First Horizon Advisors Inc. Trims Stock Holdings in Alphabet Inc. (NASDAQ:GOOG)

First Horizon Advisors Inc. lowered its position in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 6.5% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 151,219 shares of the information services provider's stock after selling 10,529 shares during the quarter. First Horizon Advisors Inc.'s holdings in Alphabet were worth $23,625,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the company. Ethos Financial Group LLC boosted its position in Alphabet by 0.7% in the fourth quarter. Ethos Financial Group LLC now owns 7,300 shares of the information services provider's stock valued at $1,395,000 after buying an additional 53 shares during the last quarter. Hutchinson Capital Management CA raised its position in Alphabet by 1.5% during the 4th quarter. Hutchinson Capital Management CA now owns 3,555 shares of the information services provider's stock worth $677,000 after buying an additional 54 shares during the last quarter. M. Kulyk & Associates LLC lifted its stake in Alphabet by 0.9% during the 4th quarter. M. Kulyk & Associates LLC now owns 6,445 shares of the information services provider's stock valued at $1,227,000 after acquiring an additional 56 shares during the period. Retirement Planning Co of New England Inc. boosted its holdings in shares of Alphabet by 0.4% in the 4th quarter. Retirement Planning Co of New England Inc. now owns 15,977 shares of the information services provider's stock valued at $3,043,000 after acquiring an additional 56 shares during the last quarter. Finally, Concentrum Wealth Management increased its stake in shares of Alphabet by 0.3% in the fourth quarter. Concentrum Wealth Management now owns 17,328 shares of the information services provider's stock worth $3,300,000 after acquiring an additional 57 shares during the period. Hedge funds and other institutional investors own 27.26% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on GOOG shares. Tigress Financial reissued a "strong-buy" rating on shares of Alphabet in a report on Friday, May 2nd. Oppenheimer lifted their price objective on Alphabet from $185.00 to $200.00 and gave the company an "outperform" rating in a research note on Friday, April 25th. JPMorgan Chase & Co. boosted their price objective on Alphabet from $180.00 to $195.00 and gave the company an "overweight" rating in a report on Friday, April 25th. The Goldman Sachs Group restated a "buy" rating and issued a $220.00 target price on shares of Alphabet in a research note on Monday, June 2nd. Finally, UBS Group reduced their price target on Alphabet from $209.00 to $173.00 and set a "neutral" rating for the company in a research report on Friday, April 11th. Three analysts have rated the stock with a sell rating, five have assigned a hold rating, fourteen have issued a buy rating and six have issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $206.38.

Insider Activity

In related news, Director John L. Hennessy sold 600 shares of the business's stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $175.00, for a total transaction of $105,000.00. Following the completion of the sale, the director directly owned 6,813 shares in the company, valued at approximately $1,192,275. The trade was a 8.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Sundar Pichai sold 32,500 shares of the firm's stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $170.87, for a total value of $5,553,275.00. Following the completion of the transaction, the chief executive officer owned 2,620,196 shares in the company, valued at $447,712,890.52. The trade was a 1.23% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 215,643 shares of company stock worth $36,330,928 over the last quarter. 12.99% of the stock is currently owned by corporate insiders.

Alphabet Stock Performance

NASDAQ:GOOG opened at $180.22 on Friday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.77 and a current ratio of 1.77. The stock has a market capitalization of $2.19 trillion, a PE ratio of 20.09, a P/E/G ratio of 1.27 and a beta of 1.01. Alphabet Inc. has a fifty-two week low of $142.66 and a fifty-two week high of $208.70. The company has a fifty day moving average of $169.65 and a two-hundred day moving average of $175.71.

Alphabet (NASDAQ:GOOG - Get Free Report) last released its earnings results on Thursday, April 24th. The information services provider reported $2.81 EPS for the quarter, topping analysts' consensus estimates of $2.02 by $0.79. The business had revenue of $90.23 billion during the quarter, compared to analysts' expectations of $89.30 billion. Alphabet had a net margin of 30.86% and a return on equity of 34.54%. The company's quarterly revenue was up 12.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.89 earnings per share. As a group, research analysts forecast that Alphabet Inc. will post 8.89 earnings per share for the current fiscal year.

Alphabet Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Monday, June 9th were issued a dividend of $0.21 per share. The ex-dividend date was Monday, June 9th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.47%. This is a boost from Alphabet's previous quarterly dividend of $0.20. Alphabet's dividend payout ratio is presently 9.36%.

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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