Evergreen Capital Management LLC Acquires 2,209 Shares of Alphabet Inc. $GOOGL

Key Points

• Evergreen Capital Management LLC increased its holdings in Alphabet Inc. by 1.1%, acquiring an additional 2,209 shares, bringing its total to 207,021 shares, valued at approximately $32 million.
• Alphabet reported a quarterly earnings per share (EPS) of $2.31, exceeding analyst estimates, with revenues of $96.43 billion for the quarter.
• The company announced a quarterly dividend of $0.21 per share, with stockholders of record slated to receive it on September 15th.

Evergreen Capital Management LLC boosted its position in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 1.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 207,021 shares of the information services provider's stock after acquiring an additional 2,209 shares during the period. Alphabet accounts for about 1.1% of Evergreen Capital Management LLC's holdings, making the stock its 12th biggest position. Evergreen Capital Management LLC's holdings in Alphabet were worth $32,014,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in Alphabet by 2.9% during the first quarter. Vanguard Group Inc. now owns 509,826,331 shares of the information services provider's stock valued at $78,839,544,000 after purchasing an additional 14,307,345 shares during the last quarter. Invesco Ltd. lifted its position in Alphabet by 1.4% during the first quarter. Invesco Ltd. now owns 43,648,514 shares of the information services provider's stock valued at $6,749,806,000 after purchasing an additional 593,345 shares during the last quarter. Deutsche Bank AG lifted its position in Alphabet by 1.9% during the first quarter. Deutsche Bank AG now owns 39,792,300 shares of the information services provider's stock valued at $6,153,481,000 after purchasing an additional 727,335 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in Alphabet by 0.3% during the first quarter. Charles Schwab Investment Management Inc. now owns 38,556,577 shares of the information services provider's stock valued at $5,962,389,000 after purchasing an additional 104,859 shares during the last quarter. Finally, Nuveen LLC bought a new stake in Alphabet during the first quarter valued at approximately $4,317,606,000. Hedge funds and other institutional investors own 40.03% of the company's stock.

Alphabet Trading Down 0.9%

Alphabet stock traded down $1.89 during mid-day trading on Tuesday, reaching $211.02. 28,379,409 shares of the company traded hands, compared to its average volume of 36,147,438. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90. The firm's 50 day moving average price is $191.39 and its 200 day moving average price is $174.16. The firm has a market capitalization of $2.55 trillion, a price-to-earnings ratio of 22.46, a P/E/G ratio of 1.43 and a beta of 1.01. Alphabet Inc. has a 52-week low of $140.53 and a 52-week high of $214.65.

Alphabet (NASDAQ:GOOGL - Get Free Report) last released its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, topping analysts' consensus estimates of $2.15 by $0.16. The firm had revenue of $96.43 billion for the quarter, compared to the consensus estimate of $93.60 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. On average, analysts anticipate that Alphabet Inc. will post 8.9 earnings per share for the current fiscal year.

Alphabet Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Monday, September 8th will be paid a $0.21 dividend. The ex-dividend date is Monday, September 8th. This represents a $0.84 dividend on an annualized basis and a yield of 0.4%. Alphabet's payout ratio is presently 8.95%.

Analysts Set New Price Targets

Several brokerages have issued reports on GOOGL. Barclays lifted their target price on shares of Alphabet from $220.00 to $235.00 and gave the company an "overweight" rating in a research report on Thursday, July 24th. Sanford C. Bernstein boosted their price objective on shares of Alphabet from $185.00 to $195.00 and gave the stock a "market perform" rating in a report on Tuesday, July 22nd. JMP Securities boosted their price objective on shares of Alphabet from $220.00 to $225.00 and gave the stock a "market outperform" rating in a report on Thursday, July 24th. Roth Capital boosted their price objective on shares of Alphabet from $205.00 to $210.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Finally, Bank of America boosted their price objective on shares of Alphabet from $210.00 to $217.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Four investment analysts have rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $211.79.

Insider Activity

In related news, Director John L. Hennessy sold 1,000 shares of the company's stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $200.00, for a total value of $200,000.00. Following the transaction, the director owned 6,916 shares in the company, valued at $1,383,200. The trade was a 12.63% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Kavitark Ram Shriram sold 18,566 shares of the company's stock in a transaction dated Friday, July 18th. The shares were sold at an average price of $185.76, for a total transaction of $3,448,820.16. Following the transaction, the director owned 243,400 shares in the company, valued at $45,213,984. This represents a 7.09% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 254,710 shares of company stock worth $47,225,230. 11.55% of the stock is currently owned by company insiders.

Alphabet Company 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.