Harvest Fund Management Co. Ltd Has $42.96 Million Stake in Alphabet Inc. (NASDAQ:GOOG)

Key Points

• Harvest Fund Management Co. Ltd increased its stake in Alphabet Inc. by 3.3%, owning nearly $42.96 million worth of shares, making it the 9th largest position in their portfolio.
• Alphabet has reported quarterly earnings of $2.31 EPS, exceeding forecasts, with a revenue of $96.43 billion, a 13.8% increase year-over-year.
• The company declared a quarterly dividend of $0.21 per share, scheduled for payment on September 15th, indicating a 0.43% dividend yield.

Harvest Fund Management Co. Ltd raised its stake in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 3.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 275,195 shares of the information services provider's stock after acquiring an additional 8,868 shares during the quarter. Alphabet makes up 2.2% of Harvest Fund Management Co. Ltd's portfolio, making the stock its 9th biggest position. Harvest Fund Management Co. Ltd's holdings in Alphabet were worth $42,955,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the stock. GAMMA Investing LLC raised its position in shares of Alphabet by 18,562.3% during the 1st quarter. GAMMA Investing LLC now owns 14,323,323 shares of the information services provider's stock valued at $2,237,733,000 after acquiring an additional 14,246,573 shares in the last quarter. Northern Trust Corp grew its position in shares of Alphabet by 16.1% during the 4th quarter. Northern Trust Corp now owns 57,098,042 shares of the information services provider's stock valued at $10,873,751,000 after buying an additional 7,917,625 shares during the last quarter. Capital International Investors raised its stake in Alphabet by 6.7% during the fourth quarter. Capital International Investors now owns 91,236,069 shares of the information services provider's stock worth $17,376,706,000 after acquiring an additional 5,758,244 shares during the period. Sanders Capital LLC boosted its stake in Alphabet by 14.5% in the fourth quarter. Sanders Capital LLC now owns 33,504,543 shares of the information services provider's stock valued at $6,380,605,000 after acquiring an additional 4,247,379 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Alphabet during the 4th quarter worth $786,942,000. 27.26% of the stock is owned by institutional investors and hedge funds.

Alphabet Stock Down 0.3%

Alphabet stock opened at $193.42 on Tuesday. Alphabet Inc. has a twelve month low of $142.66 and a twelve month high of $208.70. 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 firm has a market cap of $2.35 trillion, a PE ratio of 20.60, a P/E/G ratio of 1.31 and a beta of 1.01. The firm's 50 day moving average price is $177.37 and its two-hundred day moving average price is $174.38.

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

Alphabet Dividend Announcement

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 paid a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.43%. The ex-dividend date is Monday, September 8th. Alphabet's dividend payout ratio (DPR) is presently 8.95%.

Analyst Ratings Changes

A number of analysts recently weighed in on GOOG shares. Pivotal Research increased their price objective on shares of Alphabet from $225.00 to $245.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Citigroup reaffirmed a "sell" rating on shares of Alphabet in a report on Wednesday, April 23rd. Wells Fargo & Company reiterated an "equal weight" rating on shares of Alphabet in a research report on Wednesday, July 9th. UBS Group raised their target price on Alphabet from $186.00 to $192.00 and gave the company a "neutral" rating in a research report on Wednesday, July 16th. Finally, JPMorgan Chase & Co. boosted their price target on Alphabet from $200.00 to $232.00 and gave the stock an "overweight" rating in a research report on Thursday, July 24th. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, seventeen have given a buy rating and five have assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $215.19.

Insider Activity

In related news, CEO Sundar Pichai sold 32,500 shares of the stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $184.38, for a total value of $5,992,350.00. Following the transaction, the chief executive officer owned 2,527,392 shares in the company, valued at approximately $466,000,536.96. This represents a 1.27% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Kavitark Ram Shriram sold 18,566 shares of Alphabet stock in a transaction that occurred 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 completion of the sale, the director owned 243,400 shares of the company's stock, valued at $45,213,984. This trade represents a 7.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 249,409 shares of company stock worth $43,523,710 in the last three months. 12.99% of the stock is owned by insiders.

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.

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