King Luther Capital Management Corp Has $394.54 Million Position in Alphabet Inc. (NASDAQ:GOOG)

Key Points

• King Luther Capital Management Corp reduced its holdings in Alphabet Inc. by 0.8%, now owning approximately 2.5 million shares valued at $394.5 million.
• CEO Sundar Pichai sold 32,500 shares of Alphabet stock, reducing his ownership by 1.25% and netting about $5.8 million from the sale.
• Alphabet recently announced a quarterly dividend of $0.21 per share, reflecting an annualized yield of 0.4%.

King Luther Capital Management Corp reduced its holdings in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 0.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,525,402 shares of the information services provider's stock after selling 19,520 shares during the period. Alphabet makes up 1.8% of King Luther Capital Management Corp's holdings, making the stock its 9th biggest position. King Luther Capital Management Corp's holdings in Alphabet were worth $394,543,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of GOOG. Principia Wealth Advisory LLC increased its position in shares of Alphabet by 111.8% during the first quarter. Principia Wealth Advisory LLC now owns 161 shares of the information services provider's stock valued at $26,000 after acquiring an additional 85 shares during the last quarter. MorganRosel Wealth Management LLC acquired a new position in shares of Alphabet in the first quarter valued at approximately $26,000. LSV Asset Management acquired a new position in shares of Alphabet in the fourth quarter valued at approximately $27,000. Goodman Advisory Group LLC acquired a new position in shares of Alphabet in the first quarter valued at approximately $32,000. Finally, Greykasell Wealth Strategies Inc. acquired a new position in shares of Alphabet in the first quarter valued at approximately $32,000. 27.26% of the stock is owned by hedge funds and other institutional investors.

Alphabet Stock Performance

GOOG traded down $0.46 during trading on Monday, hitting $201.63. The stock had a trading volume of 16,675,980 shares, compared to its average volume of 24,116,525. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90. The firm has a market capitalization of $2.44 trillion, a P/E ratio of 21.47, a PEG ratio of 1.34 and a beta of 1.02. The company's 50-day moving average price is $181.90 and its 200 day moving average price is $174.35. Alphabet Inc. has a twelve month low of $142.66 and a twelve month high of $208.70.

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

Alphabet Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Monday, September 8th will be given a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date of this dividend is Monday, September 8th. Alphabet's payout ratio is 8.95%.

Analyst Ratings Changes

GOOG has been the subject of a number of research reports. Wells Fargo & Company restated an "equal weight" rating on shares of Alphabet in a report on Wednesday, July 9th. UBS Group boosted their price target on shares of Alphabet from $186.00 to $192.00 and gave the stock a "neutral" rating in a report on Wednesday, July 16th. Needham & Company LLC downgraded shares of Alphabet from a "buy" rating to a "cautious" rating in a research report on Friday, May 2nd. Lake Street Capital restated a "buy" rating on shares of Alphabet in a research report on Wednesday, July 9th. Finally, Piper Sandler restated a "neutral" rating on shares of Alphabet in a research report on Wednesday, July 9th. Three research analysts have rated the stock with a sell rating, six have issued a hold rating, seventeen have given a buy rating and five have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $215.19.

Insider Buying and Selling at Alphabet

In other news, CEO Sundar Pichai sold 32,500 shares of the business's stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $178.52, for a total transaction of $5,801,900.00. Following the transaction, the chief executive officer directly owned 2,559,892 shares of the company's stock, valued at approximately $456,991,919.84. The trade was a 1.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider John Kent Walker sold 23,820 shares of Alphabet stock in a transaction on Monday, August 4th. The stock was sold at an average price of $194.70, for a total transaction of $4,637,754.00. Following the completion of the sale, the insider owned 42,999 shares of the company's stock, valued at approximately $8,371,905.30. This trade represents a 35.65% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 274,219 shares of company stock valued at $49,674,273 over the last ninety days. Corporate insiders own 12.99% of the company's stock.

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.