Bank of Nova Scotia Trust Co. Sells 2,228 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Bank of Nova Scotia Trust Co. cut its position in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 2.2% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 96,942 shares of the information services provider's stock after selling 2,228 shares during the quarter. Alphabet makes up approximately 1.6% of Bank of Nova Scotia Trust Co.'s investment portfolio, making the stock its 23rd largest holding. Bank of Nova Scotia Trust Co.'s holdings in Alphabet were worth $14,991,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Guardian Wealth Management Inc. lifted its position in shares of Alphabet by 242.9% during the first quarter. Guardian Wealth Management Inc. now owns 168 shares of the information services provider's stock valued at $26,000 after buying an additional 119 shares during the last quarter. von Borstel & Associates Inc. purchased a new stake in shares of Alphabet during the first quarter valued at about $28,000. IMA Advisory Services Inc. acquired a new stake in Alphabet in the first quarter worth about $28,000. Financial Gravity Asset Management Inc. acquired a new stake in Alphabet in the first quarter worth about $39,000. Finally, Elite Financial Inc. acquired a new stake in Alphabet in the first quarter worth about $42,000. 40.03% of the stock is owned by hedge funds and other institutional investors.

Alphabet Stock Up 2.5%

Alphabet stock opened at $201.42 on Friday. The stock has a market capitalization of $2.44 trillion, a PE ratio of 21.45, a price-to-earnings-growth ratio of 1.36 and a beta of 1.01. Alphabet Inc. has a 12 month low of $140.53 and a 12 month high of $207.05. The business has a 50 day simple moving average of $180.89 and a 200-day simple moving average of $172.98. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90.

Alphabet (NASDAQ:GOOGL - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, beating analysts' consensus estimates of $2.15 by $0.16. The business had revenue of $96,428,000 billion during the quarter, compared to analysts' expectations of $93.60 billion. Alphabet had a return on equity of 34.31% and a net margin of 31.12%. On average, analysts anticipate that Alphabet Inc. will post 8.9 EPS for the current fiscal year.

Alphabet Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Monday, September 8th will be given a $0.21 dividend. The ex-dividend date is Monday, September 8th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.4%. Alphabet's payout ratio is 8.95%.

Insiders Place Their Bets

In other news, Director John L. Hennessy sold 400 shares of the business's stock in a transaction that occurred on Monday, July 14th. The stock was sold at an average price of $181.98, for a total value of $72,792.00. Following the completion of the sale, the director directly owned 6,013 shares in the company, valued at $1,094,245.74. The trade was a 6.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Sundar Pichai sold 32,500 shares of the business's stock in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $196.23, for a total value of $6,377,475.00. Following the completion of the sale, the chief executive officer owned 2,494,892 shares of the company's stock, valued at $489,572,657.16. This trade represents a 1.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 273,219 shares of company stock valued at $49,474,273 over the last ninety days. 11.64% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on GOOGL shares. Barclays raised their price target on Alphabet from $220.00 to $235.00 and gave the stock an "overweight" rating in a report on Thursday, July 24th. Piper Sandler raised their price target on Alphabet from $195.00 to $220.00 and gave the stock an "overweight" rating in a report on Thursday, July 24th. Guggenheim raised their price target on Alphabet from $190.00 to $210.00 and gave the stock a "buy" rating in a report on Wednesday, July 23rd. Truist Financial reissued a "buy" rating and issued a $200.00 price target on shares of Alphabet in a report on Wednesday, July 2nd. Finally, JPMorgan Chase & Co. raised their price target on Alphabet from $200.00 to $232.00 and gave the stock an "overweight" rating in a report on Thursday, July 24th. Ten investment analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and four have issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $211.53.

Alphabet 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.

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