Greenwood Capital Associates LLC Has $21.95 Million Stake in Alphabet Inc. $GOOGL

Key Points

• Greenwood Capital Associates LLC reduced its stake in Alphabet Inc. by 2.7%, now holding approximately $21.95 million in shares, making it the firm's 5th largest holding.
• Alphabet's quarterly earnings topped estimates with $2.31 EPS and $96.43 billion in revenue, exceeding analyst predictions.
• The company recently announced a quarterly dividend of $0.21 per share, reflecting an annualized yield of 0.4% with a low payout ratio of 8.95%.

Greenwood Capital Associates LLC cut its stake in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 2.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 124,566 shares of the information services provider's stock after selling 3,407 shares during the quarter. Alphabet comprises approximately 2.7% of Greenwood Capital Associates LLC's holdings, making the stock its 5th largest holding. Greenwood Capital Associates LLC's holdings in Alphabet were worth $21,952,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in Alphabet by 2.9% in the first quarter. Vanguard Group Inc. now owns 509,826,331 shares of the information services provider's stock worth $78,839,544,000 after buying an additional 14,307,345 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Alphabet by 11.4% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 43,865,520 shares of the information services provider's stock worth $6,783,364,000 after purchasing an additional 4,473,901 shares during the period. Invesco Ltd. increased its stake in Alphabet by 1.4% in the first quarter. Invesco Ltd. now owns 43,648,514 shares of the information services provider's stock worth $6,749,806,000 after purchasing an additional 593,345 shares during the period. Deutsche Bank AG increased its stake in Alphabet by 1.9% in the first quarter. Deutsche Bank AG now owns 39,792,300 shares of the information services provider's stock worth $6,153,481,000 after purchasing an additional 727,335 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its stake in Alphabet by 0.3% in the first quarter. Charles Schwab Investment Management Inc. now owns 38,556,577 shares of the information services provider's stock worth $5,962,389,000 after purchasing an additional 104,859 shares during the period. 40.03% of the stock is currently owned by institutional investors.

Alphabet Price Performance

Shares of NASDAQ GOOGL opened at $236.57 on Friday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90. The company has a market cap of $2.86 trillion, a PE ratio of 25.19, a P/E/G ratio of 1.63 and a beta of 1.00. The business has a 50-day simple moving average of $226.31 and a two-hundred day simple moving average of $188.49. Alphabet Inc. has a fifty-two week low of $140.53 and a fifty-two week high of $256.00.

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

Alphabet Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Monday, September 8th were issued a dividend of $0.21 per share. The ex-dividend date of this dividend was Monday, September 8th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.4%. Alphabet's payout ratio is 8.95%.

Insider Activity

In related news, insider John Kent Walker sold 17,816 shares of Alphabet stock in a transaction dated Monday, September 29th. The stock was sold at an average price of $247.42, for a total transaction of $4,408,034.72. Following the completion of the sale, the insider owned 42,985 shares of the company's stock, valued at $10,635,348.70. The trade was a 29.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Sundar Pichai sold 32,500 shares of Alphabet stock in a transaction dated Wednesday, October 1st. The stock was sold at an average price of $243.41, for a total value of $7,910,825.00. Following the sale, the chief executive officer directly owned 2,402,119 shares of the company's stock, valued at $584,699,785.79. This trade represents a 1.33% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 276,738 shares of company stock valued at $59,135,475. 11.64% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. Citigroup increased their target price on Alphabet from $225.00 to $280.00 and gave the stock a "buy" rating in a research note on Monday, September 15th. JPMorgan Chase & Co. increased their target price on Alphabet from $200.00 to $232.00 and gave the stock an "overweight" rating in a research note on Thursday, July 24th. Mizuho set a $295.00 target price on Alphabet and gave the stock an "outperform" rating in a research note on Monday, September 29th. Barclays raised their price target on Alphabet from $235.00 to $250.00 and gave the company an "overweight" rating in a research note on Wednesday, September 3rd. Finally, Wells Fargo & Company set a $236.00 price target on Alphabet and gave the company an "equal weight" rating in a research note on Tuesday. Four research analysts have rated the stock with a Strong Buy rating, thirty-four have assigned a Buy rating and ten have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $245.88.

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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