Ameriprise Financial Inc. Has $2.15 Billion Holdings in Alphabet Inc. $GOOG

Key Points

• Ameriprise Financial Inc. reduced its holdings in Alphabet Inc. by 8.1% in the first quarter, now owning approximately $2.15 billion worth of shares, which represents around 0.6% of its total holdings.
• In its latest quarterly earnings report, Alphabet announced a revenue of $96.43 billion and earnings per share of $2.31, beating analysts' estimates.
• Alphabet recently declared a quarterly dividend of $0.21 per share, translating to an annualized dividend of $0.84 and a yield of 0.4%.

Ameriprise Financial Inc. lessened its holdings in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 8.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 13,763,322 shares of the information services provider's stock after selling 1,209,150 shares during the quarter. Alphabet makes up approximately 0.6% of Ameriprise Financial Inc.'s holdings, making the stock its 22nd biggest holding. Ameriprise Financial Inc. owned about 0.11% of Alphabet worth $2,151,187,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of GOOG. Principia Wealth Advisory LLC boosted its stake in shares of Alphabet by 111.8% in the 1st 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 last quarter. MorganRosel Wealth Management LLC bought a new position in shares of Alphabet in the 1st quarter valued at about $26,000. Goodman Advisory Group LLC bought a new position in shares of Alphabet in the 1st quarter valued at about $32,000. Greykasell Wealth Strategies Inc. bought a new position in shares of Alphabet in the 1st quarter valued at about $32,000. Finally, Elevate Wealth Advisory Inc. bought a new position in shares of Alphabet in the 1st quarter valued at about $34,000. Institutional investors own 27.26% of the company's stock.

Alphabet Stock Performance

Shares of GOOG opened at $200.19 on Thursday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90. Alphabet Inc. has a twelve month low of $142.66 and a twelve month high of $208.70. The firm's 50 day moving average price is $186.62 and its two-hundred day moving average price is $174.88. The firm has a market cap of $2.42 trillion, a P/E ratio of 21.32, a PEG ratio of 1.37 and a beta of 1.02.

Alphabet (NASDAQ:GOOG - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, beating analysts' consensus estimates of $2.12 by $0.19. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The firm had revenue of $96.43 billion for the quarter, compared to analyst estimates of $93.67 billion. During the same quarter in the previous year, the firm posted $1.89 earnings per share. The business's revenue was up 13.8% on a year-over-year basis. On average, analysts forecast that Alphabet Inc. will post 8.89 EPS for the current fiscal year.

Alphabet Dividend Announcement

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 paid 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 0.4%. Alphabet's payout ratio is presently 8.95%.

Insider Activity at Alphabet

In other Alphabet news, insider John Kent Walker sold 23,820 shares of Alphabet stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $194.70, for a total value of $4,637,754.00. Following the transaction, the insider owned 42,999 shares of the company's stock, valued at approximately $8,371,905.30. The trade was a 35.65% 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 that occurred on Wednesday, July 2nd. The shares were sold at an average price of $178.52, for a total transaction of $5,801,900.00. Following the completion of the transaction, the chief executive officer directly owned 2,559,892 shares in the company, valued at approximately $456,991,919.84. The trade was a 1.25% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 222,219 shares of company stock worth $40,725,772. Corporate insiders own 12.99% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on GOOG shares. JPMorgan Chase & Co. raised their target price on shares of Alphabet from $200.00 to $232.00 and gave the company an "overweight" rating in a research note on Thursday, July 24th. Roth Capital reaffirmed a "buy" rating on shares of Alphabet in a research note on Wednesday, July 9th. Citizens Jmp raised shares of Alphabet from a "hold" rating to a "strong-buy" rating in a research note on Thursday, June 26th. Rosenblatt Securities raised shares of Alphabet from a "hold" rating to a "strong-buy" rating in a research note on Friday, April 25th. Finally, Oppenheimer reissued an "outperform" rating and set a $235.00 price objective (up previously from $220.00) on shares of Alphabet in a research note on Thursday, July 24th. Five analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, six have given a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, Alphabet presently has an average rating of "Moderate Buy" and an average price target of $215.19.

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.

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