Alphabet Inc. $GOOG is Community Trust & Investment Co.'s 6th Largest Position

Key Points

• Community Trust & Investment Co. reduced its holdings in Alphabet Inc. by 0.3%, now owning 404,135 shares worth approximately $71.69 million, making it the firm's 6th largest holding.
• Alphabet reported a quarterly earnings per share (EPS) of $2.31, surpassing the consensus estimate of $2.12, with a revenue increase of 13.8% year-over-year, totaling $96.43 billion.
• The company recently announced a quarterly dividend of $0.21 per share, reflecting a 0.3% annual yield, with a payout ratio of 8.95%.

Community Trust & Investment Co. cut its stake in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 0.3% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 404,135 shares of the information services provider's stock after selling 1,153 shares during the period. Alphabet accounts for about 4.1% of Community Trust & Investment Co.'s portfolio, making the stock its 6th largest position. Community Trust & Investment Co.'s holdings in Alphabet were worth $71,690,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also made changes to their positions in the business. Principia Wealth Advisory LLC lifted its holdings in shares of Alphabet by 111.8% during the first quarter. Principia Wealth Advisory LLC now owns 161 shares of the information services provider's stock valued at $26,000 after purchasing an additional 85 shares during the last quarter. MorganRosel Wealth Management LLC bought a new position in shares of Alphabet in the 1st quarter worth about $26,000. Goodman Advisory Group LLC bought a new stake in Alphabet during the 1st quarter valued at $32,000. Greykasell Wealth Strategies Inc. bought a new position in Alphabet in the first quarter worth about $32,000. Finally, Elevate Wealth Advisory Inc. bought a new stake in shares of Alphabet during the 1st quarter valued at $34,000. Institutional investors and hedge funds own 27.26% of the company's stock.

Alphabet Price Performance

Shares of NASDAQ GOOG traded up $2.91 during mid-day trading on Friday, hitting $255.24. 41,503,403 shares of the stock were exchanged, compared to its average volume of 24,489,492. The company has a market cap of $3.09 trillion, a P/E ratio of 27.18, a PEG ratio of 1.72 and a beta of 1.01. The stock's fifty day simple moving average is $210.08 and its two-hundred day simple moving average is $181.65. Alphabet Inc. has a twelve month low of $142.66 and a twelve month high of $256.70. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90.

Alphabet (NASDAQ:GOOG - Get Free Report) last posted its earnings results 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. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The firm had revenue of $96.43 billion during the quarter, compared to the consensus estimate of $93.67 billion. During the same quarter last year, the company earned $1.89 earnings per share. The company's revenue was up 13.8% on a year-over-year basis. As a group, analysts forecast that Alphabet Inc. will post 8.89 EPS for the current fiscal year.

Alphabet Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Monday, September 8th were paid a $0.21 dividend. The ex-dividend date was Monday, September 8th. This represents a $0.84 annualized dividend and a dividend yield of 0.3%. Alphabet's payout ratio is 8.95%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on GOOG shares. KeyCorp set a $265.00 price target on shares of Alphabet in a research report on Wednesday, September 3rd. Raymond James Financial reiterated an "outperform" rating and set a $210.00 price objective (up previously from $185.00) on shares of Alphabet in a report on Thursday, July 24th. Cowen reissued a "buy" rating on shares of Alphabet in a research note on Wednesday, July 9th. JPMorgan Chase & Co. boosted their target price on Alphabet from $232.00 to $260.00 and gave the company an "overweight" rating in a research note on Wednesday, September 3rd. Finally, Pivotal Research boosted their target price on Alphabet from $245.00 to $300.00 and gave the company a "buy" rating in a research report on Wednesday, September 3rd. Four analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, five have given a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $227.56.

Insiders Place Their Bets

In other news, CEO Sundar Pichai sold 32,500 shares of the company's stock in a transaction on Wednesday, September 3rd. The shares were sold at an average price of $229.73, for a total value of $7,466,225.00. Following the transaction, the chief executive officer directly owned 2,429,892 shares of the company's stock, valued at approximately $558,219,089.16. This represents a 1.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Amie Thuener O'toole sold 2,778 shares of the firm's stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $245.00, for a total transaction of $680,610.00. Following the completion of the sale, the chief accounting officer directly owned 17,293 shares of the company's stock, valued at approximately $4,236,785. This represents a 13.84% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 258,088 shares of company stock valued at $52,405,304. 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.