Alphabet Inc. $GOOG Stake Cut by Mitchell Capital Management Co.

Key Points

• Mitchell Capital Management Co. reduced its stake in Alphabet Inc. by 29.5%, now holding 96,965 shares valued at approximately $18 million.
• Recent insider trading included Director John L. Hennessy selling 600 shares for $145,752, reducing his ownership by 10.50%.
• Alphabet declared a quarterly dividend of $0.21 per share, with an annualized yield of 0.3% as of its recent filing.

Mitchell Capital Management Co. reduced its holdings in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 29.5% during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 96,965 shares of the information services provider's stock after selling 40,640 shares during the period. Alphabet makes up 3.4% of Mitchell Capital Management Co.'s investment portfolio, making the stock its 7th largest holding. Mitchell Capital Management Co.'s holdings in Alphabet were worth $18,030,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. Yarger Wealth Strategies LLC lifted its stake in shares of Alphabet by 14.6% in the 2nd quarter. Yarger Wealth Strategies LLC now owns 7,507 shares of the information services provider's stock worth $1,332,000 after acquiring an additional 959 shares during the period. Libra Wealth LLC lifted its stake in shares of Alphabet by 10.4% in the second quarter. Libra Wealth LLC now owns 6,771 shares of the information services provider's stock valued at $1,201,000 after purchasing an additional 640 shares during the period. Alpha Financial Partners LLC lifted its stake in shares of Alphabet by 7.6% in the second quarter. Alpha Financial Partners LLC now owns 3,689 shares of the information services provider's stock valued at $654,000 after purchasing an additional 262 shares during the period. LRI Investments LLC lifted its stake in shares of Alphabet by 9.8% in the second quarter. LRI Investments LLC now owns 17,020 shares of the information services provider's stock valued at $3,019,000 after purchasing an additional 1,513 shares during the period. Finally, Valley Brook Capital Group Inc. lifted its stake in shares of Alphabet by 1.8% in the second quarter. Valley Brook Capital Group Inc. now owns 10,256 shares of the information services provider's stock valued at $1,819,000 after purchasing an additional 180 shares during the period. Institutional investors and hedge funds own 27.26% of the company's stock.

Insider Buying and Selling at Alphabet

In other news, Director John L. Hennessy sold 600 shares of Alphabet stock in a transaction dated Monday, October 13th. The shares were sold at an average price of $242.92, for a total transaction of $145,752.00. Following the completion of the sale, the director directly owned 5,116 shares in the company, valued at $1,242,778.72. The trade was a 10.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Frances Arnold sold 103 shares of Alphabet stock in a transaction dated Tuesday, September 30th. The stock was sold at an average price of $243.13, for a total transaction of $25,042.39. Following the sale, the director owned 17,284 shares of the company's stock, valued at approximately $4,202,258.92. This trade represents a 0.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 210,872 shares of company stock valued at $46,980,865. Corporate insiders own 12.99% of the company's stock.

Analyst Ratings Changes

Several brokerages recently commented on GOOG. TD Cowen raised their price objective on shares of Alphabet from $270.00 to $280.00 and gave the company a "buy" rating in a research note on Wednesday, October 8th. Wells Fargo & Company reiterated an "equal weight" rating on shares of Alphabet in a research note on Wednesday, July 9th. KeyCorp set a $265.00 target price on shares of Alphabet in a research report on Wednesday, September 3rd. Oppenheimer restated an "outperform" rating and set a $270.00 target price (up previously from $235.00) on shares of Alphabet in a research report on Wednesday, September 3rd. Finally, JPMorgan Chase & Co. lifted their target price on shares of Alphabet from $232.00 to $260.00 and gave the stock an "overweight" rating in a research report on Wednesday, September 3rd. Six research analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, five have assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $244.68.

Alphabet Stock Performance

Shares of GOOG opened at $251.88 on Friday. The stock has a market cap of $3.05 trillion, a P/E ratio of 26.82, a PEG ratio of 1.70 and a beta of 1.00. Alphabet Inc. has a 12-month low of $142.66 and a 12-month high of $257.58. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07. The company has a 50-day moving average of $231.15 and a two-hundred day moving average of $192.08.

Alphabet (NASDAQ:GOOG - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, topping analysts' consensus estimates of $2.12 by $0.19. The business had revenue of $96.43 billion during the quarter, compared to the consensus estimate of $93.67 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The company's quarterly revenue was up 13.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.89 earnings per share. As a group, research analysts predict that Alphabet Inc. will post 8.89 EPS for the current fiscal year.

Alphabet Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Monday, September 8th were issued a dividend of $0.21 per share. 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%.

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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