Kennedy Investment Group Trims Position in Alphabet Inc. $GOOG

Key Points

• Kennedy Investment Group reduced its holdings in Alphabet Inc. (GOOG) by 10.9%, now owning 17,793 shares worth approximately $3,156,000, making it the fund's 16th largest position.
• Alphabet's recent earnings report showed a net margin of 31.12% and a revenue of $96.43 billion, surpassing expectations by 13.8% year-over-year growth.
• The company announced a quarterly dividend of $0.21 per share on September 15th, representing a 0.3% yield with a payout ratio of 8.95%.

Kennedy Investment Group trimmed its position in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 10.9% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 17,793 shares of the information services provider's stock after selling 2,167 shares during the period. Alphabet comprises 1.3% of Kennedy Investment Group's portfolio, making the stock its 16th biggest holding. Kennedy Investment Group's holdings in Alphabet were worth $3,156,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in GOOG. Principia Wealth Advisory LLC increased its stake in shares of Alphabet by 111.8% in the 1st quarter. Principia Wealth Advisory LLC now owns 161 shares of the information services provider's stock worth $26,000 after purchasing an additional 85 shares in the last quarter. MorganRosel Wealth Management LLC bought a new position in shares of Alphabet during the 1st quarter valued at approximately $26,000. Greykasell Wealth Strategies Inc. purchased a new stake in Alphabet in the 1st quarter worth approximately $32,000. Goodman Advisory Group LLC bought a new stake in Alphabet during the 1st quarter worth approximately $32,000. Finally, Elevate Wealth Advisory Inc. purchased a new position in Alphabet during the first quarter valued at approximately $34,000. Hedge funds and other institutional investors own 27.26% of the company's stock.

Alphabet Price Performance

GOOG opened at $247.18 on Friday. The firm has a market capitalization of $2.99 trillion, a PE ratio of 26.32, a price-to-earnings-growth ratio of 1.66 and a beta of 1.01. The business's 50-day moving average is $216.61 and its two-hundred day moving average is $184.28. Alphabet Inc. has a 1 year low of $142.66 and a 1 year high of $256.70. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90.

Alphabet (NASDAQ:GOOG - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, beating 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 company had revenue of $96.43 billion during the quarter, compared to analysts' expectations of $93.67 billion. During the same quarter in the prior year, the company posted $1.89 earnings per share. Alphabet's revenue for the quarter was up 13.8% compared to the same quarter last year. Research analysts anticipate that Alphabet Inc. will post 8.89 earnings per share for the current fiscal year.

Alphabet Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Monday, September 8th were paid a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 0.3%. The ex-dividend date was Monday, September 8th. Alphabet's payout ratio is 8.95%.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Robert W. Baird raised their price objective on shares of Alphabet from $215.00 to $275.00 and gave the company an "outperform" rating in a research report on Monday, September 22nd. KeyCorp set a $265.00 target price on Alphabet in a research note on Wednesday, September 3rd. Phillip Securities cut Alphabet from a "strong-buy" rating to a "moderate buy" rating in a report on Monday, September 8th. Wells Fargo & Company reaffirmed an "equal weight" rating on shares of Alphabet in a report on Wednesday, July 9th. Finally, Pivotal Research lifted their price objective on shares of Alphabet from $245.00 to $300.00 and gave the company a "buy" rating in a research report on Wednesday, September 3rd. Four investment analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, five have given a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Alphabet presently has a consensus rating of "Moderate Buy" and a consensus target price of $230.35.

Insiders Place Their Bets

In other Alphabet news, Director Kavitark Ram Shriram sold 18,566 shares of the firm's stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $185.76, for a total value of $3,448,820.16. Following the completion of the sale, the director owned 243,400 shares of the company's stock, valued at approximately $45,213,984. This trade represents a 7.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Sundar Pichai sold 32,500 shares of the business's stock in a transaction dated Wednesday, September 3rd. The stock was sold at an average price of $229.73, for a total value of $7,466,225.00. Following the sale, the chief executive officer owned 2,429,892 shares in the company, valued at $558,219,089.16. The trade was a 1.32% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 258,088 shares of company stock valued at $52,405,304. 12.99% of the stock is currently owned by corporate insiders.

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.

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