Letko Brosseau & Associates Inc. lowered its holdings in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 0.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 760,373 shares of the information services provider's stock after selling 4,308 shares during the period. Alphabet makes up about 2.5% of Letko Brosseau & Associates Inc.'s holdings, making the stock its 14th biggest position. Letko Brosseau & Associates Inc.'s holdings in Alphabet were worth $118,793,000 as of its most recent SEC filing.
A number of other institutional investors also recently modified their holdings of GOOG. Principia Wealth Advisory LLC lifted its stake in Alphabet by 111.8% in the 1st quarter. Principia Wealth Advisory LLC now owns 161 shares of the information services provider's stock worth $26,000 after purchasing an additional 85 shares in the last quarter. MorganRosel Wealth Management LLC purchased a new stake in shares of Alphabet in the first quarter worth $26,000. LSV Asset Management bought a new stake in Alphabet during the fourth quarter valued at $27,000. Goodman Advisory Group LLC purchased a new position in Alphabet during the first quarter worth about $32,000. Finally, Graybill Wealth Management LTD. bought a new position in Alphabet in the 1st quarter worth about $44,000. 27.26% of the stock is currently owned by hedge funds and other institutional investors.
Alphabet Stock Performance
NASDAQ GOOG traded up $1.01 on Wednesday, reaching $197.44. 21,048,793 shares of the stock were exchanged, compared to its average volume of 24,257,904. 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 Inc. has a one year low of $142.66 and a one year high of $208.70. The firm has a market capitalization of $2.40 trillion, a PE ratio of 21.03, a PEG ratio of 1.30 and a beta of 1.01. The company's 50-day simple moving average is $178.54 and its two-hundred day simple moving average is $174.69.
Alphabet (NASDAQ:GOOG - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, topping the consensus estimate of $2.12 by $0.19. The business had revenue of $96.43 billion during the quarter, compared to the consensus estimate of $93.67 billion. Alphabet had a return on equity of 34.31% and a net margin of 31.12%. The firm's revenue for the quarter was up 13.8% compared to the same quarter last year. During the same period in the prior year, the company posted $1.89 EPS. Analysts expect that Alphabet Inc. will post 8.89 EPS for the current fiscal year.
Alphabet Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Monday, September 8th will be issued a $0.21 dividend. The ex-dividend date of this dividend is Monday, September 8th. This represents a $0.84 dividend on an annualized basis and a yield of 0.43%. Alphabet's dividend payout ratio is currently 8.95%.
Insiders Place Their Bets
In other Alphabet news, CEO Sundar Pichai sold 32,500 shares of Alphabet stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $184.38, for a total value of $5,992,350.00. Following the sale, the chief executive officer owned 2,527,392 shares of the company's stock, valued at $466,000,536.96. The trade was a 1.27% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Kavitark Ram Shriram sold 18,566 shares of the company's stock in a transaction that occurred on Friday, July 18th. The stock was sold at an average price of $185.76, for a total value of $3,448,820.16. Following the sale, the director directly owned 243,400 shares in the company, valued at $45,213,984. This trade represents a 7.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 249,298 shares of company stock worth $43,505,967 in the last 90 days. 12.99% of the stock is currently owned by corporate insiders.
Wall Street Analyst Weigh In
Several brokerages have issued reports on GOOG. UBS Group lifted their target price on shares of Alphabet from $186.00 to $192.00 and gave the company a "neutral" rating in a research report on Wednesday, July 16th. Westpark Capital reissued a "buy" rating and issued a $210.00 target price on shares of Alphabet in a research note on Friday, April 25th. Lake Street Capital reaffirmed a "buy" rating on shares of Alphabet in a research note on Wednesday, July 9th. Piper Sandler reiterated a "neutral" rating on shares of Alphabet in a research report on Wednesday, July 9th. Finally, Scotiabank boosted their target price on Alphabet from $200.00 to $240.00 and gave the stock a "sector outperform" rating in a research report on Tuesday, July 22nd. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating, seventeen have assigned a buy rating and five have issued a strong buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $215.19.
View Our Latest Report 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.
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