Central Pacific Bank Trust Division Lowers Stock Holdings in Alphabet Inc. $GOOG

Key Points

• Central Pacific Bank Trust Division has reduced its stake in Alphabet Inc. by 10.2%, owning 15,403 shares valued at approximately $2.73 million after selling 1,753 shares in the second quarter.
• Alphabet's latest quarterly earnings showed a 13.8% increase in revenue year-over-year, totaling $96.43 billion, with earnings per share surpassing expectations at $2.31.
• The firm declared a quarterly dividend of $0.21 per share to be paid on September 15, representing an annual yield of 0.3% and indicating a low payout ratio of 8.95%.

Central Pacific Bank Trust Division decreased its position in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 10.2% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 15,403 shares of the information services provider's stock after selling 1,753 shares during the period. Central Pacific Bank Trust Division's holdings in Alphabet were worth $2,732,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Principia Wealth Advisory LLC raised its position in Alphabet by 111.8% during the first quarter. Principia Wealth Advisory LLC now owns 161 shares of the information services provider's stock valued at $26,000 after purchasing an additional 85 shares in the last quarter. MorganRosel Wealth Management LLC purchased a new stake in Alphabet during the first quarter valued at about $26,000. Greykasell Wealth Strategies Inc. purchased a new stake in Alphabet during the first quarter valued at about $32,000. Goodman Advisory Group LLC purchased a new stake in Alphabet during the first quarter valued at about $32,000. Finally, Elevate Wealth Advisory Inc. purchased a new stake in Alphabet during the first quarter valued at about $34,000. Hedge funds and other institutional investors own 27.26% of the company's stock.

Alphabet Stock Up 0.2%

Shares of NASDAQ:GOOG opened at $241.38 on Friday. Alphabet Inc. has a 1 year low of $142.66 and a 1 year high of $242.57. The company has a market cap of $2.92 trillion, a PE ratio of 25.71, a P/E/G ratio of 1.62 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 stock's 50-day moving average is $202.67 and its 200 day moving average is $178.83.

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

Alphabet Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Monday, September 8th will be issued a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date is Monday, September 8th. Alphabet's payout ratio is currently 8.95%.

Analyst Ratings Changes

GOOG has been the topic of a number of research reports. JPMorgan Chase & Co. raised their price target on Alphabet from $232.00 to $260.00 and gave the company an "overweight" rating in a research report on Wednesday, September 3rd. The Goldman Sachs Group reiterated a "buy" rating and issued a $220.00 price objective on shares of Alphabet in a report on Monday, June 2nd. Scotiabank lifted their price objective on Alphabet from $200.00 to $240.00 and gave the stock a "sector outperform" rating in a report on Tuesday, July 22nd. UBS Group lifted their price objective on Alphabet from $186.00 to $192.00 and gave the stock a "neutral" rating in a report on Wednesday, July 16th. Finally, Oppenheimer reiterated an "outperform" rating and issued a $270.00 price objective (up previously from $235.00) on shares of Alphabet in a report on Wednesday, September 3rd. Four investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, five have given a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, Alphabet has a consensus rating of "Moderate Buy" and a consensus target price of $227.56.

Insiders Place Their Bets

In related news, CEO Sundar Pichai sold 32,500 shares of the business's stock in a transaction dated Wednesday, August 20th. The stock was sold at an average price of $199.92, for a total transaction of $6,497,400.00. Following the transaction, the chief executive officer owned 2,462,392 shares in the company, valued at $492,281,408.64. The trade was a 1.30% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider John Kent Walker sold 23,820 shares of the business's stock in a transaction dated 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 transaction, the insider owned 42,999 shares in the company, valued at approximately $8,371,905.30. This represents a 35.65% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 254,710 shares of company stock worth $49,208,380 in the last quarter. 12.99% of the stock is currently owned by company insiders.

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.

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