Galvin Gaustad & Stein LLC Decreases Position in Alphabet Inc. (NASDAQ:GOOG)

Key Points

• Galvin Gaustad & Stein LLC reduced its stake in Alphabet Inc. by 10% in Q1, owning 65,062 shares valued at approximately $10.17 million after a sale of 7,211 shares.
• Alphabet's recent quarterly earnings report showed an EPS of $2.31, exceeding estimates by $0.19, with total revenue of $96.43 billion, representing a year-over-year growth of 13.8%.
• The company announced a quarterly dividend of $0.21, to be paid to shareholders of record on September 8th, which translates to an annual yield of 0.43%.

Galvin Gaustad & Stein LLC decreased its holdings in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 10.0% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 65,062 shares of the information services provider's stock after selling 7,211 shares during the period. Galvin Gaustad & Stein LLC's holdings in Alphabet were worth $10,165,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Principia Wealth Advisory LLC grew its position in shares of Alphabet by 111.8% in the 1st quarter. Principia Wealth Advisory LLC now owns 161 shares of the information services provider's stock valued at $26,000 after buying an additional 85 shares during the last quarter. MorganRosel Wealth Management LLC bought a new stake in shares of Alphabet in the 1st quarter valued at about $26,000. LSV Asset Management bought a new stake in shares of Alphabet in the 4th quarter valued at about $27,000. Goodman Advisory Group LLC bought a new stake in shares of Alphabet in the 1st quarter valued at about $32,000. Finally, Graybill Wealth Management LTD. bought a new stake in shares of Alphabet in the 1st quarter valued at about $44,000. Institutional investors own 27.26% of the company's stock.

Alphabet Price Performance

NASDAQ:GOOG traded down $3.74 during trading hours on Thursday, hitting $193.70. The stock had a trading volume of 16,003,354 shares, compared to its average volume of 24,267,123. The company has a 50 day simple moving average of $178.54 and a two-hundred day simple moving average of $174.69. The firm has a market capitalization of $2.35 trillion, a price-to-earnings ratio of 20.64, a P/E/G ratio of 1.30 and a beta of 1.01. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90. Alphabet Inc. has a one year low of $142.66 and a one year high of $208.70.

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

Alphabet Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Monday, September 8th will be given a dividend of $0.21 per share. The ex-dividend date of this dividend is Monday, September 8th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.43%. Alphabet's dividend payout ratio (DPR) is currently 8.95%.

Analyst Ratings Changes

A number of research firms have commented on GOOG. Westpark Capital reiterated a "buy" rating and issued a $210.00 price target on shares of Alphabet in a research report on Friday, April 25th. Rosenblatt Securities upgraded Alphabet from a "hold" rating to a "strong-buy" rating in a research report on Friday, April 25th. Tigress Financial restated a "strong-buy" rating on shares of Alphabet in a research report on Friday, May 2nd. Barclays restated a "buy" rating on shares of Alphabet in a research report on Wednesday, July 9th. Finally, The Goldman Sachs Group restated a "buy" rating and set a $220.00 target price on shares of Alphabet in a research report on Monday, June 2nd. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating, seventeen have given a buy rating and five have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $215.19.

Insiders Place Their Bets

In other news, CEO Sundar Pichai sold 32,500 shares of the firm's stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $178.52, for a total transaction of $5,801,900.00. Following the sale, the chief executive officer owned 2,559,892 shares in the company, valued at approximately $456,991,919.84. This trade represents a 1.25% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Kavitark Ram Shriram sold 18,566 shares of the firm's stock in a transaction on 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 sale, the director owned 243,400 shares in the company, valued at approximately $45,213,984. This trade represents a 7.09% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 249,298 shares of company stock valued at $43,505,967 over the last 90 days. Company insiders own 12.99% of the company's stock.

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.