Beese Fulmer Investment Management Inc. Trims Stake in Alphabet Inc. (NASDAQ:GOOG)

Beese Fulmer Investment Management Inc. cut its position in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 1.1% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 130,641 shares of the information services provider's stock after selling 1,506 shares during the period. Alphabet makes up 1.8% of Beese Fulmer Investment Management Inc.'s holdings, making the stock its 16th largest position. Beese Fulmer Investment Management Inc.'s holdings in Alphabet were worth $20,410,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of GOOG. Cassaday & Co Wealth Management LLC grew its holdings in Alphabet by 9.3% during the fourth quarter. Cassaday & Co Wealth Management LLC now owns 28,044 shares of the information services provider's stock worth $5,341,000 after acquiring an additional 2,390 shares during the period. LaFleur & Godfrey LLC grew its holdings in Alphabet by 1.2% during the fourth quarter. LaFleur & Godfrey LLC now owns 31,967 shares of the information services provider's stock worth $6,088,000 after acquiring an additional 380 shares during the period. Brighton Jones LLC grew its holdings in Alphabet by 5.6% during the fourth quarter. Brighton Jones LLC now owns 120,253 shares of the information services provider's stock worth $22,901,000 after acquiring an additional 6,410 shares during the period. Union Bancaire Privee UBP SA acquired a new stake in Alphabet during the fourth quarter worth about $204,262,000. Finally, Parsons Capital Management Inc. RI grew its holdings in Alphabet by 61.3% during the fourth quarter. Parsons Capital Management Inc. RI now owns 85,497 shares of the information services provider's stock worth $16,282,000 after acquiring an additional 32,488 shares during the period. 27.26% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CAO Amie Thuener O'toole sold 1,374 shares of Alphabet stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $173.47, for a total transaction of $238,347.78. Following the transaction, the chief accounting officer now owns 15,024 shares in the company, valued at approximately $2,606,213.28. This trade represents a 8.38% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Kavitark Ram Shriram sold 10,500 shares of Alphabet stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $175.00, for a total value of $1,837,500.00. Following the transaction, the director now owns 261,966 shares in the company, valued at approximately $45,844,050. The trade was a 3.85% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 164,533 shares of company stock worth $26,772,774. 12.99% of the stock is owned by corporate insiders.

Alphabet Price Performance

Shares of NASDAQ:GOOG traded down $2.09 during trading on Friday, reaching $170.87. The stock had a trading volume of 36,230,934 shares, compared to its average volume of 20,239,371. 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 business has a fifty day moving average price of $160.88 and a 200-day moving average price of $176.27. The stock has a market cap of $2.07 trillion, a PE ratio of 21.23, a PEG ratio of 1.34 and a beta of 1.01. Alphabet Inc. has a 1-year low of $142.66 and a 1-year high of $208.70.

Alphabet (NASDAQ:GOOG - Get Free Report) last issued its quarterly earnings results on Thursday, April 24th. The information services provider reported $2.81 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.02 by $0.79. The firm had revenue of $90.23 billion for the quarter, compared to analyst estimates of $89.30 billion. Alphabet had a return on equity of 32.49% and a net margin of 28.60%. The business's revenue was up 12.0% on a year-over-year basis. During the same period in the previous year, the company posted $1.89 earnings per share. On average, equities analysts forecast that Alphabet Inc. will post 8.89 earnings per share for the current fiscal year.

Alphabet Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Monday, June 9th will be given a dividend of $0.21 per share. This is an increase from Alphabet's previous quarterly dividend of $0.20. The ex-dividend date of this dividend is Monday, June 9th. This represents a $0.84 dividend on an annualized basis and a yield of 0.49%. Alphabet's dividend payout ratio (DPR) is presently 9.36%.

Analyst Upgrades and Downgrades

GOOG has been the topic of several analyst reports. Westpark Capital reaffirmed a "buy" rating and set a $210.00 target price on shares of Alphabet in a report on Friday, April 25th. Benchmark reaffirmed a "negative" rating on shares of Alphabet in a report on Wednesday, February 5th. Rosenblatt Securities raised Alphabet from a "hold" rating to a "strong-buy" rating in a report on Friday, April 25th. The Goldman Sachs Group reaffirmed a "buy" rating on shares of Alphabet in a report on Wednesday, February 5th. Finally, JPMorgan Chase & Co. raised their price objective on Alphabet from $180.00 to $195.00 and gave the company an "overweight" rating in a report on Friday, April 25th. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating, fourteen have assigned a buy rating and five have assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $203.94.

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.