Beacon Investment Advisory Services Inc. Lowers Holdings in Alphabet Inc. $GOOG

Key Points

• Beacon Investment Advisory Services Inc. reduced its stake in Alphabet Inc. by 25.8%, now holding 33,052 shares valued at approximately $5.86 million.
• Alphabet recently reported $96.43 billion in quarterly revenue, surpassing analyst estimates of $93.67 billion, and posted $2.31 earnings per share, beating expectations by $0.19.
• The company declared a quarterly dividend of $0.21 per share, which results in an annualized yield of 0.3% and a payout ratio of 8.95%.

Beacon Investment Advisory Services Inc. trimmed its stake in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 25.8% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 33,052 shares of the information services provider's stock after selling 11,515 shares during the period. Beacon Investment Advisory Services Inc.'s holdings in Alphabet were worth $5,863,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently bought and sold shares of the company. Principia Wealth Advisory LLC increased its holdings in Alphabet by 111.8% in the first quarter. Principia Wealth Advisory LLC now owns 161 shares of the information services provider's stock valued at $26,000 after buying an additional 85 shares in the last quarter. MorganRosel Wealth Management LLC acquired a new stake in shares of Alphabet during the 1st quarter valued at about $26,000. Goodman Advisory Group LLC purchased a new position in shares of Alphabet in the 1st quarter valued at about $32,000. Greykasell Wealth Strategies Inc. acquired a new position in Alphabet in the 1st quarter worth about $32,000. Finally, Elevate Wealth Advisory Inc. purchased a new position in Alphabet during the first quarter worth approximately $34,000. 27.26% of the stock is owned by institutional investors and hedge funds.

Alphabet Price Performance

Alphabet stock opened at $246.57 on Friday. The company has a fifty day simple moving average of $215.38 and a 200-day simple moving average of $183.72. The firm has a market capitalization of $2.98 trillion, a price-to-earnings ratio of 26.26, a PEG ratio of 1.67 and a beta of 1.01. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07. Alphabet Inc. has a 52-week low of $142.66 and a 52-week high of $256.70.

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 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 period in the previous year, the business posted $1.89 earnings per share. Alphabet's quarterly revenue was up 13.8% on a year-over-year basis. On average, equities analysts anticipate 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 was paid on Monday, September 15th. Stockholders of record on Monday, September 8th were given a $0.21 dividend. The ex-dividend date was Monday, September 8th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.3%. Alphabet's dividend payout ratio is 8.95%.

Insiders Place Their Bets

In related news, CAO Amie Thuener O'toole sold 2,778 shares of the stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $245.00, for a total value of $680,610.00. Following the completion of the sale, the chief accounting officer owned 17,293 shares of the company's stock, valued at approximately $4,236,785. This trade represents a 13.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John L. Hennessy sold 600 shares of the business's stock in a transaction on Monday, September 15th. The stock was sold at an average price of $249.44, for a total value of $149,664.00. Following the transaction, the director directly owned 5,716 shares in the company, valued at $1,425,799.04. This trade represents a 9.50% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 258,088 shares of company stock valued at $52,405,304. Insiders own 12.99% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently commented on GOOG shares. Raymond James Financial restated an "outperform" rating and issued a $210.00 price objective (up from $185.00) on shares of Alphabet in a research report on Thursday, July 24th. JPMorgan Chase & Co. boosted their price target on shares of Alphabet from $232.00 to $260.00 and gave the stock an "overweight" rating in a report on Wednesday, September 3rd. Scotiabank upped their price objective on shares of Alphabet from $200.00 to $240.00 and gave the stock a "sector outperform" rating in a research report on Tuesday, July 22nd. Oppenheimer reaffirmed an "outperform" rating and set a $270.00 price objective (up from $235.00) on shares of Alphabet in a report on Wednesday, September 3rd. Finally, Cowen reissued a "buy" rating on shares of Alphabet in a research note on Wednesday, July 9th. Four research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, five have given a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $230.35.

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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