TCI Wealth Advisors Inc. lessened its stake in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 9.1% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 17,968 shares of the information services provider's stock after selling 1,801 shares during the quarter. TCI Wealth Advisors Inc.'s holdings in Alphabet were worth $2,807,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Principia Wealth Advisory LLC grew its position in shares of Alphabet by 111.8% in the first quarter. Principia Wealth Advisory LLC now owns 161 shares of the information services provider's stock valued at $26,000 after purchasing an additional 85 shares during the period. LSV Asset Management purchased a new position in Alphabet in the 4th quarter valued at about $27,000. WealthTrak Capital Management LLC acquired a new stake in Alphabet in the 4th quarter worth about $38,000. Mountain Hill Investment Partners Corp. purchased a new stake in Alphabet during the 4th quarter worth approximately $39,000. Finally, Noble Wealth Management PBC purchased a new stake in Alphabet during the 4th quarter worth approximately $43,000. Hedge funds and other institutional investors own 27.26% of the company's stock.
Alphabet Stock Performance
NASDAQ:GOOG opened at $173.98 on Thursday. The company's 50-day moving average is $165.77 and its two-hundred day moving average is $176.42. Alphabet Inc. has a 1-year low of $142.66 and a 1-year high of $208.70. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.77 and a quick ratio of 1.77. The firm has a market capitalization of $2.11 trillion, a price-to-earnings ratio of 19.40, a PEG ratio of 1.25 and a beta of 1.01.
Alphabet (NASDAQ:GOOG - Get Free Report) last released its quarterly earnings results on Thursday, April 24th. The information services provider reported $2.81 EPS for the quarter, beating the consensus estimate of $2.02 by $0.79. The firm had revenue of $90.23 billion for the quarter, compared to analyst estimates of $89.30 billion. Alphabet had a net margin of 30.86% and a return on equity of 34.54%. 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 earned $1.89 EPS. Analysts forecast that Alphabet Inc. will post 8.89 EPS 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 paid a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 0.48%. The ex-dividend date of this dividend was Monday, June 9th. This is a positive change from Alphabet's previous quarterly dividend of $0.20. Alphabet's dividend payout ratio is 9.36%.
Wall Street Analysts Forecast Growth
GOOG has been the topic of several research reports. Citigroup restated a "sell" rating on shares of Alphabet in a research report on Wednesday, April 23rd. JPMorgan Chase & Co. raised their price objective on Alphabet from $180.00 to $195.00 and gave the company an "overweight" rating in a report on Friday, April 25th. Scotiabank lowered 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. Cantor Fitzgerald reiterated a "neutral" rating and issued a $171.00 target price on shares of Alphabet in a research report on Friday, April 25th. Finally, Rosenblatt Securities raised shares of Alphabet from a "hold" rating to a "strong-buy" rating in a research note on Friday, April 25th. Three research analysts have rated the stock with a sell rating, five have issued a hold rating, fourteen have assigned a buy rating and five have assigned a strong buy rating to the stock. According to MarketBeat.com, Alphabet has an average rating of "Moderate Buy" and an average price target of $204.88.
Check Out Our Latest Report on Alphabet
Insider Transactions at Alphabet
In other Alphabet news, insider John Kent Walker sold 11,764 shares of the stock in a transaction dated Thursday, March 27th. The shares were sold at an average price of $166.84, for a total transaction of $1,962,705.76. Following the completion of the transaction, the insider now owns 49,037 shares of the company's stock, valued at $8,181,333.08. This trade represents a 19.35% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Sundar Pichai sold 32,500 shares of Alphabet stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $168.71, for a total transaction of $5,483,075.00. Following the sale, the chief executive officer now owns 2,587,696 shares of the company's stock, valued at approximately $436,570,192.16. This represents a 1.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 195,570 shares of company stock worth $32,003,532. 12.99% of the stock is currently owned by company insiders.
Alphabet Company Profile
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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.
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