Connable Office Inc. Sells 4,821 Shares of Alphabet Inc. (NASDAQ:GOOG)

Key Points

• Connable Office Inc. reduced its stake in Alphabet Inc. by 17.7% by selling 4,821 shares, leaving it with 22,365 shares valued at approximately $3.49 million.
• Alphabet reported $2.31 EPS for the latest quarter, outperforming expectations by $0.19, alongside a revenue increase of 13.8% year-over-year, totaling $96.43 billion.
• The company declared a $0.21 quarterly dividend, expected to be paid on September 15th, indicating an annualized yield of 0.4% and a payout ratio of 8.95%.

Connable Office Inc. trimmed its holdings in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 17.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 22,365 shares of the information services provider's stock after selling 4,821 shares during the quarter. Connable Office Inc.'s holdings in Alphabet were worth $3,494,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the stock. Earned Wealth Advisors LLC lifted its holdings in shares of Alphabet by 122.7% in the 1st quarter. Earned Wealth Advisors LLC now owns 6,443 shares of the information services provider's stock worth $1,007,000 after buying an additional 3,550 shares during the period. SGL Investment Advisors Inc. boosted its stake in Alphabet by 1.5% in the first quarter. SGL Investment Advisors Inc. now owns 27,493 shares of the information services provider's stock valued at $4,282,000 after acquiring an additional 419 shares in the last quarter. Commonwealth Equity Services LLC grew its stake in Alphabet by 4.3% during the 1st quarter. Commonwealth Equity Services LLC now owns 2,043,900 shares of the information services provider's stock worth $319,319,000 after buying an additional 83,809 shares during the last quarter. Generation Capital Management LLC grew its stake in shares of Alphabet by 0.5% during the first quarter. Generation Capital Management LLC now owns 26,023 shares of the information services provider's stock worth $4,066,000 after acquiring an additional 136 shares during the last quarter. Finally, Manchester Capital Management LLC grew its position in Alphabet by 4.3% during the 1st quarter. Manchester Capital Management LLC now owns 55,026 shares of the information services provider's stock worth $8,597,000 after purchasing an additional 2,283 shares during the last quarter. 27.26% of the stock is owned by hedge funds and other institutional investors.

Alphabet Trading Down 1.5%

NASDAQ GOOG opened at $189.95 on Monday. 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 Inc. has a one year low of $142.66 and a one year high of $208.70. The firm has a market cap of $2.30 trillion, a price-to-earnings ratio of 20.23, a PEG ratio of 1.26 and a beta of 1.02. The firm has a 50 day simple moving average of $179.37 and a 200-day simple moving average of $174.39.

Alphabet (NASDAQ:GOOG - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share (EPS) for the quarter, beating the consensus estimate 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 analysts' expectations of $93.67 billion. During the same quarter last year, the business posted $1.89 EPS. The business's quarterly revenue was up 13.8% compared to the same quarter last year. Equities research analysts anticipate 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 will be paid on Monday, September 15th. Investors of record on Monday, September 8th will be issued a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date of this dividend is Monday, September 8th. Alphabet's dividend payout ratio is 8.95%.

Insider Buying and Selling

In related news, Director Kavitark Ram Shriram sold 18,566 shares of the stock in a transaction 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 transaction, the director directly owned 243,400 shares of the company's stock, valued at $45,213,984. This trade represents a 7.09% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Sundar Pichai sold 32,500 shares of Alphabet stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $178.52, for a total value of $5,801,900.00. Following the sale, the chief executive officer owned 2,559,892 shares in the company, valued at $456,991,919.84. This trade represents a 1.25% decrease in their position. The disclosure for this sale can be found here. Insiders sold 249,399 shares of company stock valued at $43,525,794 over the last ninety days. 12.99% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts have recently weighed in on GOOG shares. Oppenheimer reissued an "outperform" rating and issued a $235.00 price objective (up from $220.00) on shares of Alphabet in a report on Thursday, July 24th. Roth Capital reaffirmed a "buy" rating on shares of Alphabet in a report on Wednesday, July 9th. Tigress Financial reaffirmed a "strong-buy" rating on shares of Alphabet in a research note on Friday, May 2nd. JPMorgan Chase & Co. upped their price target on shares of Alphabet from $200.00 to $232.00 and gave the stock an "overweight" rating in a research report on Thursday, July 24th. Finally, Barclays restated a "buy" rating on shares of Alphabet in a report on Wednesday, July 9th. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating, seventeen have assigned a buy rating and five have assigned a strong buy rating to the company. According to data from MarketBeat.com, Alphabet currently has an average rating of "Moderate Buy" and an average target price of $215.19.

Alphabet 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.

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