Concord Asset Management LLC VA reduced its position in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 15.9% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,835 shares of the information services provider's stock after selling 1,485 shares during the period. Concord Asset Management LLC VA's holdings in Alphabet were worth $1,236,000 as of its most recent SEC filing.
Other hedge funds have also recently bought and sold shares of the company. FMR LLC raised its position in Alphabet by 2.8% in the fourth quarter. FMR LLC now owns 117,991,725 shares of the information services provider's stock valued at $22,470,344,000 after purchasing an additional 3,189,592 shares during the period. Geode Capital Management LLC raised its position in Alphabet by 1.2% in the fourth quarter. Geode Capital Management LLC now owns 104,777,092 shares of the information services provider's stock valued at $19,894,651,000 after purchasing an additional 1,219,606 shares during the period. Capital International Investors raised its position in Alphabet by 6.7% in the fourth quarter. Capital International Investors now owns 91,236,069 shares of the information services provider's stock valued at $17,376,706,000 after purchasing an additional 5,758,244 shares during the period. Northern Trust Corp raised its position in Alphabet by 16.1% in the fourth quarter. Northern Trust Corp now owns 57,098,042 shares of the information services provider's stock valued at $10,873,751,000 after purchasing an additional 7,917,625 shares during the period. Finally, Capital Research Global Investors raised its position in Alphabet by 0.8% in the fourth quarter. Capital Research Global Investors now owns 39,148,500 shares of the information services provider's stock valued at $7,455,571,000 after purchasing an additional 294,556 shares during the period. 27.26% of the stock is owned by hedge funds and other institutional investors.
Insider Transactions at Alphabet
In other news, Director Kavitark Ram Shriram sold 9,000 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 transaction of $1,575,000.00. Following the completion of the sale, the director owned 255,400 shares of the company's stock, valued at approximately $44,695,000. This trade represents a 3.40% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director John L. Hennessy sold 600 shares of the stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $175.00, for a total transaction of $105,000.00. Following the sale, the director directly owned 6,813 shares in the company, valued at $1,192,275. This trade represents a 8.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 215,443 shares of company stock valued at $36,298,548. Corporate insiders own 12.99% of the company's stock.
Wall Street Analyst Weigh In
A number of analysts have recently issued reports on GOOG shares. Needham & Company LLC lowered Alphabet from a "buy" rating to a "cautious" rating in a research report on Friday, May 2nd. JPMorgan Chase & Co. lifted their price target on Alphabet from $195.00 to $200.00 and gave the stock an "overweight" rating in a research note on Friday. UBS Group reiterated a "buy" rating on shares of Alphabet in a research note on Wednesday, July 9th. Piper Sandler reiterated a "neutral" rating on shares of Alphabet in a research note on Wednesday, July 9th. Finally, Citigroup reiterated a "sell" rating on shares of Alphabet in a research note on Wednesday, April 23rd. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating, eighteen have given a buy rating and six have assigned a strong buy rating to the company. Based on data from MarketBeat, Alphabet has an average rating of "Moderate Buy" and a consensus target price of $207.13.
Get Our Latest Analysis on GOOG
Alphabet Stock Up 0.8%
Shares of GOOG opened at $182.81 on Tuesday. The company has a 50-day simple moving average of $171.84 and a 200-day simple moving average of $174.68. The firm has a market capitalization of $2.22 trillion, a P/E ratio of 20.38, a P/E/G ratio of 1.27 and a beta of 1.01. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.77 and a current ratio of 1.77. Alphabet Inc. has a 52 week low of $142.66 and a 52 week high of $208.70.
Alphabet (NASDAQ:GOOG - Get Free Report) last posted its earnings results on Thursday, April 24th. The information services provider reported $2.81 earnings per share for the quarter, beating analysts' consensus estimates of $2.02 by $0.79. The business had revenue of $90.23 billion for the quarter, compared to analysts' expectations of $89.30 billion. Alphabet had a net margin of 30.86% and a return on equity of 34.54%. The firm's revenue for the quarter was up 12.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.89 earnings per share. On average, equities research analysts expect that Alphabet Inc. will post 8.89 earnings per share for the current year.
Alphabet Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Monday, June 9th were issued a dividend of $0.21 per share. This is a positive change from Alphabet's previous quarterly dividend of $0.20. The ex-dividend date of this dividend was Monday, June 9th. This represents a $0.84 annualized dividend and a dividend yield of 0.46%. Alphabet's dividend payout ratio (DPR) is presently 9.36%.
Alphabet Profile
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Free Report)
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.
Further Reading
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