Alphabet Inc. $GOOG Stake Trimmed by Penn Davis Mcfarland Inc.

Key Points

• Penn Davis Mcfarland Inc. reduced its stake in Alphabet Inc. by 1.0%, holding 483,994 shares valued at approximately $85.86 million, making it the firm's largest investment position.
• In its recent earnings report, Alphabet surpassed estimates with $2.31 EPS and $96.43 billion in revenue, reflecting a 13.8% year-over-year increase.
• Alphabet announced a quarterly dividend of $0.21 per share, with a payout ratio of 8.95%, and a yield of 0.3% for investors.

Penn Davis Mcfarland Inc. lessened its holdings in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 1.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 483,994 shares of the information services provider's stock after selling 4,951 shares during the period. Alphabet comprises approximately 9.7% of Penn Davis Mcfarland Inc.'s investment portfolio, making the stock its biggest position. Penn Davis Mcfarland Inc.'s holdings in Alphabet were worth $85,856,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Principia Wealth Advisory LLC increased its stake in Alphabet by 111.8% in the 1st quarter. Principia Wealth Advisory LLC now owns 161 shares of the information services provider's stock worth $26,000 after buying an additional 85 shares during the period. MorganRosel Wealth Management LLC purchased a new position in shares of Alphabet during the first quarter worth approximately $26,000. Goodman Advisory Group LLC bought a new stake in shares of Alphabet during the first quarter valued at approximately $32,000. Greykasell Wealth Strategies Inc. purchased a new stake in shares of Alphabet in the first quarter valued at approximately $32,000. Finally, Elevate Wealth Advisory Inc. purchased a new position in Alphabet during the 1st quarter worth $34,000. 27.26% of the stock is currently owned by hedge funds and other institutional investors.

Alphabet Stock Up 0.2%

Shares of Alphabet stock opened at $247.18 on Friday. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07. The company has a market cap of $2.99 trillion, a P/E ratio of 26.32, a PEG ratio of 1.66 and a beta of 1.01. The firm's 50 day moving average price is $216.61 and its 200-day moving average price is $184.28. Alphabet Inc. has a 52-week low of $142.66 and a 52-week high of $256.70.

Alphabet (NASDAQ:GOOG - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, beating the consensus estimate of $2.12 by $0.19. The company 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%. Alphabet's revenue was up 13.8% compared to the same quarter last year. During the same period last year, the firm earned $1.89 earnings per share. On average, sell-side analysts predict that Alphabet Inc. will post 8.89 EPS for the current fiscal year.

Alphabet Announces Dividend

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

Insiders Place Their Bets

In other news, CEO Sundar Pichai sold 32,500 shares of the company's stock in a transaction dated Wednesday, September 3rd. The shares were sold at an average price of $229.73, for a total transaction of $7,466,225.00. Following the transaction, the chief executive officer owned 2,429,892 shares in the company, valued at $558,219,089.16. This represents a 1.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Kavitark Ram Shriram sold 18,566 shares of the stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $185.76, for a total transaction of $3,448,820.16. Following the completion of the transaction, the director directly owned 243,400 shares of the company's stock, valued at $45,213,984. The trade was a 7.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 258,088 shares of company stock valued at $52,405,304. 12.99% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts have weighed in on GOOG shares. Wells Fargo & Company reissued an "equal weight" rating on shares of Alphabet in a research report on Wednesday, July 9th. Piper Sandler reaffirmed a "neutral" rating on shares of Alphabet in a research note on Wednesday, July 9th. Scotiabank raised their target price on shares of Alphabet from $200.00 to $240.00 and gave the company a "sector outperform" rating in a research report on Tuesday, July 22nd. Raymond James Financial restated an "outperform" rating and issued a $210.00 price target (up previously from $185.00) on shares of Alphabet in a report on Thursday, July 24th. Finally, Robert W. Baird increased their price objective on shares of Alphabet from $215.00 to $275.00 and gave the company an "outperform" rating in a research note on Monday, September 22nd. Four research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating, five have issued a Hold rating and three have given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $230.35.

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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