Chokshi & Queen Wealth Advisors Inc Sells 7,103 Shares of Alphabet Inc. $GOOG

Key Points

• Chokshi & Queen Wealth Advisors Inc reduced its stake in Alphabet Inc. by 59.5% in the first quarter, now holding 4,839 shares valued at approximately $756,000.
• Several institutional investors increased their stakes in Alphabet, including ARQ Wealth Advisors LLC, which boosted its holdings by 39.3% in the fourth quarter.
• Alphabet recently declared a quarterly dividend of $0.21 per share, with a payout ratio of 8.95%, and the stock has a current market cap of $2.90 trillion.

Chokshi & Queen Wealth Advisors Inc lessened its position in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 59.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,839 shares of the information services provider's stock after selling 7,103 shares during the period. Alphabet comprises about 0.5% of Chokshi & Queen Wealth Advisors Inc's portfolio, making the stock its 22nd largest holding. Chokshi & Queen Wealth Advisors Inc's holdings in Alphabet were worth $756,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Principia Wealth Advisory LLC boosted its holdings in shares of 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 buying an additional 85 shares during the period. MorganRosel Wealth Management LLC bought a new stake in shares of Alphabet during the 1st quarter worth about $26,000. Goodman Advisory Group LLC bought a new stake in shares of Alphabet during the 1st quarter worth about $32,000. Greykasell Wealth Strategies Inc. bought a new stake in shares of Alphabet during the 1st quarter worth about $32,000. Finally, Elevate Wealth Advisory Inc. bought a new stake in shares of Alphabet during the 1st quarter worth about $34,000. Institutional investors own 27.26% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on GOOG. Roth Capital reaffirmed a "buy" rating on shares of Alphabet in a report on Wednesday, July 9th. Citizens Jmp raised shares of Alphabet from a "hold" rating to a "strong-buy" rating in a report on Thursday, June 26th. Scotiabank lifted their target price on shares of Alphabet from $200.00 to $240.00 and gave the stock a "sector outperform" rating in a report on Tuesday, July 22nd. UBS Group lifted their price objective on shares of Alphabet from $186.00 to $192.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 16th. Finally, Phillip Securities cut shares of Alphabet from a "strong-buy" rating to a "moderate buy" rating in a research note on Monday, September 8th. Four analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, five have issued a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $227.56.

Alphabet Stock Performance

Alphabet stock traded up $0.60 during midday trading on Friday, hitting $241.38. The company's stock had a trading volume of 14,519,054 shares, compared to its average volume of 22,624,780. Alphabet Inc. has a 1-year low of $142.66 and a 1-year high of $242.57. 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 company has a 50-day moving average price of $202.67 and a two-hundred day moving average price of $178.86. The company has a market cap of $2.92 trillion, a price-to-earnings ratio of 25.71, a PEG ratio of 1.62 and a beta of 1.01.

Alphabet (NASDAQ:GOOG - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, topping the consensus estimate of $2.12 by $0.19. The business had revenue of $96.43 billion during the quarter, compared to analysts' expectations of $93.67 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The business's revenue was up 13.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.89 EPS. As a group, sell-side analysts predict that Alphabet Inc. will post 8.89 earnings per share for the current year.

Alphabet Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Monday, September 8th will be given a $0.21 dividend. The ex-dividend date is Monday, September 8th. This represents a $0.84 annualized dividend and a dividend yield of 0.3%. Alphabet's payout ratio is presently 8.95%.

Insider Activity

In other news, Director Kavitark Ram Shriram sold 18,566 shares of the business's stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $185.76, for a total value of $3,448,820.16. Following the completion of the transaction, the director directly owned 243,400 shares in the company, valued at approximately $45,213,984. The trade was a 7.09% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John L. Hennessy sold 1,000 shares of the business's stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $200.00, for a total transaction of $200,000.00. Following the completion of the transaction, the director owned 6,916 shares of the company's stock, valued at $1,383,200. The trade was a 12.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 254,710 shares of company stock valued at $49,208,380 over the last quarter. 12.99% of the stock is owned by corporate 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.