Cary Street Partners Financial LLC Has $36.08 Million Stake in Alphabet Inc. (NASDAQ:GOOG)

Key Points

• Cary Street Partners Financial LLC has reduced its stake in Alphabet Inc. by 2.8%, holding 230,917 shares valued at approximately $36.08 million, making it the 10th largest holding in their portfolio.
• Alphabet reported earnings of $2.31 per share for the last quarter, exceeding expectations, and recorded revenue of $96.43 billion, a 13.8% increase year-over-year.
• The company announced a quarterly dividend of $0.21 per share, set to be paid on September 15th, representing a yield of 0.4% and a payout ratio of 8.95%.

Cary Street Partners Financial LLC lowered its stake in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 2.8% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 230,917 shares of the information services provider's stock after selling 6,599 shares during the quarter. Alphabet comprises 1.1% of Cary Street Partners Financial LLC's portfolio, making the stock its 10th largest holding. Cary Street Partners Financial LLC's holdings in Alphabet were worth $36,076,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in the stock. ARQ Wealth Advisors LLC boosted its position in shares of Alphabet by 39.3% in the fourth quarter. ARQ Wealth Advisors LLC now owns 4,964 shares of the information services provider's stock valued at $945,000 after acquiring an additional 1,400 shares during the period. Independence Bank of Kentucky boosted its position in shares of Alphabet by 10.2% in the first quarter. Independence Bank of Kentucky now owns 14,907 shares of the information services provider's stock valued at $2,329,000 after acquiring an additional 1,376 shares during the period. Harvest Investment Services LLC boosted its position in shares of Alphabet by 3.3% in the fourth quarter. Harvest Investment Services LLC now owns 4,329 shares of the information services provider's stock valued at $824,000 after acquiring an additional 138 shares during the period. Fermata Advisors LLC boosted its position in shares of Alphabet by 2.7% in the first quarter. Fermata Advisors LLC now owns 9,771 shares of the information services provider's stock valued at $1,527,000 after acquiring an additional 259 shares during the period. Finally, jvl associates llc boosted its position in shares of Alphabet by 3.5% in the first quarter. jvl associates llc now owns 10,055 shares of the information services provider's stock valued at $1,571,000 after acquiring an additional 343 shares during the period. Institutional investors own 27.26% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on GOOG. Tigress Financial reissued a "strong-buy" rating on shares of Alphabet in a research report on Friday, May 2nd. Cowen restated a "buy" rating on shares of Alphabet in a research note on Wednesday, July 9th. Raymond James Financial restated an "outperform" rating and issued a $210.00 target price (up from $185.00) on shares of Alphabet in a research note on Thursday, July 24th. BNP Paribas lowered Alphabet from a "strong-buy" rating to a "hold" rating in a research note on Thursday, June 26th. Finally, Roth Capital restated a "buy" rating on shares of Alphabet in a research note on Wednesday, July 9th. Three research analysts have rated the stock with a sell rating, six have issued a hold rating, seventeen have given a buy rating and five have given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $215.19.

Insider Transactions at Alphabet

In other news, Director John L. Hennessy sold 400 shares of the stock in a transaction on Monday, July 14th. The stock was sold at an average price of $181.98, for a total transaction of $72,792.00. Following the sale, the director owned 6,013 shares in the company, valued at approximately $1,094,245.74. This represents a 6.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Sundar Pichai sold 32,500 shares of the stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $184.38, for a total value of $5,992,350.00. Following the sale, the chief executive officer owned 2,527,392 shares in the company, valued at $466,000,536.96. The trade was a 1.27% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 249,399 shares of company stock worth $43,525,794. Insiders own 12.99% of the company's stock.

Alphabet Stock Performance

Alphabet stock opened at $195.75 on Tuesday. 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 has a fifty day moving average price of $179.89 and a two-hundred day moving average price of $174.38. Alphabet Inc. has a 52-week low of $142.66 and a 52-week high of $208.70. The firm has a market capitalization of $2.37 trillion, a P/E ratio of 20.85, a P/E/G ratio of 1.26 and a beta of 1.02.

Alphabet (NASDAQ:GOOG - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.12 by $0.19. Alphabet had a return on equity of 34.31% and a net margin of 31.12%. The firm had revenue of $96.43 billion during the quarter, compared to analyst estimates of $93.67 billion. During the same period in the prior year, the company posted $1.89 earnings per share. The business's revenue for the quarter was up 13.8% compared to the same quarter last year. As a group, analysts anticipate that Alphabet Inc. will post 8.89 EPS for the current fiscal year.

Alphabet Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Monday, September 8th will be issued a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 0.4%. The ex-dividend date is Monday, September 8th. Alphabet's dividend payout ratio is presently 8.95%.

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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