Pinnacle Wealth Planning Services Inc. Sells 8,486 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Pinnacle Wealth Planning Services Inc. cut its holdings in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 23.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 27,939 shares of the information services provider's stock after selling 8,486 shares during the period. Alphabet makes up 0.8% of Pinnacle Wealth Planning Services Inc.'s portfolio, making the stock its 19th largest position. Pinnacle Wealth Planning Services Inc.'s holdings in Alphabet were worth $5,289,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. Rockbridge Capital Management LLC bought a new position in shares of Alphabet during the fourth quarter valued at about $3,119,000. Optivise Advisory Services LLC raised its stake in shares of Alphabet by 8.0% during the fourth quarter. Optivise Advisory Services LLC now owns 5,464 shares of the information services provider's stock valued at $1,035,000 after acquiring an additional 403 shares during the last quarter. Community Bank N.A. raised its stake in shares of Alphabet by 6.4% during the fourth quarter. Community Bank N.A. now owns 46,173 shares of the information services provider's stock valued at $8,741,000 after acquiring an additional 2,790 shares during the last quarter. Premier Fund Managers Ltd raised its stake in shares of Alphabet by 30.0% during the fourth quarter. Premier Fund Managers Ltd now owns 61,792 shares of the information services provider's stock valued at $11,816,000 after acquiring an additional 14,262 shares during the last quarter. Finally, Absolute Capital Management LLC raised its stake in shares of Alphabet by 14.0% during the fourth quarter. Absolute Capital Management LLC now owns 2,096 shares of the information services provider's stock valued at $401,000 after acquiring an additional 258 shares during the last quarter. 40.03% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on GOOGL. Truist Financial lowered their price objective on shares of Alphabet from $220.00 to $200.00 and set a "buy" rating for the company in a research note on Thursday, April 17th. Wells Fargo & Company upped their price objective on shares of Alphabet from $167.00 to $175.00 and gave the company an "equal weight" rating in a research note on Friday, April 25th. Rosenblatt Securities reaffirmed a "neutral" rating and set a $189.00 price objective on shares of Alphabet in a research note on Wednesday, May 21st. Jefferies Financial Group decreased their price target on shares of Alphabet from $235.00 to $200.00 and set a "buy" rating for the company in a research note on Monday, March 31st. Finally, Oppenheimer increased their price target on shares of Alphabet from $185.00 to $200.00 and gave the stock an "outperform" rating in a research note on Friday, April 25th. Ten analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and four have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $199.75.

Insider Transactions at Alphabet

In related news, Director John L. Hennessy sold 600 shares of the business's stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $175.00, for a total transaction of $105,000.00. Following the completion of the sale, the director now directly owns 6,813 shares in the company, valued at approximately $1,192,275. The trade was a 8.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Amie Thuener O'toole sold 1,374 shares of the business's stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $173.47, for a total transaction of $238,347.78. Following the sale, the chief accounting officer now owns 15,024 shares of the company's stock, valued at $2,606,213.28. This trade represents a 8.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 164,654 shares of company stock worth $26,793,380 over the last three months. 11.55% of the stock is currently owned by company insiders.

Alphabet Stock Performance

Shares of GOOGL stock traded down $0.54 during trading hours on Wednesday, reaching $172.36. The company had a trading volume of 34,427,314 shares, compared to its average volume of 29,799,323. The business has a fifty day moving average price of $158.87 and a 200-day moving average price of $174.75. Alphabet Inc. has a one year low of $140.53 and a one year high of $207.05. The firm has a market cap of $2.09 trillion, a PE ratio of 21.41, a price-to-earnings-growth ratio of 1.34 and a beta of 1.01. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.84 and a current ratio of 1.84.

Alphabet (NASDAQ:GOOGL - Get Free Report) last announced its quarterly earnings results on Thursday, April 24th. The information services provider reported $2.81 EPS for the quarter, topping analysts' consensus estimates of $2.02 by $0.79. Alphabet had a net margin of 28.60% and a return on equity of 32.49%. The firm had revenue of $76.49 billion during the quarter, compared to analyst estimates of $89.30 billion. During the same period in the previous year, the business posted $1.89 earnings per share. Sell-side analysts predict that Alphabet Inc. will post 8.9 earnings per share for the current fiscal year.

Alphabet Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Monday, June 9th will be paid a $0.21 dividend. The ex-dividend date of this dividend is Monday, June 9th. This is a positive change from Alphabet's previous quarterly dividend of $0.20. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.49%. Alphabet's payout ratio is currently 9.36%.

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.