Avity Investment Management Inc. reduced its holdings in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 0.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 241,480 shares of the information services provider's stock after selling 2,262 shares during the period. Alphabet accounts for about 3.0% of Avity Investment Management Inc.'s portfolio, making the stock its 13th largest holding. Avity Investment Management Inc.'s holdings in Alphabet were worth $37,726,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Pinnacle Wealth Management Group Inc. increased its stake in Alphabet by 6.5% in the 1st quarter. Pinnacle Wealth Management Group Inc. now owns 3,955 shares of the information services provider's stock valued at $618,000 after buying an additional 241 shares during the last quarter. Adamsbrown Wealth Consultants LLC increased its stake in shares of Alphabet by 10.0% during the 1st quarter. Adamsbrown Wealth Consultants LLC now owns 1,734 shares of the information services provider's stock worth $271,000 after purchasing an additional 158 shares during the last quarter. Safeguard Financial LLC increased its stake in shares of Alphabet by 3.0% during the 1st quarter. Safeguard Financial LLC now owns 5,076 shares of the information services provider's stock worth $793,000 after purchasing an additional 147 shares during the last quarter. Foster Group Inc. increased its stake in shares of Alphabet by 4.9% during the 1st quarter. Foster Group Inc. now owns 2,160 shares of the information services provider's stock worth $338,000 after purchasing an additional 100 shares during the last quarter. Finally, AMI Investment Management Inc. increased its stake in shares of Alphabet by 2.2% during the 1st quarter. AMI Investment Management Inc. now owns 46,458 shares of the information services provider's stock worth $7,258,000 after purchasing an additional 991 shares during the last quarter. 27.26% of the stock is currently owned by institutional investors and hedge funds.
Alphabet Stock Performance
Shares of GOOG stock traded up $5.11 during midday trading on Friday, hitting $174.92. 22,239,619 shares of the company were exchanged, compared to its average volume of 20,366,363. The firm has a market capitalization of $2.12 trillion, a P/E ratio of 21.73, a PEG 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. The firm's 50 day moving average price is $161.56 and its two-hundred day moving average price is $176.09. Alphabet Inc. has a 52 week low of $142.66 and a 52 week high of $208.70.
Alphabet (NASDAQ:GOOG - Get Free Report) last announced its earnings results on Thursday, April 24th. The information services provider reported $2.81 EPS for the quarter, topping the consensus estimate of $2.02 by $0.79. The business had revenue of $90.23 billion during the quarter, compared to the consensus estimate of $89.30 billion. Alphabet had a net margin of 28.60% and a return on equity of 32.49%. Alphabet's revenue was up 12.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.89 EPS. As a group, equities research analysts anticipate that Alphabet Inc. will post 8.89 earnings per share for the current year.
Alphabet Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Monday, June 9th will be issued a $0.21 dividend. The ex-dividend date is Monday, June 9th. This represents a $0.84 dividend on an annualized basis and a yield of 0.48%. This is an increase from Alphabet's previous quarterly dividend of $0.20. Alphabet's payout ratio is currently 9.36%.
Analyst Ratings Changes
GOOG has been the topic of several recent analyst reports. UBS Group lowered their price objective on shares of Alphabet from $209.00 to $173.00 and set a "neutral" rating on the stock in a research note on Friday, April 11th. The Goldman Sachs Group restated a "buy" rating and set a $220.00 price objective on shares of Alphabet in a research note on Monday. JPMorgan Chase & Co. boosted their price objective on shares of Alphabet from $180.00 to $195.00 and gave the stock an "overweight" rating in a research note on Friday, April 25th. KeyCorp lowered their price objective on shares of Alphabet from $202.00 to $185.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 9th. Finally, Scotiabank lowered their price objective 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. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating, fourteen have issued a buy rating and five have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $204.88.
Read Our Latest Research Report on GOOG
Insider Buying and Selling at Alphabet
In other Alphabet news, CEO Sundar Pichai sold 32,500 shares of the business's stock in a transaction dated Wednesday, April 2nd. The shares were sold at an average price of $158.56, for a total value of $5,153,200.00. Following the completion of the sale, the chief executive officer now owns 2,717,696 shares of the company's stock, valued at $430,917,877.76. The trade was a 1.18% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Kavitark Ram Shriram sold 10,500 shares of the business's stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $175.00, for a total transaction of $1,837,500.00. Following the completion of the sale, the director now directly owns 261,966 shares of the company's stock, valued at $45,844,050. This represents a 3.85% decrease in their position. The disclosure for this sale can be found here. Insiders sold 195,770 shares of company stock valued at $32,036,638 in the last quarter. Company insiders own 12.99% of the company's stock.
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.
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