Beck Mack & Oliver LLC Lowers Stake in Alphabet Inc. $GOOGL

Key Points

• Beck Mack & Oliver LLC reduced its stake in Alphabet Inc. by 4.9%, resulting in ownership of 447,066 shares valued at approximately $69 million.
• Alphabet recently declared a $0.21 quarterly dividend, with a dividend yield of 0.4%, scheduled for payout on September 15th.
• Analysts have increased their price targets for Alphabet, with Roth Capital raising it from $205 to $210 and JMP Securities from $220 to $225, maintaining a "buy" or "market outperform" rating.

Beck Mack & Oliver LLC lowered its stake in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 4.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 447,066 shares of the information services provider's stock after selling 23,086 shares during the period. Alphabet accounts for about 1.4% of Beck Mack & Oliver LLC's investment portfolio, making the stock its 25th biggest holding. Beck Mack & Oliver LLC's holdings in Alphabet were worth $69,134,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of the stock. Mystic Asset Management Inc. increased its position in shares of Alphabet by 6.7% during the first quarter. Mystic Asset Management Inc. now owns 28,454 shares of the information services provider's stock worth $4,400,000 after purchasing an additional 1,791 shares in the last quarter. Harbour Trust & Investment Management Co increased its position in shares of Alphabet by 0.3% during the first quarter. Harbour Trust & Investment Management Co now owns 27,075 shares of the information services provider's stock worth $4,187,000 after purchasing an additional 80 shares in the last quarter. Rockbridge Capital Management LLC acquired a new position in shares of Alphabet during the fourth quarter worth $3,119,000. Cypress Capital LLC increased its position in shares of Alphabet by 4.1% during the first quarter. Cypress Capital LLC now owns 14,310 shares of the information services provider's stock worth $2,213,000 after purchasing an additional 563 shares in the last quarter. Finally, Falcon Wealth Planning increased its position in shares of Alphabet by 15.7% during the first quarter. Falcon Wealth Planning now owns 9,898 shares of the information services provider's stock worth $1,531,000 after purchasing an additional 1,340 shares in the last quarter. Hedge funds and other institutional investors own 40.03% of the company's stock.

Alphabet Price Performance

NASDAQ GOOGL opened at $212.91 on Monday. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90. The stock's fifty day moving average price is $190.44 and its 200 day moving average price is $173.96. Alphabet Inc. has a 1 year low of $140.53 and a 1 year high of $214.65. The company has a market cap of $2.57 trillion, a price-to-earnings ratio of 22.67, a PEG ratio of 1.43 and a beta of 1.01.

Alphabet (NASDAQ:GOOGL - Get Free Report) last released 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 company had revenue of $96.43 billion during the quarter, compared to the consensus estimate of $93.60 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. As a group, equities research analysts forecast that Alphabet Inc. will post 8.9 earnings per share for the current year.

Alphabet Dividend Announcement

The firm 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 is Monday, September 8th. This represents a $0.84 annualized dividend and a dividend yield of 0.4%. Alphabet's payout ratio is 8.95%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on GOOGL. Roth Capital upped their price target on Alphabet from $205.00 to $210.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Morgan Stanley upped their price target on Alphabet from $185.00 to $205.00 and gave the stock an "overweight" rating in a research report on Monday, July 21st. JMP Securities upped their price target on Alphabet from $220.00 to $225.00 and gave the stock a "market outperform" rating in a research report on Thursday, July 24th. DA Davidson upped their price target on Alphabet from $160.00 to $180.00 and gave the stock a "neutral" rating in a research report on Thursday, July 24th. Finally, Stifel Nicolaus upped their target price on Alphabet from $200.00 to $218.00 and gave the company a "buy" rating in a research report on Tuesday, July 22nd. Four investment analysts have rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $211.53.

Insider Buying and Selling at Alphabet

In other Alphabet news, Director Kavitark Ram Shriram sold 18,566 shares of the business's stock in a transaction on Friday, July 18th. The shares were sold at an average price of $185.76, for a total value of $3,448,820.16. Following the completion of the transaction, the director owned 243,400 shares in the company, valued at $45,213,984. The trade was a 7.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider John Kent Walker sold 23,820 shares of the business's stock in a transaction on Monday, August 4th. The stock was sold at an average price of $194.70, for a total transaction 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 position. The disclosure for this sale can be found here. In the last three months, insiders have sold 254,710 shares of company stock worth $47,225,230. 11.55% of the stock is currently owned by insiders.

Alphabet Company 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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