NBT Bank N A NY Cuts Position in Alphabet Inc. (NASDAQ:GOOG)

NBT Bank N A NY lowered its stake in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 1.3% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 155,261 shares of the information services provider's stock after selling 2,034 shares during the quarter. Alphabet makes up approximately 1.8% of NBT Bank N A NY's investment portfolio, making the stock its 8th largest position. NBT Bank N A NY's holdings in Alphabet were worth $24,256,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Norges Bank bought a new stake in shares of Alphabet in the 4th quarter valued at about $5,166,070,000. GAMMA Investing LLC increased its position in Alphabet by 18,562.3% during the first quarter. GAMMA Investing LLC now owns 14,323,323 shares of the information services provider's stock worth $2,237,733,000 after buying an additional 14,246,573 shares during the last quarter. Raymond James Financial Inc. bought a new stake in Alphabet in the fourth quarter valued at approximately $1,551,533,000. Northern Trust Corp lifted its position in shares of Alphabet by 16.1% in the fourth quarter. Northern Trust Corp now owns 57,098,042 shares of the information services provider's stock valued at $10,873,751,000 after buying an additional 7,917,625 shares during the last quarter. Finally, GQG Partners LLC lifted its position in shares of Alphabet by 181,679.1% in the fourth quarter. GQG Partners LLC now owns 7,225,721 shares of the information services provider's stock valued at $1,376,066,000 after buying an additional 7,221,746 shares during the last quarter. Institutional investors own 27.26% of the company's stock.

Alphabet Stock Down 1.8%

Shares of NASDAQ:GOOG traded down $3.25 during mid-day trading on Thursday, hitting $173.98. 32,365,363 shares of the company traded hands, compared to its average volume of 20,579,241. The stock has a market cap of $2.11 trillion, a P/E ratio of 19.40, a P/E/G ratio of 1.23 and a beta of 1.01. The stock has a 50-day moving average price of $165.77 and a two-hundred day moving average price of $176.42. Alphabet Inc. has a 12-month low of $142.66 and a 12-month high of $208.70. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 0.03.

Alphabet (NASDAQ:GOOG - Get Free Report) last posted its earnings results on Thursday, April 24th. The information services provider reported $2.81 EPS for the quarter, topping the consensus estimate of $2.02 by $0.79. Alphabet had a net margin of 30.86% and a return on equity of 34.54%. The firm had revenue of $90.23 billion for the quarter, compared to analysts' expectations of $89.30 billion. During the same quarter last year, the firm earned $1.89 EPS. The company's quarterly revenue was up 12.0% compared to the same quarter last year. On average, equities research analysts forecast that Alphabet Inc. will post 8.89 earnings per share for the current year.

Alphabet Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Monday, June 9th were issued a dividend of $0.21 per share. This is a boost from Alphabet's previous quarterly dividend of $0.20. The ex-dividend date was Monday, June 9th. This represents a $0.84 dividend on an annualized basis and a yield of 0.48%. Alphabet's dividend payout ratio is 9.36%.

Wall Street Analysts Forecast Growth

A number of research firms 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 for the company in a research note on Friday, April 11th. Citigroup restated a "sell" rating on shares of Alphabet in a research note on Wednesday, April 23rd. JPMorgan Chase & Co. boosted their target price on shares of Alphabet from $180.00 to $195.00 and gave the company an "overweight" rating in a research report on Friday, April 25th. Scotiabank decreased their price target on Alphabet from $232.00 to $200.00 and set a "sector outperform" rating on the stock in a research note on Monday, April 21st. Finally, Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $171.00 price objective on shares of Alphabet in a research note on Friday, April 25th. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating, fourteen have given a buy rating and five have assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $204.88.

Insider Buying and Selling

In other news, Director John L. Hennessy sold 200 shares of the stock in a transaction on Monday, April 14th. The shares were sold at an average price of $161.90, for a total value of $32,380.00. Following the transaction, the director now owns 7,613 shares of the company's stock, valued at $1,232,544.70. This represents a 2.56% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Sundar Pichai sold 32,500 shares of Alphabet stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $168.71, for a total value of $5,483,075.00. Following the sale, the chief executive officer now directly owns 2,587,696 shares of the company's stock, valued at approximately $436,570,192.16. This trade represents a 1.24% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 195,570 shares of company stock valued at $32,003,532. Corporate insiders own 12.99% of the company's stock.

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.