iA Global Asset Management Inc. increased its position in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 25.4% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 808,446 shares of the information services provider's stock after acquiring an additional 163,539 shares during the quarter. Alphabet comprises about 2.2% of iA Global Asset Management Inc.'s holdings, making the stock its 9th biggest holding. iA Global Asset Management Inc.'s holdings in Alphabet were worth $126,304,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently modified their holdings of the business. ARQ Wealth Advisors LLC grew its holdings in Alphabet by 39.3% during the 4th quarter. ARQ Wealth Advisors LLC now owns 4,964 shares of the information services provider's stock valued at $945,000 after buying an additional 1,400 shares in the last quarter. Independence Bank of Kentucky lifted its holdings in shares of Alphabet by 10.2% during the 1st quarter. Independence Bank of Kentucky now owns 14,907 shares of the information services provider's stock valued at $2,329,000 after purchasing an additional 1,376 shares during the last quarter. Harvest Investment Services LLC increased its holdings in Alphabet by 3.3% in the 4th quarter. Harvest Investment Services LLC now owns 4,329 shares of the information services provider's stock worth $824,000 after buying an additional 138 shares during the period. Fermata Advisors LLC increased its holdings in Alphabet by 2.7% in the first quarter. Fermata Advisors LLC now owns 9,771 shares of the information services provider's stock valued at $1,527,000 after buying an additional 259 shares in the last quarter. Finally, jvl associates llc boosted its holdings in Alphabet by 3.5% in the 1st quarter. jvl associates llc now owns 10,055 shares of the information services provider's stock worth $1,571,000 after buying an additional 343 shares during the last quarter. Hedge funds and other institutional investors own 27.26% of the company's stock.
Alphabet Stock Performance
Shares of GOOG stock opened at $195.75 on Tuesday. The company has a market cap of $2.37 trillion, a P/E ratio of 20.85, a PEG ratio of 1.26 and a beta of 1.02. Alphabet Inc. has a 12 month low of $142.66 and a 12 month high of $208.70. The firm has a fifty day moving average price of $179.89 and a 200 day moving average price of $174.38. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07.
Alphabet (NASDAQ:GOOG - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, topping the consensus estimate of $2.12 by $0.19. The business had revenue of $96.43 billion for the quarter, compared to analyst estimates of $93.67 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The business's revenue for the quarter was up 13.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.89 EPS. Sell-side analysts predict that Alphabet Inc. will post 8.89 earnings per share for the current fiscal year.
Alphabet Announces Dividend
The company also recently announced 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. The ex-dividend date is Monday, September 8th. This represents a $0.84 annualized dividend and a dividend yield of 0.4%. Alphabet's dividend payout ratio is 8.95%.
Insider Buying and Selling at Alphabet
In other Alphabet news, Director Kavitark Ram Shriram sold 18,566 shares of Alphabet stock in a transaction on Friday, July 18th. The shares were sold at an average price of $185.76, for a total value of $3,448,820.16. Following the completion of the transaction, the director owned 243,400 shares of the company's stock, valued at $45,213,984. The trade was a 7.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Sundar Pichai sold 32,500 shares of the company's stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $178.52, for a total transaction of $5,801,900.00. Following the transaction, the chief executive officer owned 2,559,892 shares of the company's stock, valued at $456,991,919.84. This represents a 1.25% decrease in their position. The disclosure for this sale can be found here. Insiders sold 249,399 shares of company stock valued at $43,525,794 over the last 90 days. Insiders own 12.99% of the company's stock.
Wall Street Analyst Weigh In
Several research firms recently issued reports on GOOG. Roth Capital reiterated a "buy" rating on shares of Alphabet in a report on Wednesday, July 9th. The Goldman Sachs Group reaffirmed a "buy" rating and set a $220.00 price target on shares of Alphabet in a research note on Monday, June 2nd. Scotiabank boosted their target price on Alphabet from $200.00 to $240.00 and gave the stock a "sector outperform" rating in a report on Tuesday, July 22nd. Cowen restated a "buy" rating on shares of Alphabet in a report on Wednesday, July 9th. Finally, KeyCorp cut their target price on Alphabet from $202.00 to $185.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 9th. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, seventeen have issued a buy rating and five have assigned a strong buy rating to the company. According to data from MarketBeat, Alphabet has a consensus rating of "Moderate Buy" and a consensus price target of $215.19.
Check Out Our Latest Report on GOOG
About Alphabet
(
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
Want to see what other hedge funds are holding GOOG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Alphabet Inc. (NASDAQ:GOOG - Free Report).
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