Alphabet Inc. (NASDAQ:GOOG) Shares Sold by Heritage Trust Co

Key Points

• Heritage Trust Co reduced its position in Alphabet Inc. by 7.1%, selling 7,259 shares during the 1st quarter, which now constitutes 1.8% of its portfolio.
• Alphabet's stock experienced positive momentum, with a recent market capitalization of $2.31 trillion and a one-year revenue increase of 13.8% year-over-year.
• Alphabet recently announced a quarterly dividend of $0.21 per share, representing an annualized yield of 0.4%.

Heritage Trust Co cut its position in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 7.1% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 95,393 shares of the information services provider's stock after selling 7,259 shares during the period. Alphabet accounts for 1.8% of Heritage Trust Co's holdings, making the stock its 8th biggest position. Heritage Trust Co's holdings in Alphabet were worth $14,903,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in GOOG. Principia Wealth Advisory LLC lifted its holdings in Alphabet by 111.8% during the first quarter. Principia Wealth Advisory LLC now owns 161 shares of the information services provider's stock valued at $26,000 after purchasing an additional 85 shares in the last quarter. MorganRosel Wealth Management LLC purchased a new position in Alphabet during the first quarter valued at $26,000. LSV Asset Management acquired a new stake in shares of Alphabet in the fourth quarter valued at about $27,000. Goodman Advisory Group LLC acquired a new stake in shares of Alphabet in the first quarter valued at about $32,000. Finally, Graybill Wealth Management LTD. acquired a new stake in shares of Alphabet in the first quarter valued at about $44,000. 27.26% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, 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 value of $3,448,820.16. Following the sale, the director directly owned 243,400 shares in the company, valued at approximately $45,213,984. This trade represents a 7.09% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John L. Hennessy sold 400 shares of the firm's stock in a transaction on Monday, July 14th. The shares were sold at an average price of $181.98, for a total transaction of $72,792.00. Following the completion of the sale, the director owned 6,013 shares in the company, valued at $1,094,245.74. The trade was a 6.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 249,399 shares of company stock worth $43,525,794. 12.99% of the stock is currently owned by corporate insiders.

Alphabet Stock Up 3.1%

GOOG traded up $5.80 during trading hours on Monday, hitting $195.75. 23,350,404 shares of the company's stock were exchanged, compared to its average volume of 26,139,204. Alphabet Inc. has a 12-month low of $142.66 and a 12-month high of $208.70. The firm has a 50 day moving average of $179.37 and a 200 day moving average of $174.39. The firm has a market cap of $2.37 trillion, a P/E ratio of 20.85, a price-to-earnings-growth ratio of 1.26 and a beta of 1.02. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07.

Alphabet (NASDAQ:GOOG - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, topping the consensus estimate of $2.12 by $0.19. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The firm 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 firm earned $1.89 EPS. The firm's revenue for the quarter was up 13.8% on a year-over-year basis. Analysts predict that Alphabet Inc. will post 8.89 EPS for the current fiscal year.

Alphabet Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Monday, September 8th will be issued a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date is Monday, September 8th. Alphabet's dividend payout ratio (DPR) is presently 8.95%.

Analyst Upgrades and Downgrades

GOOG has been the subject of a number of recent research reports. Needham & Company LLC cut shares of Alphabet from a "buy" rating to a "cautious" rating in a research report on Friday, May 2nd. Westpark Capital reiterated a "buy" rating and issued a $210.00 target price on shares of Alphabet in a research report on Friday, April 25th. UBS Group raised their price objective on shares of Alphabet from $186.00 to $192.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 16th. KeyCorp cut their price objective on shares of Alphabet from $202.00 to $185.00 and set an "overweight" rating for the company in a research report on Wednesday, April 9th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Alphabet from $200.00 to $232.00 and gave the stock an "overweight" rating in a research report on Thursday, July 24th. Three 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 stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $215.19.

Alphabet Company 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.