Cullinan Associates Inc. Reduces Stock Holdings in Alphabet Inc. (NASDAQ:GOOG)

Cullinan Associates Inc. lowered its position in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 25.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 86,121 shares of the information services provider's stock after selling 29,740 shares during the quarter. Alphabet comprises about 1.0% of Cullinan Associates Inc.'s holdings, making the stock its 28th biggest holding. Cullinan Associates Inc.'s holdings in Alphabet were worth $13,455,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. LSV Asset Management purchased a new stake in shares of Alphabet in the fourth quarter valued at about $27,000. Principia Wealth Advisory LLC grew its holdings in shares of Alphabet by 111.8% in 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 period. WealthTrak Capital Management LLC purchased a new stake in shares of Alphabet in the fourth quarter valued at about $38,000. Mountain Hill Investment Partners Corp. purchased a new stake in shares of Alphabet in the fourth quarter valued at about $39,000. Finally, Noble Wealth Management PBC purchased a new stake in shares of Alphabet in the fourth quarter valued at about $43,000. Hedge funds and other institutional investors own 27.26% of the company's stock.

Alphabet Trading Down 3.6%

NASDAQ GOOG opened at $167.73 on Friday. The firm has a 50 day simple moving average of $166.31 and a 200-day simple moving average of $176.39. 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 one year low of $142.66 and a one year high of $208.70. The firm has a market cap of $2.04 trillion, a price-to-earnings ratio of 18.70, a PEG ratio of 1.18 and a beta of 1.01.

Alphabet (NASDAQ:GOOG - Get Free Report) last posted its quarterly earnings data on Thursday, April 24th. The information services provider reported $2.81 EPS for the quarter, beating the consensus estimate of $2.02 by $0.79. The business had revenue of $90.23 billion during the quarter, compared to analyst estimates of $89.30 billion. Alphabet had a net margin of 30.86% and a return on equity of 34.54%. The business's revenue for the quarter was up 12.0% compared to the same quarter last year. During the same quarter last year, the firm posted $1.89 earnings per share. Equities research analysts anticipate that Alphabet Inc. will post 8.89 EPS for the current fiscal year.

Alphabet Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Monday, June 9th were issued a $0.21 dividend. This is a boost 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 yield of 0.50%. Alphabet's dividend payout ratio (DPR) is 9.36%.

Insider Activity at Alphabet

In related news, CAO Amie Thuener O'toole sold 673 shares of the firm's stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $155.33, for a total value of $104,537.09. Following the sale, the chief accounting officer now owns 15,303 shares of the company's stock, valued at $2,377,014.99. This trade represents a 4.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider John Kent Walker sold 11,764 shares of the firm's stock in a transaction that occurred on Thursday, March 27th. The stock was sold at an average price of $166.84, for a total transaction of $1,962,705.76. Following the sale, the insider now directly owns 49,037 shares in the company, valued at approximately $8,181,333.08. The trade was a 19.35% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 228,070 shares of company stock valued at $37,745,632 over the last 90 days. 12.99% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

GOOG has been the subject of a number of analyst reports. Tigress Financial reissued a "strong-buy" rating on shares of Alphabet in a report on Friday, May 2nd. Needham & Company LLC lowered shares of Alphabet from a "buy" rating to a "cautious" rating in a research note on Friday, May 2nd. UBS Group lowered their target price on shares of Alphabet from $209.00 to $173.00 and set a "neutral" rating for the company in a research note on Friday, April 11th. JPMorgan Chase & Co. increased their target price on shares of Alphabet from $180.00 to $195.00 and gave the stock an "overweight" rating in a research note on Friday, April 25th. Finally, KeyCorp lowered their target price on shares of Alphabet from $202.00 to $185.00 and set an "overweight" rating for the company in a research note on Wednesday, April 9th. Three research analysts have rated the stock with a sell rating, five have given a hold rating, fourteen have given a buy rating and five have issued a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $204.88.

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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