Chapin Davis Inc. Purchases 1,291 Shares of Alphabet Inc. $GOOGL

Key Points

• Chapin Davis Inc. increased its investment in Alphabet Inc. by 3.5%, acquiring an additional 1,291 shares, bringing their total holdings to 37,797 shares valued at approximately $6.66 million.
• Several institutional investors, including GAMMA Investing LLC and Scharf Investments LLC, also raised their positions in Alphabet by more than 8%, indicating strong institutional interest in the company's stock.
• Alphabet recently announced a quarterly dividend of $0.21, representing a 0.3% dividend yield, following positive earnings that exceeded analysts' expectations with $2.31 EPS and $96.43 billion in revenue.

Chapin Davis Inc. lifted its position in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 3.5% in the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 37,797 shares of the information services provider's stock after acquiring an additional 1,291 shares during the period. Alphabet accounts for about 1.8% of Chapin Davis Inc.'s investment portfolio, making the stock its 11th largest holding. Chapin Davis Inc.'s holdings in Alphabet were worth $6,661,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. GAMMA Investing LLC raised its position in shares of Alphabet by 13.5% in the 2nd quarter. GAMMA Investing LLC now owns 117,885 shares of the information services provider's stock worth $20,775,000 after acquiring an additional 14,015 shares in the last quarter. Scharf Investments LLC raised its position in shares of Alphabet by 8.6% in the 2nd quarter. Scharf Investments LLC now owns 13,713 shares of the information services provider's stock worth $2,417,000 after acquiring an additional 1,084 shares in the last quarter. Ridgewood Investments LLC raised its position in shares of Alphabet by 12.1% in the 2nd quarter. Ridgewood Investments LLC now owns 29,579 shares of the information services provider's stock worth $5,213,000 after acquiring an additional 3,191 shares in the last quarter. ABLE Financial Group LLC raised its position in shares of Alphabet by 17.1% in the 2nd quarter. ABLE Financial Group LLC now owns 11,342 shares of the information services provider's stock worth $1,999,000 after acquiring an additional 1,658 shares in the last quarter. Finally, Masso Torrence Wealth Management Inc. raised its position in shares of Alphabet by 14.0% in the 2nd quarter. Masso Torrence Wealth Management Inc. now owns 3,581 shares of the information services provider's stock worth $631,000 after acquiring an additional 440 shares in the last quarter. Institutional investors own 40.03% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. JPMorgan Chase & Co. raised their price objective on Alphabet from $200.00 to $232.00 and gave the company an "overweight" rating in a research report on Thursday, July 24th. BNP Paribas lowered Alphabet from a "strong-buy" rating to a "hold" rating in a research report on Thursday, June 26th. Morgan Stanley raised their price objective on Alphabet from $185.00 to $205.00 and gave the company an "overweight" rating in a research report on Monday, July 21st. Oppenheimer reaffirmed an "outperform" rating and set a $270.00 price objective (up previously from $235.00) on shares of Alphabet in a research report on Tuesday, September 2nd. Finally, Robert W. Baird raised their price objective on Alphabet from $215.00 to $275.00 and gave the company an "outperform" rating in a research report on Monday. Three research analysts have rated the stock with a Strong Buy rating, thirty-two have given a Buy rating and ten have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $231.31.

Insiders Place Their Bets

In other Alphabet news, Director John L. Hennessy sold 600 shares of Alphabet stock in a transaction on Monday, September 15th. The stock was sold at an average price of $249.44, for a total value of $149,664.00. Following the completion of the sale, the director owned 5,716 shares of the company's stock, valued at approximately $1,425,799.04. This trade represents a 9.50% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Kavitark Ram Shriram sold 15,000 shares of the firm's stock in a transaction on Friday, July 18th. The stock was sold at an average price of $185.76, for a total value of $2,786,400.00. Following the completion of the transaction, the director owned 240,400 shares in the company, valued at approximately $44,656,704. This trade represents a 5.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 258,088 shares of company stock worth $52,405,304. 11.64% of the stock is owned by corporate insiders.

Alphabet Stock Down 1.8%

Alphabet stock opened at $247.14 on Thursday. The firm has a market cap of $2.99 trillion, a price-to-earnings ratio of 26.32, a PEG ratio of 1.70 and a beta of 1.01. The stock has a fifty day simple moving average of $213.46 and a two-hundred day simple moving average of $181.91. Alphabet Inc. has a 12 month low of $140.53 and a 12 month high of $256.00. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07.

Alphabet (NASDAQ:GOOGL - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, topping analysts' consensus estimates of $2.15 by $0.16. The business had revenue of $96.43 billion during the quarter, compared to analyst estimates of $93.60 billion. Alphabet had a return on equity of 34.31% and a net margin of 31.12%. Equities analysts predict that Alphabet Inc. will post 8.9 EPS for the current fiscal year.

Alphabet Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Monday, September 8th were issued a $0.21 dividend. The ex-dividend date of this dividend was Monday, September 8th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.3%. Alphabet's dividend payout ratio (DPR) is presently 8.95%.

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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