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Cary Street Partners Financial LLC Acquires 3,127 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Alphabet logo with Computer and Technology background

Key Points

  • Cary Street Partners Financial LLC increased its stakes in Alphabet Inc. by 2.0% during the first quarter, acquiring an additional 3,127 shares, bringing their total holdings to approximately $24.7 million.
  • Alphabet's stock experienced a 1.2% increase, bringing its trading price to $203.34, with 30,394,815 shares traded, below its average volume.
  • The company recently announced a $0.21 quarterly dividend to be paid on September 15, with a current payout ratio of 8.95% and an annualized dividend yield of 0.4%.
  • Want stock alerts on Alphabet? Get 5 Weeks of MarketBeat All Access for $5. Get My Stock Alerts.

Cary Street Partners Financial LLC grew its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 2.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 159,869 shares of the information services provider's stock after buying an additional 3,127 shares during the quarter. Alphabet accounts for about 0.8% of Cary Street Partners Financial LLC's holdings, making the stock its 25th biggest position. Cary Street Partners Financial LLC's holdings in Alphabet were worth $24,722,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the business. Mystic Asset Management Inc. lifted 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 valued at $4,400,000 after purchasing an additional 1,791 shares in the last quarter. Harbour Trust & Investment Management Co lifted 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 valued at $4,187,000 after purchasing an additional 80 shares in the last quarter. Rockbridge Capital Management LLC bought a new stake in Alphabet in the fourth quarter worth about $3,119,000. Cypress Capital LLC raised its position in Alphabet by 4.1% in the first quarter. Cypress Capital LLC now owns 14,310 shares of the information services provider's stock worth $2,213,000 after acquiring an additional 563 shares during the period. Finally, Optivise Advisory Services LLC raised its position in Alphabet by 8.0% in the fourth quarter. Optivise Advisory Services LLC now owns 5,464 shares of the information services provider's stock worth $1,035,000 after acquiring an additional 403 shares during the period. 40.03% of the stock is currently owned by institutional investors and hedge funds.

Alphabet Trading Up 0.6%

GOOGL traded up $1.28 during trading on Thursday, hitting $203.24. 19,473,324 shares of the stock traded hands, compared to its average volume of 36,646,953. The firm has a market capitalization of $2.46 trillion, a P/E ratio of 21.63, a price-to-earnings-growth ratio of 1.37 and a beta of 1.01. 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 firm has a 50-day moving average of $182.95 and a 200 day moving average of $173.22. Alphabet Inc. has a 12-month low of $140.53 and a 12-month high of $207.05.

Alphabet (NASDAQ:GOOGL - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, beating the consensus estimate of $2.15 by $0.16. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The business had revenue of $96,428,000 billion during the quarter, compared to analysts' expectations of $93.60 billion. Equities research analysts anticipate that Alphabet Inc. will post 8.9 EPS for the current year.

Alphabet Dividend Announcement

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

Wall Street Analyst Weigh In

Several analysts have commented on GOOGL shares. Needham & Company LLC lifted their price objective on shares of Alphabet from $210.00 to $220.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Wedbush lifted their price objective on shares of Alphabet from $200.00 to $225.00 and gave the stock an "outperform" rating in a research report on Thursday, July 24th. Sanford C. Bernstein lifted their price objective on shares of Alphabet from $185.00 to $195.00 and gave the stock a "market perform" rating in a research report on Tuesday, July 22nd. Wells Fargo & Company lifted their price objective on shares of Alphabet from $184.00 to $187.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 29th. Finally, Cantor Fitzgerald lifted their price objective on shares of Alphabet from $196.00 to $201.00 and gave the stock a "neutral" rating in a research report on Thursday, July 24th. Ten investment analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Alphabet has an average rating of "Moderate Buy" and an average price target of $211.53.

View Our Latest Stock Report on Alphabet

Insiders Place Their Bets

In other Alphabet news, insider John Kent Walker sold 23,820 shares of the company's stock in a transaction on Monday, August 4th. The shares were sold at an average price of $194.70, for a total value of $4,637,754.00. Following the completion of the transaction, the insider directly owned 42,999 shares in the company, valued at approximately $8,371,905.30. This represents a 35.65% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Sundar Pichai sold 32,500 shares of the company's stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $178.52, for a total transaction of $5,801,900.00. Following the completion of the transaction, the chief executive officer owned 2,559,892 shares of the company's stock, valued at $456,991,919.84. This trade represents a 1.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 274,219 shares of company stock worth $49,674,273. 11.64% of the stock is currently owned by corporate insiders.

About Alphabet

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOGL)

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