GLOBALT Investments LLC GA Sells 1,582 Shares of Alphabet Inc. (NASDAQ:GOOG)

Key Points

• GLOBALT Investments LLC has reduced its stake in Alphabet Inc. by 6.7%, now holding 21,961 shares valued at approximately $3.43 million.
• Alphabet's latest quarterly earnings exceeded expectations, reporting $2.31 per share in earnings and revenue of $96.43 billion—up 13.8% year-over-year.
• The company announced a quarterly dividend of $0.21 per share, with a dividend yield of 0.43%, payable on September 15th to stockholders of record on September 8th.

GLOBALT Investments LLC GA lowered its stake in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 6.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,961 shares of the information services provider's stock after selling 1,582 shares during the quarter. GLOBALT Investments LLC GA's holdings in Alphabet were worth $3,431,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently added to or reduced their stakes in the stock. Concentrum Wealth Management boosted its position in Alphabet by 0.3% during the fourth quarter. Concentrum Wealth Management now owns 17,328 shares of the information services provider's stock valued at $3,300,000 after purchasing an additional 57 shares in the last quarter. JDM Financial Group LLC boosted its position in Alphabet by 10.6% during the fourth quarter. JDM Financial Group LLC now owns 593 shares of the information services provider's stock valued at $113,000 after purchasing an additional 57 shares in the last quarter. Kidder Stephen W boosted its position in Alphabet by 1.6% during the fourth quarter. Kidder Stephen W now owns 3,608 shares of the information services provider's stock valued at $687,000 after purchasing an additional 58 shares in the last quarter. Objectivity Squared LLC boosted its position in Alphabet by 0.4% during the first quarter. Objectivity Squared LLC now owns 16,342 shares of the information services provider's stock valued at $2,605,000 after purchasing an additional 62 shares in the last quarter. Finally, Tranquility Partners LLC boosted its position in Alphabet by 0.4% during the first quarter. Tranquility Partners LLC now owns 14,488 shares of the information services provider's stock valued at $2,263,000 after purchasing an additional 63 shares in the last quarter. Institutional investors own 27.26% of the company's stock.

Alphabet Stock Up 0.5%

Shares of GOOG stock opened at $194.08 on Friday. The stock has a 50 day moving average of $176.86 and a 200 day moving average of $174.67. The company has a current ratio of 1.90, a quick ratio of 1.77 and a debt-to-equity ratio of 0.07. The stock has a market cap of $2.36 trillion, a P/E ratio of 20.67, a P/E/G ratio of 1.32 and a beta of 1.01. Alphabet Inc. has a twelve month low of $142.66 and a twelve month high of $208.70.

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

Alphabet Announces Dividend

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

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. The Goldman Sachs Group reissued a "buy" rating and issued a $220.00 price target on shares of Alphabet in a report on Monday, June 2nd. JPMorgan Chase & Co. raised their price target on Alphabet from $200.00 to $232.00 and gave the stock an "overweight" rating in a report on Thursday. Wells Fargo & Company reissued an "equal weight" rating on shares of Alphabet in a report on Wednesday, July 9th. UBS Group raised their price target on Alphabet from $186.00 to $192.00 and gave the stock a "neutral" rating in a report on Wednesday, July 16th. Finally, Cantor Fitzgerald reissued a "neutral" rating and issued a $171.00 price target on shares of Alphabet in a report on Friday, April 25th. Three analysts have rated the stock with a sell rating, six have assigned a hold rating, seventeen have issued a buy rating and five have assigned a strong buy rating to the company. Based on data from MarketBeat, Alphabet currently has a consensus rating of "Moderate Buy" and a consensus target price of $215.19.

Insider Activity

In other news, Director Kavitark Ram Shriram sold 18,566 shares of the business's stock in a transaction that occurred on Friday, July 18th. The stock was sold at an average price of $185.76, for a total value of $3,448,820.16. Following the completion of the sale, the director directly owned 243,400 shares in the company, valued at $45,213,984. The trade was a 7.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director John L. Hennessy sold 400 shares of the business's stock in a transaction that occurred on Monday, July 14th. The shares were sold at an average price of $181.98, for a total value of $72,792.00. Following the completion of the sale, the director owned 6,013 shares of the company's stock, valued at $1,094,245.74. This trade represents a 6.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 249,409 shares of company stock worth $43,523,710 over the last three months. 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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