Alphabet Inc. $GOOGL Shares Sold by Banque Pictet & Cie SA

Key Points

• Banque Pictet & Cie SA reduced its holdings in Alphabet Inc. by 3.4%, owning 2,398,787 shares, valued at approximately $422 million, as of the latest SEC filing.
• Alphabet reported earnings per share (EPS) of $2.31 for the last quarter, exceeding expectations of $2.15, along with a revenue of $96.43 billion.
• The company declared a quarterly dividend of $0.21 per share, reflecting an annualized dividend yield of 0.3%.

Banque Pictet & Cie SA lessened its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 3.4% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,398,787 shares of the information services provider's stock after selling 84,124 shares during the period. Alphabet comprises 2.9% of Banque Pictet & Cie SA's holdings, making the stock its 7th largest holding. Banque Pictet & Cie SA's holdings in Alphabet were worth $422,738,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. Vanguard Group Inc. grew its position in shares of Alphabet by 2.9% during the 1st quarter. Vanguard Group Inc. now owns 509,826,331 shares of the information services provider's stock worth $78,839,544,000 after purchasing an additional 14,307,345 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Alphabet by 11.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 43,865,520 shares of the information services provider's stock worth $6,783,364,000 after purchasing an additional 4,473,901 shares in the last quarter. Invesco Ltd. grew its position in shares of Alphabet by 1.4% during the 1st quarter. Invesco Ltd. now owns 43,648,514 shares of the information services provider's stock worth $6,749,806,000 after purchasing an additional 593,345 shares in the last quarter. Deutsche Bank AG grew its position in shares of Alphabet by 1.9% during the 1st quarter. Deutsche Bank AG now owns 39,792,300 shares of the information services provider's stock worth $6,153,481,000 after purchasing an additional 727,335 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Alphabet by 0.3% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 38,556,577 shares of the information services provider's stock worth $5,962,389,000 after purchasing an additional 104,859 shares in the last quarter. Institutional investors and hedge funds own 40.03% of the company's stock.

Alphabet Stock Down 1.0%

GOOGL stock opened at $244.05 on Tuesday. The stock's 50 day simple moving average is $217.01 and its 200 day simple moving average is $183.83. The company has a market cap of $2.95 trillion, a P/E ratio of 25.99, a price-to-earnings-growth ratio of 1.66 and a beta of 1.01. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90. Alphabet Inc. has a fifty-two week low of $140.53 and a fifty-two week high of $256.00.

Alphabet (NASDAQ:GOOGL - Get Free Report) last issued its quarterly earnings results 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 net margin of 31.12% and a return on equity of 34.31%. The company had revenue of $96.43 billion during the quarter, compared to analyst estimates of $93.60 billion. On average, research analysts expect that Alphabet Inc. will post 8.9 earnings per share for the current fiscal year.

Alphabet Dividend Announcement

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

Insider Buying and Selling at Alphabet

In related news, CAO Amie Thuener O'toole sold 2,778 shares of the firm's stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $245.00, for a total value of $680,610.00. Following the completion of the transaction, the chief accounting officer directly owned 17,293 shares of the company's stock, valued at approximately $4,236,785. This trade represents a 13.84% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Kavitark Ram Shriram sold 18,566 shares of the firm's stock in a transaction that occurred on Friday, July 18th. The stock was 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 approximately $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. Insiders sold a total of 257,866 shares of company stock valued at $52,363,610 in the last quarter. Corporate insiders own 11.55% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on GOOGL shares. Bank of America increased their target price on shares of Alphabet from $210.00 to $217.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Wells Fargo & Company boosted their target price on shares of Alphabet from $184.00 to $187.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 29th. Piper Sandler boosted their target price on shares of Alphabet from $220.00 to $285.00 and gave the company an "overweight" rating in a research report on Thursday, September 18th. Truist Financial boosted their target price on shares of Alphabet from $225.00 to $285.00 and gave the company a "buy" rating in a research report on Monday, September 22nd. Finally, Roth Capital boosted their target price on shares of Alphabet from $205.00 to $210.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Three research analysts have rated the stock with a Strong Buy rating, thirty-three have assigned a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $233.44.

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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