Central Pacific Bank Trust Division Has $2.68 Million Stake in Alphabet Inc. (NASDAQ:GOOG)

Central Pacific Bank Trust Division reduced its position in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 31.5% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 17,156 shares of the information services provider's stock after selling 7,898 shares during the period. Central Pacific Bank Trust Division's holdings in Alphabet were worth $2,680,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the company. FMR LLC raised its stake in shares of Alphabet by 2.8% in the fourth quarter. FMR LLC now owns 117,991,725 shares of the information services provider's stock worth $22,470,344,000 after acquiring an additional 3,189,592 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Alphabet by 1.2% in the fourth quarter. Geode Capital Management LLC now owns 104,777,092 shares of the information services provider's stock worth $19,894,651,000 after acquiring an additional 1,219,606 shares during the last quarter. Capital International Investors raised its stake in shares of Alphabet by 6.7% in the fourth quarter. Capital International Investors now owns 91,236,069 shares of the information services provider's stock worth $17,376,706,000 after acquiring an additional 5,758,244 shares during the last quarter. Northern Trust Corp raised its stake in shares of Alphabet by 16.1% in the fourth quarter. Northern Trust Corp now owns 57,098,042 shares of the information services provider's stock worth $10,873,751,000 after acquiring an additional 7,917,625 shares during the last quarter. Finally, Capital Research Global Investors raised its stake in shares of Alphabet by 0.8% in the fourth quarter. Capital Research Global Investors now owns 39,148,500 shares of the information services provider's stock worth $7,455,571,000 after acquiring an additional 294,556 shares during the last quarter. 27.26% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on GOOG. The Goldman Sachs Group reaffirmed a "buy" rating on shares of Alphabet in a research note on Wednesday, February 5th. Susquehanna reaffirmed a "positive" rating on shares of Alphabet in a research note on Friday, May 2nd. Rosenblatt Securities raised shares of Alphabet from a "hold" rating to a "strong-buy" rating in a research note on Friday, April 25th. Scotiabank dropped their price target on shares of Alphabet from $232.00 to $200.00 and set a "sector outperform" rating for the company in a research note on Monday, April 21st. Finally, JPMorgan Chase & Co. boosted their price target on shares of Alphabet from $180.00 to $195.00 and gave the stock an "overweight" rating in a research note on Friday, April 25th. Three analysts have rated the stock with a sell rating, five have assigned a hold rating, fourteen have assigned a buy rating and five have issued a strong buy rating to the stock. According to MarketBeat.com, Alphabet presently has an average rating of "Moderate Buy" and a consensus price target of $203.94.

Alphabet Stock Down 1.2%

Shares of GOOG stock traded down $2.09 during trading on Friday, reaching $170.87. The company's stock had a trading volume of 36,230,934 shares, compared to its average volume of 20,270,834. The business has a fifty day moving average price of $160.88 and a 200-day moving average price of $176.30. The company has a quick ratio of 1.84, a current ratio of 1.84 and a debt-to-equity ratio of 0.03. The company has a market cap of $2.07 trillion, a price-to-earnings ratio of 21.23, a price-to-earnings-growth ratio of 1.34 and a beta of 1.01. Alphabet Inc. has a one year low of $142.66 and a one year high of $208.70.

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

Alphabet Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Monday, June 9th will be given a $0.21 dividend. The ex-dividend date is Monday, June 9th. This is a positive change from Alphabet's previous quarterly dividend of $0.20. This represents a $0.84 annualized dividend and a dividend yield of 0.49%. Alphabet's dividend payout ratio is presently 9.36%.

Insider Activity

In related news, CAO Amie Thuener O'toole sold 1,374 shares of the company's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $173.47, for a total value of $238,347.78. Following the transaction, the chief accounting officer now directly owns 15,024 shares in the company, valued at approximately $2,606,213.28. This represents a 8.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director John L. Hennessy sold 200 shares of the company's stock in a transaction dated Thursday, March 13th. The shares were sold at an average price of $165.53, for a total transaction of $33,106.00. Following the completion of the transaction, the director now owns 7,813 shares in the company, valued at $1,293,285.89. This trade represents a 2.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 164,533 shares of company stock valued at $26,772,774 over the last ninety days. 12.99% of the stock is currently owned by company insiders.

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.