alphabet (NASDAQ:GOOG - Get Free Report) last posted its quarterly earnings data on Thursday, April 30th. The information services provider reported $5.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.68 by $2.43. The business had revenue of $109.90 billion during the quarter, compared to analysts' expectations of $106.96 billion. Alphabet had a net margin of 37.92% and a return on equity of 38.99%. The business's revenue was up 21.8% on a year-over-year basis. During the same period last year, the firm posted $2.81 earnings per share. As a group, equities research analysts expect that Alphabet Inc. will post 14.29 EPS for the current fiscal year.

Alphabet Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Monday, June 8th will be issued a dividend of $0.22 per share. The ex-dividend date is Monday, June 8th. This is a positive change from Alphabet's previous quarterly dividend of $0.21. This represents a $0.88 dividend on an annualized basis and a yield of 0.2%. Alphabet's payout ratio is 6.41%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on GOOG shares. Wedbush restated an "outperform" rating and issued a $370.00 target price on shares of Alphabet in a research note on Thursday, February 5th. Raymond James Financial reiterated a "strong-buy" rating and set a $425.00 price objective on shares of Alphabet in a research note on Thursday, April 30th. Pivotal Research reiterated a "buy" rating and set a $470.00 price objective (up from $420.00) on shares of Alphabet in a research note on Wednesday, April 29th. Freedom Capital lowered shares of Alphabet from a "strong-buy" rating to a "hold" rating in a research note on Monday, May 4th. Finally, BMO Capital Markets reiterated an "outperform" rating and set a $400.00 price objective on shares of Alphabet in a research note on Thursday, February 5th. Six analysts have rated the stock with a Strong Buy rating, twenty-eight have assigned a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of $372.65.

Key Stories Impacting Alphabet

Here are the key news stories impacting Alphabet this week:

• Positive Sentiment: Alphabet’s Waymo unit is rolling out its new “Ojai” robotaxi to select riders in major U.S. cities, with a roomier design, lower manufacturing costs, and a removable steering wheel — all signs that the autonomous vehicle business may become more scalable and economically viable. Article Title
• Positive Sentiment: Alphabet also announced a Google Cloud partnership with EQT to help more than 300 portfolio companies accelerate AI adoption, reinforcing cloud and AI as key growth drivers for the company beyond advertising. Article Title
• Neutral Sentiment: Commentary from Jim Cramer and several market notes described Alphabet as a “crucial position” and suggested investors still may be underestimating Waymo’s value, which can help sentiment but does not change fundamentals by itself. Article Title
• Neutral Sentiment: There was also interest in Alphabet’s AI-search changes and new Gemini-powered ad formats, which could improve monetization over time, but some observers say the overhaul is still controversial and early reactions are mixed. Article Title
• Negative Sentiment: Federal prosecutors charged a Google software engineer with using confidential information to make about $1.2 million on Polymarket bets, creating unwanted reputational risk for Alphabet and adding headlines that may pressure sentiment. Article Title
• Negative Sentiment: Alphabet’s recent AI Search overhaul is also drawing criticism, with some users and rival search services benefiting as concerns grow that Google’s changes could hurt traffic patterns and user satisfaction. Article Title

Alphabet Profile

Alphabet Inc NASDAQ: GOOG is a multinational technology holding company headquartered in Mountain View, California. Formed in 2015 through a corporate restructuring of Google, Alphabet serves as the parent to Google LLC and a portfolio of businesses collectively known as "Other Bets." Google was originally founded in 1998 by Larry Page and Sergey Brin; Alphabet is led by CEO Sundar Pichai, who oversees Google and the broader company while the founders remain prominent shareholders and influential figures in the company's history.

Alphabet's core business centers on internet search and advertising, with Google Search and the company's ad platforms (including Google Ads and AdSense) generating the majority of revenue by connecting advertisers with consumers worldwide.

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