Courier Capital LLC Sells 2,714 Shares of Alphabet Inc. $GOOG

Key Points

• Courier Capital LLC reduced its position in Alphabet Inc. by 2.9%, selling 2,714 shares in the second quarter, leaving them with 91,476 shares valued at approximately $16.23 million.
• Institutional investors own 27.26% of Alphabet's stock, with significant stake increases from firms like Kingstone Capital Partners and Vanguard Group.
• Alphabet's recent quarterly earnings showed a 13.8% year-over-year revenue increase to $96.43 billion, with an EPS of $2.31 surpassing estimates, and a dividend of $0.21 per share was recently announced.

Courier Capital LLC cut its position in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 2.9% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 91,476 shares of the information services provider's stock after selling 2,714 shares during the period. Alphabet makes up about 1.0% of Courier Capital LLC's portfolio, making the stock its 23rd biggest holding. Courier Capital LLC's holdings in Alphabet were worth $16,227,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in GOOG. Kingstone Capital Partners Texas LLC lifted its stake in shares of Alphabet by 580,897.4% in the 2nd 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 purchasing an additional 135,064,454 shares during the last quarter. Nuveen LLC bought a new stake in shares of Alphabet in the 1st quarter valued at approximately $2,622,943,000. Vanguard Group Inc. lifted its stake 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. lifted its stake 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 last quarter. Finally, Strs Ohio bought a new stake in shares of Alphabet in the 1st quarter valued at approximately $369,713,000. 27.26% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms have recently issued reports on GOOG. Cowen reaffirmed a "buy" rating on shares of Alphabet in a research note on Wednesday, October 8th. Pivotal Research increased their price target on Alphabet from $245.00 to $300.00 and gave the stock a "buy" rating in a report on Wednesday, September 3rd. Robert W. Baird increased their price target on Alphabet from $215.00 to $275.00 and gave the stock an "outperform" rating in a report on Monday, September 22nd. Roth Capital reiterated a "buy" rating on shares of Alphabet in a report on Wednesday, July 9th. Finally, Phillip Securities downgraded Alphabet from a "strong-buy" rating to a "moderate buy" rating in a report on Monday, September 8th. Six investment analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, five have assigned a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $244.68.

Alphabet Trading Up 0.8%

GOOG opened at $253.79 on Friday. The stock's fifty day moving average is $232.18 and its two-hundred day moving average is $192.73. The company has a market capitalization of $3.07 trillion, a P/E ratio of 27.03, a PEG ratio of 1.70 and a beta of 1.00. Alphabet Inc. has a 52 week low of $142.66 and a 52 week high of $257.58. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07.

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

Alphabet Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Monday, September 8th were issued a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 0.3%. The ex-dividend date was Monday, September 8th. Alphabet's dividend payout ratio (DPR) is presently 8.95%.

Insider Transactions at Alphabet

In other Alphabet news, Director John L. Hennessy sold 1,000 shares of the firm's stock in a transaction on Friday, August 8th. The stock was sold at an average price of $200.00, for a total transaction of $200,000.00. Following the transaction, the director directly owned 6,916 shares in the company, valued at $1,383,200. This trade represents a 12.63% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Amie Thuener O'toole sold 2,778 shares of the firm's stock in a transaction on Monday, September 15th. The stock was sold at an average price of $245.00, for a total value of $680,610.00. Following the transaction, the chief accounting officer owned 17,293 shares in the company, valued at $4,236,785. The trade was a 13.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 243,372 shares of company stock valued at $55,110,740. Company insiders own 12.99% of the company's stock.

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.

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