Canandaigua National Bank & Trust Co. Trims Stake in Alphabet Inc. (NASDAQ:GOOG)

Canandaigua National Bank & Trust Co. lessened its stake in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 11.6% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 50,540 shares of the information services provider's stock after selling 6,606 shares during the quarter. Alphabet comprises about 0.8% of Canandaigua National Bank & Trust Co.'s investment portfolio, making the stock its 26th largest holding. Canandaigua National Bank & Trust Co.'s holdings in Alphabet were worth $7,896,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Valley National Advisers Inc. raised its stake in shares of Alphabet by 29.9% during the 1st quarter. Valley National Advisers Inc. now owns 3,134 shares of the information services provider's stock worth $488,000 after purchasing an additional 722 shares in the last quarter. Jacobsen Capital Management raised its position in Alphabet by 3.8% during the first quarter. Jacobsen Capital Management now owns 5,854 shares of the information services provider's stock worth $915,000 after acquiring an additional 215 shares in the last quarter. New Wave Wealth Advisors LLC raised its position in Alphabet by 28.2% during the first quarter. New Wave Wealth Advisors LLC now owns 11,586 shares of the information services provider's stock worth $1,810,000 after acquiring an additional 2,549 shares in the last quarter. Northwest Wealth Management LLC lifted its stake in Alphabet by 2.5% in the first quarter. Northwest Wealth Management LLC now owns 7,449 shares of the information services provider's stock valued at $1,164,000 after acquiring an additional 181 shares during the last quarter. Finally, Amalgamated Bank grew its position in shares of Alphabet by 1.4% in the 1st quarter. Amalgamated Bank now owns 1,045,866 shares of the information services provider's stock valued at $163,396,000 after acquiring an additional 14,516 shares during the period. Institutional investors and hedge funds own 27.26% of the company's stock.

Alphabet Price Performance

Shares of GOOG stock traded up $2.85 on Wednesday, reaching $179.76. The company's stock had a trading volume of 19,297,508 shares, compared to its average volume of 21,159,014. Alphabet Inc. has a 12-month low of $142.66 and a 12-month high of $208.70. The stock's 50 day simple moving average is $168.84 and its 200-day simple moving average is $175.81. The company has a quick ratio of 1.77, a current ratio of 1.77 and a debt-to-equity ratio of 0.03. The company has a market capitalization of $2.18 trillion, a P/E ratio of 20.04, a PEG ratio of 1.25 and a beta of 1.01.

Alphabet (NASDAQ:GOOG - Get Free Report) last issued its quarterly earnings data on Thursday, April 24th. The information services provider reported $2.81 EPS for the quarter, topping the consensus estimate of $2.02 by $0.79. The company had revenue of $90.23 billion during the quarter, compared to analyst estimates of $89.30 billion. Alphabet had a return on equity of 34.54% and a net margin of 30.86%. Alphabet's revenue was up 12.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.89 earnings per share. As a group, equities analysts predict that Alphabet Inc. will post 8.89 earnings per share for the current fiscal year.

Alphabet Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Monday, June 9th were issued a $0.21 dividend. This is a positive change from Alphabet's previous quarterly dividend of $0.20. The ex-dividend date was Monday, June 9th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.47%. Alphabet's dividend payout ratio is presently 9.36%.

Analyst Ratings Changes

Several research analysts have weighed in on GOOG shares. KeyCorp lowered their price target on shares of Alphabet from $202.00 to $185.00 and set an "overweight" rating on the stock in a report on Wednesday, April 9th. Citizens Jmp raised shares of Alphabet from a "hold" rating to a "strong-buy" rating in a research note on Thursday, June 26th. Cantor Fitzgerald restated a "neutral" rating and issued a $171.00 price target on shares of Alphabet in a research report on Friday, April 25th. Westpark Capital restated a "buy" rating and issued a $210.00 target price on shares of Alphabet in a report on Friday, April 25th. Finally, JPMorgan Chase & Co. increased their target price on shares of Alphabet from $180.00 to $195.00 and gave the company an "overweight" rating in a report on Friday, April 25th. Three analysts have rated the stock with a sell rating, five have issued a hold rating, fourteen have issued a buy rating and six have given a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $206.38.

Insider Activity

In other Alphabet news, Director John L. Hennessy sold 600 shares of the business's stock in a transaction on Thursday, May 22nd. The shares were sold at an average price of $175.00, for a total value of $105,000.00. Following the completion of the sale, the director directly owned 6,813 shares of the company's stock, valued at $1,192,275. The trade was a 8.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Kavitark Ram Shriram sold 9,000 shares of the business's stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $175.00, for a total transaction of $1,575,000.00. Following the completion of the transaction, the director owned 255,400 shares in the company, valued at $44,695,000. The trade was a 3.40% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 183,143 shares of company stock worth $30,529,028. 12.99% of the stock is currently owned by corporate insiders.

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.