Alphabet Inc. $GOOGL Shares Purchased by Meyer Handelman Co.

Key Points

• Meyer Handelman Co. increased its holdings in Alphabet Inc. by 3.4% during the second quarter, owning 116,854 shares valued at approximately $20.6 million.
• Several analysts have raised their price targets for Alphabet, with estimates ranging from $190 to $265, indicating a consensus rating of Moderate Buy.
• Alphabet recently announced a $0.21 quarterly dividend, representing a 0.3% yield, with a current dividend payout ratio of 8.95%.

Meyer Handelman Co. lifted its position in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 3.4% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 116,854 shares of the information services provider's stock after acquiring an additional 3,855 shares during the period. Meyer Handelman Co.'s holdings in Alphabet were worth $20,593,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also modified their holdings of GOOGL. Guardian Wealth Management Inc. increased its holdings in Alphabet by 242.9% in the 1st quarter. Guardian Wealth Management Inc. now owns 168 shares of the information services provider's stock worth $26,000 after buying an additional 119 shares during the period. IMA Advisory Services Inc. acquired a new stake in shares of Alphabet in the first quarter worth $28,000. von Borstel & Associates Inc. acquired a new stake in shares of Alphabet in the first quarter worth $28,000. NBZ Investment Advisors LLC increased its stake in shares of Alphabet by 85.7% in the first quarter. NBZ Investment Advisors LLC now owns 195 shares of the information services provider's stock worth $30,000 after acquiring an additional 90 shares during the period. Finally, Financial Gravity Asset Management Inc. acquired a new stake in shares of Alphabet in the first quarter worth $39,000. 40.03% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. DA Davidson increased their price target on Alphabet from $180.00 to $190.00 and gave the stock a "neutral" rating in a research report on Tuesday, September 2nd. Stifel Nicolaus raised their target price on Alphabet from $200.00 to $218.00 and gave the stock a "buy" rating in a report on Tuesday, July 22nd. JPMorgan Chase & Co. raised their target price on Alphabet from $200.00 to $232.00 and gave the stock an "overweight" rating in a report on Thursday, July 24th. KeyCorp raised their price objective on shares of Alphabet from $230.00 to $265.00 and gave the stock an "overweight" rating in a research note on Wednesday, September 3rd. Finally, Royal Bank Of Canada raised their price objective on shares of Alphabet from $220.00 to $260.00 and gave the stock an "outperform" rating in a research note on Wednesday, September 3rd. Three analysts have rated the stock with a Strong Buy rating, thirty-three have issued a Buy rating and ten have given a Hold rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $233.44.

Alphabet Stock Down 1.0%

GOOGL opened at $244.05 on Tuesday. Alphabet Inc. has a twelve month low of $140.53 and a twelve month high of $256.00. 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 50-day moving average price of $217.01 and a 200 day moving average price of $183.83. The company has a market cap of $2.95 trillion, a PE ratio of 25.99, a price-to-earnings-growth ratio of 1.66 and a beta of 1.01.

Alphabet (NASDAQ:GOOGL - 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 $2.15 by $0.16. Alphabet had a return on equity of 34.31% and a net margin of 31.12%.The company had revenue of $96.43 billion for the quarter, compared to analysts' expectations of $93.60 billion. Sell-side analysts expect that Alphabet Inc. will post 8.9 earnings per share for the current fiscal year.

Alphabet Dividend Announcement

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

Insider Transactions at Alphabet

In other news, CAO Amie Thuener O'toole sold 2,778 shares of the company's stock in a transaction on Monday, September 15th. The shares were sold at an average price of $245.00, for a total transaction of $680,610.00. Following the completion of the sale, the chief accounting officer owned 17,293 shares of the company's stock, valued at $4,236,785. This represents a 13.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Kavitark Ram Shriram sold 18,566 shares of the stock in a transaction dated 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 sale, the director owned 243,400 shares of the company's stock, valued at $45,213,984. This trade represents a 7.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 257,866 shares of company stock worth $52,363,610. Company insiders own 11.55% of the company's stock.

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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