Chevy Chase Trust Holdings LLC Sells 54,217 Shares of Alphabet Inc. (NASDAQ:GOOG)

Chevy Chase Trust Holdings LLC cut its position in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 1.5% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 3,479,629 shares of the information services provider's stock after selling 54,217 shares during the period. Alphabet makes up 1.7% of Chevy Chase Trust Holdings LLC's holdings, making the stock its 8th largest position. Chevy Chase Trust Holdings LLC's holdings in Alphabet were worth $543,622,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of the company. Principia Wealth Advisory LLC grew its position in Alphabet by 111.8% during the 1st quarter. Principia Wealth Advisory LLC now owns 161 shares of the information services provider's stock worth $26,000 after purchasing an additional 85 shares during the period. LSV Asset Management acquired a new position in shares of Alphabet in the 4th quarter valued at about $27,000. WealthTrak Capital Management LLC purchased a new stake in shares of Alphabet in the fourth quarter worth about $38,000. Mountain Hill Investment Partners Corp. acquired a new stake in Alphabet during the fourth quarter worth about $39,000. Finally, Noble Wealth Management PBC acquired a new stake in Alphabet during the fourth quarter worth about $43,000. 27.26% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on GOOG shares. JPMorgan Chase & Co. boosted their price target on Alphabet from $180.00 to $195.00 and gave the company an "overweight" rating in a report on Friday, April 25th. Cantor Fitzgerald reissued a "neutral" rating and set a $171.00 price target on shares of Alphabet in a report on Friday, April 25th. KeyCorp dropped their price target on shares of Alphabet from $202.00 to $185.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 9th. Westpark Capital reaffirmed a "buy" rating and issued a $210.00 price objective on shares of Alphabet in a report on Friday, April 25th. Finally, Rosenblatt Securities upgraded shares of Alphabet from a "hold" rating to a "strong-buy" rating in a research report on Friday, April 25th. Three analysts have rated the stock with a sell rating, five have given a hold rating, fourteen have issued a buy rating and five have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $204.88.

Alphabet Price Performance

Shares of Alphabet stock traded up $2.94 during mid-day trading on Thursday, reaching $174.43. 25,862,351 shares of the stock traded hands, compared to its average volume of 20,718,813. The stock has a market capitalization of $2.12 trillion, a PE ratio of 19.45, a PEG ratio of 1.18 and a beta of 1.01. The business has a 50-day moving average of $166.90 and a 200 day moving average of $176.24. Alphabet Inc. has a fifty-two week low of $142.66 and a fifty-two week high of $208.70. The company has a quick ratio of 1.77, a current ratio of 1.77 and a debt-to-equity ratio of 0.03.

Alphabet (NASDAQ:GOOG - Get Free Report) last issued its quarterly earnings results on Thursday, April 24th. The information services provider reported $2.81 EPS for the quarter, topping the consensus estimate of $2.02 by $0.79. Alphabet had a return on equity of 34.54% and a net margin of 30.86%. The firm had revenue of $90.23 billion during the quarter, compared to analysts' expectations of $89.30 billion. During the same period in the previous year, the business earned $1.89 earnings per share. The firm's revenue for the quarter was up 12.0% on a year-over-year basis. On average, analysts predict that Alphabet Inc. will post 8.89 EPS for the current year.

Alphabet Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Monday, June 9th were paid a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 0.48%. The ex-dividend date of this dividend was Monday, June 9th. This is a boost from Alphabet's previous quarterly dividend of $0.20. Alphabet's payout ratio is 9.36%.

Insider Transactions at Alphabet

In other Alphabet news, Director Kavitark Ram Shriram sold 10,500 shares of the firm's stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $175.00, for a total value of $1,837,500.00. Following the transaction, the director now directly owns 261,966 shares of the company's stock, valued at $45,844,050. This trade represents a 3.85% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Sundar Pichai sold 32,500 shares of the company's stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $176.68, for a total value of $5,742,100.00. Following the completion of the sale, the chief executive officer now owns 2,555,196 shares of the company's stock, valued at $451,452,029.28. This trade represents a 1.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 216,306 shares of company stock valued at $35,782,927 over the last 90 days. 12.99% of the stock is currently owned by corporate 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.