Eagle Global Advisors LLC Reduces Holdings in Alphabet Inc. $GOOG

Key Points

• Eagle Global Advisors LLC has reduced its holdings in Alphabet Inc. by 2.4%, now owning 215,017 shares valued at approximately $38.14 million.
• Alphabet reported earnings of $2.31 per share for the last quarter, exceeding analyst estimates, with revenue growth of 13.8% year-over-year to $96.43 billion.
• The company recently declared a quarterly dividend of $0.21 per share, representing a 0.3% dividend yield and a payout ratio of 8.95%.

Eagle Global Advisors LLC lowered its position in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 2.4% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 215,017 shares of the information services provider's stock after selling 5,295 shares during the period. Alphabet makes up approximately 1.5% of Eagle Global Advisors LLC's investment portfolio, making the stock its 18th largest holding. Eagle Global Advisors LLC's holdings in Alphabet were worth $38,142,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of the company. Independence Bank of Kentucky boosted its position in Alphabet by 10.2% in the 1st quarter. Independence Bank of Kentucky now owns 14,907 shares of the information services provider's stock worth $2,329,000 after purchasing an additional 1,376 shares in the last quarter. RDA Financial Network boosted its position in Alphabet by 5.3% in the 2nd quarter. RDA Financial Network now owns 11,094 shares of the information services provider's stock worth $1,968,000 after purchasing an additional 554 shares in the last quarter. Fermata Advisors LLC boosted its position in Alphabet by 2.7% in the 1st quarter. Fermata Advisors LLC now owns 9,771 shares of the information services provider's stock worth $1,527,000 after purchasing an additional 259 shares in the last quarter. Oldfather Financial Services LLC purchased a new stake in Alphabet in the 2nd quarter worth approximately $213,000. Finally, Members Trust Co boosted its position in Alphabet by 84.7% in the 1st quarter. Members Trust Co now owns 4,999 shares of the information services provider's stock worth $781,000 after purchasing an additional 2,292 shares in the last quarter. Hedge funds and other institutional investors own 27.26% of the company's stock.

Alphabet Stock Up 0.2%

Shares of GOOG opened at $247.18 on Friday. Alphabet Inc. has a 52-week low of $142.66 and a 52-week high of $256.70. The company has a market capitalization of $2.99 trillion, a PE ratio of 26.32, a price-to-earnings-growth ratio of 1.67 and a beta of 1.01. The stock has a fifty day simple moving average of $216.61 and a two-hundred day simple moving average of $184.39. 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 issued its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 the consensus estimate of $93.67 billion. During the same period last year, the company earned $1.89 EPS. The company's revenue for the quarter was up 13.8% on a year-over-year basis. As a group, equities analysts forecast that Alphabet Inc. will post 8.89 EPS for the current year.

Alphabet Announces Dividend

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

Analyst Ratings Changes

Several equities research analysts have commented on the company. Lake Street Capital restated a "buy" rating on shares of Alphabet in a research report on Wednesday, July 9th. Oppenheimer reiterated an "outperform" rating and set a $270.00 target price (up previously from $235.00) on shares of Alphabet in a research report on Wednesday, September 3rd. Pivotal Research increased 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. Cowen reiterated a "buy" rating on shares of Alphabet in a research report on Wednesday, July 9th. Finally, Piper Sandler reiterated a "neutral" rating on shares of Alphabet in a research report on Wednesday, July 9th. Four analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating, five have given a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, Alphabet presently has a consensus rating of "Moderate Buy" and an average target price of $230.35.

Insider Activity

In related news, Director Kavitark Ram Shriram sold 15,000 shares of the firm's stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $185.76, for a total transaction of $2,786,400.00. Following the completion of the sale, the director directly owned 240,400 shares of the company's stock, valued at approximately $44,656,704. This trade represents a 5.87% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John L. Hennessy sold 600 shares of the firm's stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $249.44, for a total value of $149,664.00. Following the sale, the director directly owned 5,716 shares of the company's stock, valued at $1,425,799.04. The trade was a 9.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 258,088 shares of company stock worth $52,405,304. 12.99% of the stock is currently owned by corporate insiders.

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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