Progressive Investment Management Corp Cuts Position in Alphabet Inc. $GOOG

Key Points

• Progressive Investment Management Corp reduced its stake in Alphabet Inc. by 1.7% to 109,541 shares, making it the 5th largest position in their portfolio.
• Alphabet recently reported $2.31 EPS for the quarter, exceeding analysts' estimates, and had a revenue of $96.43 billion, up 13.8% year-over-year.
• The firm announced a quarterly dividend of $0.21 per share, with a yield of 0.4%, which will be paid on September 15th.

Progressive Investment Management Corp cut its position in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 1.7% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 109,541 shares of the information services provider's stock after selling 1,860 shares during the quarter. Alphabet comprises about 4.8% of Progressive Investment Management Corp's portfolio, making the stock its 5th biggest holding. Progressive Investment Management Corp's holdings in Alphabet were worth $17,114,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the stock. Principia Wealth Advisory LLC lifted its stake in shares of Alphabet by 111.8% during the 1st quarter. Principia Wealth Advisory LLC now owns 161 shares of the information services provider's stock valued at $26,000 after buying an additional 85 shares in the last quarter. MorganRosel Wealth Management LLC purchased a new stake in Alphabet during the 1st quarter valued at about $26,000. Goodman Advisory Group LLC purchased a new stake in shares of Alphabet during the first quarter worth about $32,000. Greykasell Wealth Strategies Inc. purchased a new position in shares of Alphabet during the first quarter valued at about $32,000. Finally, Graybill Wealth Management LTD. bought a new stake in shares of Alphabet during the 1st quarter valued at $44,000. Institutional investors and hedge funds own 27.26% of the company's stock.

Alphabet Stock Performance

Shares of NASDAQ:GOOG traded up $1.09 during mid-day trading on Friday, reaching $204.91. 21,099,072 shares of the company traded hands, compared to its average volume of 24,041,420. The firm has a market cap of $2.48 trillion, a PE ratio of 21.82, a PEG ratio of 1.38 and a beta of 1.02. Alphabet Inc. has a 52 week low of $142.66 and a 52 week high of $208.70. The company's 50 day moving average price is $185.21 and its 200-day moving average price is $174.52. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90.

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

Alphabet Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Monday, September 8th will be paid a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 0.4%. The ex-dividend date is Monday, September 8th. Alphabet's dividend payout ratio (DPR) is presently 8.95%.

Insider Transactions at Alphabet

In other news, CEO Sundar Pichai sold 32,500 shares of the business's stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $178.52, for a total value of $5,801,900.00. Following the completion of the sale, the chief executive officer directly owned 2,559,892 shares in the company, valued at $456,991,919.84. The trade was a 1.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider John Kent Walker sold 23,820 shares of the business's stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $194.70, for a total value of $4,637,754.00. Following the transaction, the insider owned 42,999 shares in the company, valued at approximately $8,371,905.30. This represents a 35.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 274,819 shares of company stock worth $49,796,547 over the last three months. 12.99% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on GOOG shares. Barclays restated a "buy" rating on shares of Alphabet in a research report on Wednesday, July 9th. Tigress Financial restated a "strong-buy" rating on shares of Alphabet in a report on Friday, May 2nd. Susquehanna reaffirmed a "positive" rating on shares of Alphabet in a research report on Friday, May 2nd. Scotiabank lifted their price target on Alphabet from $200.00 to $240.00 and gave the company a "sector outperform" rating in a research report on Tuesday, July 22nd. Finally, Rosenblatt Securities raised shares of Alphabet from a "hold" rating to a "strong-buy" rating in a report on Friday, April 25th. Three analysts have rated the stock with a sell rating, six have given a hold rating, seventeen have issued a buy rating and five have issued a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $215.19.

Alphabet Company 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.