Charter Capital Management LLC DE Makes New Investment in Alphabet Inc. $GOOGL

Key Points

• Charter Capital Management LLC DE has acquired 7,068 shares of Alphabet Inc., valued at approximately $1,246,000, making it 0.7% of its investment portfolio.
• Several hedge funds have increased their holdings in Alphabet, with Brighton Jones LLC growing its position by 3.9% in the last quarter.
• Alphabet recently announced a quarterly dividend of $0.21, representing an annualized dividend of $0.84 and a yield of 0.3%.

Charter Capital Management LLC DE acquired a new position in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 7,068 shares of the information services provider's stock, valued at approximately $1,246,000. Alphabet comprises approximately 0.7% of Charter Capital Management LLC DE's investment portfolio, making the stock its 15th biggest holding.

Several other hedge funds also recently made changes to their positions in GOOGL. Brighton Jones LLC grew its holdings in shares of Alphabet by 3.9% during the fourth quarter. Brighton Jones LLC now owns 110,330 shares of the information services provider's stock worth $20,886,000 after purchasing an additional 4,110 shares during the last quarter. Revolve Wealth Partners LLC boosted its holdings in Alphabet by 3.5% in the 4th quarter. Revolve Wealth Partners LLC now owns 14,930 shares of the information services provider's stock valued at $2,826,000 after purchasing an additional 506 shares in the last quarter. Agate Pass Investment Management LLC lifted its position in shares of Alphabet by 8.0% during the 1st quarter. Agate Pass Investment Management LLC now owns 51,798 shares of the information services provider's stock valued at $8,010,000 after acquiring an additional 3,830 shares during the period. Moody National Bank Trust Division lifted its position in shares of Alphabet by 2.8% during the 1st quarter. Moody National Bank Trust Division now owns 68,610 shares of the information services provider's stock valued at $10,610,000 after acquiring an additional 1,890 shares during the period. Finally, Sage Capital Advisors llc lifted its position in shares of Alphabet by 0.3% during the 1st quarter. Sage Capital Advisors llc now owns 64,761 shares of the information services provider's stock valued at $10,015,000 after acquiring an additional 197 shares during the period. Hedge funds and other institutional investors own 40.03% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on GOOGL shares. Tigress Financial boosted their price target on Alphabet from $240.00 to $280.00 and gave the company a "strong-buy" rating in a report on Friday, September 5th. Guggenheim boosted their price objective on shares of Alphabet from $190.00 to $210.00 and gave the company a "buy" rating in a research note on Wednesday, July 23rd. Stifel Nicolaus upped their price target on shares of Alphabet from $200.00 to $218.00 and gave the stock a "buy" rating in a research report on Tuesday, July 22nd. Roth Capital upped their price target on shares of Alphabet from $205.00 to $210.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Finally, BMO Capital Markets upped their price target on shares of Alphabet from $208.00 to $225.00 and gave the stock an "outperform" rating in a research report on Thursday, July 24th. Three research analysts have rated the stock with a Strong Buy rating, thirty-three have given a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $233.44.

Insiders Place Their Bets

In other news, Director Kavitark Ram Shriram sold 15,000 shares of the company's stock in a transaction dated Friday, July 18th. The shares were sold at an average price of $185.76, for a total value of $2,786,400.00. Following the sale, the director owned 240,400 shares in the company, valued at approximately $44,656,704. This represents a 5.87% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director John L. Hennessy sold 600 shares of the company's stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $249.44, for a total transaction of $149,664.00. Following the completion of the sale, the director owned 5,716 shares in the company, valued at approximately $1,425,799.04. This trade represents a 9.50% decrease in their position. 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. Company insiders own 11.64% of the company's stock.

Alphabet Stock Performance

NASDAQ:GOOGL opened at $246.54 on Friday. 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 $215.93 and a two-hundred day moving average of $183.03. The stock has a market cap of $2.98 trillion, a P/E ratio of 26.26, a PEG ratio of 1.66 and a beta of 1.01. Alphabet Inc. has a 1-year low of $140.53 and a 1-year high of $256.00.

Alphabet (NASDAQ:GOOGL - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, beating analysts' consensus estimates of $2.15 by $0.16. The company had revenue of $96.43 billion during the quarter, compared to analysts' expectations of $93.60 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. On average, research analysts expect that Alphabet Inc. will post 8.9 earnings per share for the current fiscal year.

Alphabet Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Monday, September 8th were paid a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date was Monday, September 8th. Alphabet's dividend payout ratio is 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.