Beacon Investment Advisory Services Inc. Sells 6,678 Shares of Alphabet Inc. $GOOGL

Key Points

• Beacon Investment Advisory Services Inc. reduced its stake in Alphabet Inc. by 2.9%, selling 6,678 shares, and now holds a total of 225,803 shares valued at approximately $39.8 million.
• Analysts have recently boosted their price targets for Alphabet, with Tigress Financial raising theirs from $240 to $280, and Truist Financial increasing theirs from $225 to $285.
• Alphabet announced a quarterly dividend of $0.21 per share, representing an annualized payout of $0.84 and a dividend yield of 0.3%, with a payout ratio of 8.95%.

Beacon Investment Advisory Services Inc. lowered its position in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 2.9% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 225,803 shares of the information services provider's stock after selling 6,678 shares during the period. Alphabet accounts for 1.8% of Beacon Investment Advisory Services Inc.'s portfolio, making the stock its 14th largest holding. Beacon Investment Advisory Services Inc.'s holdings in Alphabet were worth $39,793,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of GOOGL. Missouri Trust & Investment Co grew its holdings in Alphabet by 0.3% during the 2nd quarter. Missouri Trust & Investment Co now owns 16,916 shares of the information services provider's stock worth $2,981,000 after acquiring an additional 55 shares during the period. AM Investment Strategies LLC grew its holdings in Alphabet by 0.9% during the 2nd quarter. AM Investment Strategies LLC now owns 6,477 shares of the information services provider's stock worth $1,141,000 after acquiring an additional 57 shares during the period. Bfsg LLC grew its holdings in Alphabet by 0.6% during the 2nd quarter. Bfsg LLC now owns 10,428 shares of the information services provider's stock worth $1,838,000 after acquiring an additional 59 shares during the period. Enzi Wealth grew its holdings in Alphabet by 2.5% during the 1st quarter. Enzi Wealth now owns 2,561 shares of the information services provider's stock worth $408,000 after acquiring an additional 62 shares during the period. Finally, Park Capital Management LLC WI grew its holdings in Alphabet by 1.1% during the 2nd quarter. Park Capital Management LLC WI now owns 6,005 shares of the information services provider's stock worth $1,058,000 after acquiring an additional 65 shares during the period. Institutional investors own 40.03% of the company's stock.

Analyst Ratings Changes

GOOGL has been the subject of a number of analyst reports. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating on shares of Alphabet in a report on Wednesday, September 3rd. Barclays lifted their target price on shares of Alphabet from $235.00 to $250.00 and gave the stock an "overweight" rating in a report on Wednesday, September 3rd. Tigress Financial boosted their price target on shares of Alphabet from $240.00 to $280.00 and gave the company a "strong-buy" rating in a report on Friday, September 5th. Truist Financial boosted their price target on shares of Alphabet from $225.00 to $285.00 and gave the company a "buy" rating in a report on Monday, September 22nd. Finally, Phillip Securities lowered shares of Alphabet from a "strong-buy" rating to a "moderate buy" rating in a report on Monday, September 8th. Three research analysts have rated the stock with a Strong Buy rating, thirty-three have given a Buy rating and ten have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $233.44.

Alphabet Price Performance

Shares of NASDAQ GOOGL opened at $246.54 on Monday. The firm has a market cap of $2.98 trillion, a PE ratio of 26.26, a PEG ratio of 1.66 and a beta of 1.01. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07. Alphabet Inc. has a 1-year low of $140.53 and a 1-year high of $256.00. The company has a fifty day moving average price of $215.93 and a 200 day moving average price of $183.28.

Alphabet (NASDAQ:GOOGL - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, topping analysts' consensus estimates of $2.15 by $0.16. The firm had revenue of $96.43 billion during the quarter, compared to analyst estimates of $93.60 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. Research analysts predict that Alphabet Inc. will post 8.9 earnings per share for the current fiscal year.

Alphabet Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Monday, September 8th were paid a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date was Monday, September 8th. Alphabet's dividend payout ratio is currently 8.95%.

Insider Buying and Selling at Alphabet

In other news, CAO Amie Thuener O'toole sold 2,778 shares of the stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $245.00, for a total transaction of $680,610.00. Following the completion of the transaction, the chief accounting officer directly owned 17,293 shares in the company, valued at $4,236,785. This represents a 13.84% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Kavitark Ram Shriram sold 18,566 shares of the stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $185.76, for a total transaction of $3,448,820.16. Following the transaction, the director owned 243,400 shares of the company's stock, valued at approximately $45,213,984. This represents a 7.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 257,866 shares of company stock valued at $52,363,610. Corporate insiders own 11.55% of the company's stock.

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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