HM Payson & Co. lowered its stake in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 0.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 501,553 shares of the information services provider's stock after selling 2,921 shares during the period. Alphabet accounts for 1.4% of HM Payson & Co.'s holdings, making the stock its 24th largest holding. HM Payson & Co.'s holdings in Alphabet were worth $77,560,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds have also recently added to or reduced their stakes in GOOGL. FMR LLC raised its stake in shares of Alphabet by 9.8% during the fourth quarter. FMR LLC now owns 248,416,916 shares of the information services provider's stock valued at $47,025,322,000 after acquiring an additional 22,100,902 shares during the last quarter. Norges Bank bought a new position in shares of Alphabet during the fourth quarter valued at $24,383,677,000. Price T Rowe Associates Inc. MD raised its stake in shares of Alphabet by 8.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 98,638,127 shares of the information services provider's stock valued at $18,672,198,000 after acquiring an additional 7,574,417 shares during the last quarter. Capital Research Global Investors raised its stake in shares of Alphabet by 16.2% during the fourth quarter. Capital Research Global Investors now owns 72,033,086 shares of the information services provider's stock valued at $13,635,878,000 after acquiring an additional 10,037,685 shares during the last quarter. Finally, Northern Trust Corp raised its stake in shares of Alphabet by 17.0% during the fourth quarter. Northern Trust Corp now owns 69,616,854 shares of the information services provider's stock valued at $13,178,470,000 after acquiring an additional 10,135,430 shares during the last quarter. Institutional investors and hedge funds own 40.03% of the company's stock.
Wall Street Analyst Weigh In
Several equities analysts have recently issued reports on the stock. BNP Paribas downgraded shares of Alphabet from a "strong-buy" rating to a "hold" rating in a research note on Thursday, June 26th. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $200.00 price target on shares of Alphabet in a research note on Wednesday, April 23rd. JPMorgan Chase & Co. dropped their price target on shares of Alphabet from $220.00 to $180.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. Oppenheimer lifted their target price on shares of Alphabet from $185.00 to $200.00 and gave the stock an "outperform" rating in a research note on Friday, April 25th. Finally, Truist Financial reissued a "buy" rating and set a $200.00 target price on shares of Alphabet in a research note on Wednesday, July 2nd. Ten equities research analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and four have issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $199.61.
Get Our Latest Stock Analysis on GOOGL
Alphabet Stock Up 1.4%
Shares of NASDAQ GOOGL opened at $180.19 on Friday. The stock has a market capitalization of $2.19 trillion, a P/E ratio of 20.09, a P/E/G ratio of 1.25 and a beta of 1.00. The company has a 50-day moving average price of $170.32 and a 200-day moving average price of $173.46. Alphabet Inc. has a 1 year low of $140.53 and a 1 year high of $207.05. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.77 and a quick ratio of 1.77.
Alphabet (NASDAQ:GOOGL - Get Free Report) last issued its quarterly earnings data on Thursday, April 24th. The information services provider reported $2.81 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.02 by $0.79. The firm had revenue of $76.49 billion during the quarter, compared to analysts' expectations of $89.30 billion. Alphabet had a net margin of 30.86% and a return on equity of 34.54%. During the same period last year, the company earned $1.89 earnings per share. On average, equities research analysts forecast that Alphabet Inc. will post 8.9 EPS for the current fiscal year.
Alphabet Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Monday, June 9th were issued a dividend of $0.21 per share. The ex-dividend date of this dividend was Monday, June 9th. This is a boost from Alphabet's previous quarterly dividend of $0.20. This represents a $0.84 annualized dividend and a yield of 0.47%. Alphabet's payout ratio is 9.36%.
Insider Buying and Selling
In related news, CEO Sundar Pichai sold 32,500 shares of the business's stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $170.87, for a total transaction of $5,553,275.00. Following the transaction, the chief executive officer directly owned 2,620,196 shares in the company, valued at approximately $447,712,890.52. The trade was a 1.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John L. Hennessy sold 600 shares of Alphabet stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $175.00, for a total transaction of $105,000.00. Following the completion of the sale, the director directly owned 6,813 shares in the company, valued at approximately $1,192,275. This represents a 8.09% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 215,643 shares of company stock worth $36,330,928. 11.64% of the stock is owned by insiders.
Alphabet Company Profile
(
Free Report)
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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