Childress Capital Advisors LLC Raises Stock Position in Alphabet Inc. $GOOG

Key Points

• Childress Capital Advisors LLC increased its stake in Alphabet Inc. (GOOG) by 70% in the second quarter, owning 19,050 shares valued at approximately $3.38 million.
• Insider selling includes CEO Sundar Pichai who sold 32,500 shares for about $5.99 million, reducing his ownership by 1.27%.
• Alphabet reported earnings of $2.31 per share for the most recent quarter, exceeding expectations, with revenue of $96.43 billion, reflecting a 13.8% year-over-year increase.

Childress Capital Advisors LLC grew its stake in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 70.0% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 19,050 shares of the information services provider's stock after buying an additional 7,846 shares during the period. Alphabet accounts for 0.9% of Childress Capital Advisors LLC's investment portfolio, making the stock its 27th largest holding. Childress Capital Advisors LLC's holdings in Alphabet were worth $3,379,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Kingstone Capital Partners Texas LLC boosted its stake in Alphabet by 580,897.4% in the second quarter. Kingstone Capital Partners Texas LLC now owns 135,087,705 shares of the information services provider's stock valued at $23,963,208,000 after acquiring an additional 135,064,454 shares in the last quarter. Nuveen LLC purchased a new stake in shares of Alphabet in the 1st quarter valued at about $2,622,943,000. Vanguard Group Inc. lifted its holdings in shares of Alphabet by 2.4% in the 1st quarter. Vanguard Group Inc. now owns 411,570,922 shares of the information services provider's stock valued at $64,299,725,000 after purchasing an additional 9,687,855 shares during the last quarter. JPMorgan Chase & Co. boosted its position in shares of Alphabet by 9.9% in the 1st quarter. JPMorgan Chase & Co. now owns 102,232,997 shares of the information services provider's stock valued at $15,971,861,000 after purchasing an additional 9,243,959 shares during the period. Finally, Strs Ohio purchased a new position in Alphabet during the 1st quarter worth approximately $369,713,000. 27.26% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Alphabet

In other Alphabet news, CEO Sundar Pichai sold 32,500 shares of the company's stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $184.38, for a total transaction of $5,992,350.00. Following the transaction, the chief executive officer directly owned 2,527,392 shares in the company, valued at approximately $466,000,536.96. This represents a 1.27% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider John Kent Walker sold 23,820 shares of Alphabet stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $194.70, for a total transaction of $4,637,754.00. Following the sale, the insider owned 42,999 shares of the company's stock, valued at approximately $8,371,905.30. The trade was a 35.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 276,738 shares of company stock valued at $59,135,475 in the last ninety days. 12.99% of the stock is currently owned by company insiders.

Analyst Ratings Changes

GOOG has been the subject of a number of research reports. KeyCorp set a $265.00 price objective on Alphabet in a research note on Wednesday, September 3rd. Mizuho upgraded shares of Alphabet to a "strong-buy" rating in a research report on Monday. Lake Street Capital reissued a "buy" rating on shares of Alphabet in a research report on Wednesday, July 9th. Oppenheimer restated an "outperform" rating and issued a $270.00 price objective (up from $235.00) on shares of Alphabet in a research note on Wednesday, September 3rd. Finally, Scotiabank upped their target price on shares of Alphabet from $200.00 to $240.00 and gave the company a "sector outperform" rating in a report on Tuesday, July 22nd. Five investment analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, five have issued a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, Alphabet presently has a consensus rating of "Moderate Buy" and an average price target of $235.33.

Alphabet Price Performance

Shares of GOOG opened at $246.43 on Friday. Alphabet Inc. has a twelve month low of $142.66 and a twelve month high of $256.70. The stock's 50 day moving average is $220.84 and its two-hundred day moving average is $186.43. The firm has a market capitalization of $2.98 trillion, a PE ratio of 26.24, a P/E/G ratio of 1.66 and a beta of 1.00. 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:GOOG - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share (EPS) for the quarter, topping 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 business had revenue of $96.43 billion during the quarter, compared to the consensus estimate of $93.67 billion. During the same period in the prior year, the business posted $1.89 EPS. The company's revenue for the quarter was up 13.8% on a year-over-year basis. Research analysts anticipate that Alphabet Inc. will post 8.89 earnings per share for the current year.

Alphabet Announces Dividend

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

Want to see what other hedge funds are holding GOOG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Alphabet Inc. (NASDAQ:GOOG - Free Report).

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.