Independent Investors Inc. Sells 1,300 Shares of Alphabet Inc. $GOOGL

Key Points

• Independent Investors Inc. reduced its stake in Alphabet Inc. by 16.6%, now holding 6,520 shares worth approximately $1.15 million after selling 1,300 shares in the second quarter.
• Multiple hedge funds have either increased or initiated stakes in Alphabet, with a significant lift of 242.9% in stake by Guardian Wealth Management Inc. in the first quarter.
• Alphabet has declared a quarterly dividend of $0.21, representing an annualized yield of 0.3% and a payout ratio of 8.95%.

Independent Investors Inc. cut its holdings in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 16.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 6,520 shares of the information services provider's stock after selling 1,300 shares during the period. Independent Investors Inc.'s holdings in Alphabet were worth $1,149,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Guardian Wealth Management Inc. lifted its stake in Alphabet by 242.9% in the first quarter. Guardian Wealth Management Inc. now owns 168 shares of the information services provider's stock worth $26,000 after purchasing an additional 119 shares during the last quarter. IMA Advisory Services Inc. purchased a new position in shares of Alphabet in the first quarter valued at about $28,000. von Borstel & Associates Inc. purchased a new position in shares of Alphabet in the first quarter valued at about $28,000. NBZ Investment Advisors LLC increased its position in shares of Alphabet by 85.7% in the first quarter. NBZ Investment Advisors LLC now owns 195 shares of the information services provider's stock valued at $30,000 after acquiring an additional 90 shares during the period. Finally, Financial Gravity Asset Management Inc. purchased a new position in shares of Alphabet in the first quarter valued at about $39,000. 40.03% of the stock is owned by institutional investors.

Insider Transactions at Alphabet

In other news, Director Frances Arnold sold 103 shares of the business's stock in a transaction dated Tuesday, September 30th. The shares were sold at an average price of $243.13, for a total value of $25,042.39. Following the sale, the director directly owned 17,284 shares in the company, valued at $4,202,258.92. The trade was a 0.59% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, 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 transaction, the insider directly owned 42,985 shares of the company's stock, valued at approximately $10,635,348.70. This represents a 29.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 276,738 shares of company stock worth $59,135,475. 11.55% of the stock is currently owned by corporate insiders.

Alphabet Stock Down 1.9%

Shares of Alphabet stock opened at $245.76 on Wednesday. The company has a market cap of $2.97 trillion, a price-to-earnings ratio of 26.17, a price-to-earnings-growth ratio of 1.69 and a beta of 1.00. The company's 50 day moving average is $223.41 and its 200 day moving average is $187.13. Alphabet Inc. has a twelve month low of $140.53 and a twelve month high of $256.00. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07.

Alphabet (NASDAQ:GOOGL - Get Free Report) last released 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 for the quarter, compared to the consensus estimate of $93.60 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. Research analysts anticipate that Alphabet Inc. will post 8.9 EPS for the current year.

Alphabet Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Monday, September 8th were issued a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date was Monday, September 8th. Alphabet's payout ratio is currently 8.95%.

Wall Street Analysts Forecast Growth

GOOGL has been the topic of a number of analyst reports. Rosenblatt Securities boosted their price objective on shares of Alphabet from $191.00 to $224.00 and gave the company a "neutral" rating in a research report on Wednesday, September 3rd. Citizens Jmp boosted their price objective on shares of Alphabet from $250.00 to $290.00 and gave the company an "outperform" rating in a research report on Friday, September 19th. Phillip Securities cut shares of Alphabet from a "strong-buy" rating to a "moderate buy" rating in a research report on Monday, September 8th. Westpark Capital boosted their price objective on shares of Alphabet from $210.00 to $220.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Finally, Piper Sandler boosted their price target on shares of Alphabet from $220.00 to $285.00 and gave the company an "overweight" rating in a research report on Thursday, September 18th. Four analysts have rated the stock with a Strong Buy rating, thirty-four have given a Buy rating and ten have given a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $242.98.

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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