Sumitomo Mitsui Trust Group Inc. cut its stake in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 0.1% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 12,797,227 shares of the information services provider's stock after selling 16,303 shares during the period. Alphabet accounts for approximately 1.4% of Sumitomo Mitsui Trust Group Inc.'s holdings, making the stock its 8th biggest holding. Sumitomo Mitsui Trust Group Inc. owned approximately 0.10% of Alphabet worth $1,999,311,000 at the end of the most recent reporting period.
Other institutional investors also recently made changes to their positions in the company. Ethos Financial Group LLC boosted its position in Alphabet by 0.7% in the 4th quarter. Ethos Financial Group LLC now owns 7,300 shares of the information services provider's stock valued at $1,395,000 after buying an additional 53 shares during the last quarter. Hutchinson Capital Management CA raised its stake in shares of Alphabet by 1.5% in the 4th quarter. Hutchinson Capital Management CA now owns 3,555 shares of the information services provider's stock valued at $677,000 after purchasing an additional 54 shares in the last quarter. M. Kulyk & Associates LLC raised its stake in shares of Alphabet by 0.9% in the 4th quarter. M. Kulyk & Associates LLC now owns 6,445 shares of the information services provider's stock valued at $1,227,000 after purchasing an additional 56 shares in the last quarter. Retirement Planning Co of New England Inc. raised its stake in shares of Alphabet by 0.4% in the 4th quarter. Retirement Planning Co of New England Inc. now owns 15,977 shares of the information services provider's stock valued at $3,043,000 after purchasing an additional 56 shares in the last quarter. Finally, Concentrum Wealth Management raised its stake in shares of Alphabet by 0.3% in the 4th quarter. Concentrum Wealth Management now owns 17,328 shares of the information services provider's stock valued at $3,300,000 after purchasing an additional 57 shares in the last quarter. 27.26% of the stock is owned by hedge funds and other institutional investors.
Insider Activity
In other news, Director Kavitark Ram Shriram sold 10,500 shares of Alphabet stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $175.00, for a total transaction of $1,837,500.00. Following the sale, the director now owns 261,966 shares of the company's stock, valued at approximately $45,844,050. The trade was a 3.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Sundar Pichai sold 32,500 shares of Alphabet stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $158.56, for a total value of $5,153,200.00. Following the sale, the chief executive officer now directly owns 2,717,696 shares in the company, valued at approximately $430,917,877.76. This trade represents a 1.18% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 216,195 shares of company stock valued at $35,764,898. Insiders own 12.99% of the company's stock.
Alphabet Stock Performance
Shares of NASDAQ GOOG opened at $178.27 on Friday. The firm's 50-day moving average price is $167.82 and its two-hundred day moving average price is $176.02. The stock has a market capitalization of $2.16 trillion, a P/E ratio of 19.87, a P/E/G ratio of 1.26 and a beta of 1.01. The company has a quick ratio of 1.77, a current ratio of 1.77 and a debt-to-equity ratio of 0.03. Alphabet Inc. has a 52-week low of $142.66 and a 52-week high of $208.70.
Alphabet (NASDAQ:GOOG - Get Free Report) last released its quarterly earnings results on Thursday, April 24th. The information services provider reported $2.81 earnings per share for the quarter, beating analysts' consensus estimates of $2.02 by $0.79. The company had revenue of $90.23 billion for the quarter, compared to analysts' expectations of $89.30 billion. Alphabet had a return on equity of 34.54% and a net margin of 30.86%. The business's revenue for the quarter was up 12.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.89 earnings per share. As a group, sell-side analysts forecast that Alphabet Inc. will post 8.89 earnings per share for the current year.
Alphabet Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Monday, June 9th were issued a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.47%. The ex-dividend date of this dividend was Monday, June 9th. This is a boost from Alphabet's previous quarterly dividend of $0.20. Alphabet's payout ratio is 9.36%.
Wall Street Analyst Weigh In
A number of brokerages have recently issued reports on GOOG. UBS Group cut their target price on shares of Alphabet from $209.00 to $173.00 and set a "neutral" rating on the stock in a research note on Friday, April 11th. The Goldman Sachs Group restated a "buy" rating and issued a $220.00 target price on shares of Alphabet in a research note on Monday, June 2nd. Scotiabank cut their target price on shares of Alphabet from $232.00 to $200.00 and set a "sector outperform" rating on the stock in a research note on Monday, April 21st. Rosenblatt Securities upgraded shares of Alphabet from a "hold" rating to a "strong-buy" rating in a research note on Friday, April 25th. Finally, BNP Paribas lowered shares of Alphabet from a "strong-buy" rating to a "hold" rating in a research note on Thursday. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating, fourteen have assigned a buy rating and six have given a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $206.38.
Check Out Our Latest Analysis on Alphabet
Alphabet Profile
(
Free Report)
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.
Further Reading
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