K.J. Harrison & Partners Inc Sells 35,525 Shares of Alphabet Inc. $GOOG

Key Points

• K.J. Harrison & Partners Inc cut its Alphabet stake by 61% in the first quarter, selling 35,525 shares and ending with 22,673 shares valued at about $6.5 million.
• Alphabet reported strong quarterly results, with EPS of $5.11 versus estimates of $2.68 and revenue of $109.9 billion, up 21.8% year over year.
• The company also raised its quarterly dividend to $0.22 per share, while analysts remain broadly positive with a consensus rating of “Buy” and an average price target of $376.19.

K.J. Harrison & Partners Inc decreased its holdings in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 61.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 22,673 shares of the information services provider's stock after selling 35,525 shares during the quarter. Alphabet comprises approximately 1.1% of K.J. Harrison & Partners Inc's investment portfolio, making the stock its 22nd biggest holding. K.J. Harrison & Partners Inc's holdings in Alphabet were worth $6,504,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of GOOG. Nvest Wealth Strategies Inc. acquired a new position in shares of Alphabet in the 4th quarter valued at $38,000. Lifetime Wealth Management P.C. acquired a new stake in shares of Alphabet during the fourth quarter worth $38,000. Imprint Wealth LLC acquired a new stake in shares of Alphabet during the third quarter worth $31,000. Bard Associates Inc. bought a new stake in Alphabet in the fourth quarter valued at about $41,000. Finally, Towne Trust Company N.A increased its holdings in Alphabet by 34.0% in the fourth quarter. Towne Trust Company N.A now owns 134 shares of the information services provider's stock valued at $42,000 after purchasing an additional 34 shares during the last quarter. 27.26% of the stock is currently owned by institutional investors and hedge funds.

Alphabet Stock Down 1.4%

Shares of Alphabet stock opened at $358.71 on Thursday. The company has a market capitalization of $4.35 trillion, a P/E ratio of 27.36, a price-to-earnings-growth ratio of 1.55 and a beta of 1.23. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.92 and a quick ratio of 1.92. The business has a 50-day moving average of $369.48 and a two-hundred day moving average of $334.74. Alphabet Inc. has a 1 year low of $173.88 and a 1 year high of $404.47.

Alphabet (NASDAQ:GOOG - Get Free Report) last issued its quarterly earnings data on Thursday, April 30th. The information services provider reported $5.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.68 by $2.43. Alphabet had a return on equity of 38.99% and a net margin of 37.92%.The business had revenue of $109.90 billion during the quarter, compared to analyst estimates of $106.96 billion. During the same period in the previous year, the firm earned $2.81 EPS. Alphabet's quarterly revenue was up 21.8% compared to the same quarter last year. As a group, equities analysts predict that Alphabet Inc. will post 14.32 EPS for the current year.

Alphabet Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Monday, June 8th were paid a $0.22 dividend. The ex-dividend date of this dividend was Monday, June 8th. This is an increase from Alphabet's previous quarterly dividend of $0.21. This represents a $0.88 dividend on an annualized basis and a yield of 0.2%. Alphabet's payout ratio is presently 6.71%.

Insider Buying and Selling

In related news, major shareholder 2019 Gp L.L.C. Gv sold 87,475 shares of the company's stock in a transaction on Friday, May 15th. The shares were sold at an average price of $23.75, for a total value of $2,077,531.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Marsida Saraci sold 449 shares of the stock in a transaction dated Friday, June 26th. The stock was sold at an average price of $341.72, for a total value of $153,432.28. Following the transaction, the chief accounting officer owned 27,348 shares of the company's stock, valued at approximately $9,345,358.56. This trade represents a 1.62% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 160,465 shares of company stock valued at $8,020,511. 12.99% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on GOOG shares. Stifel Nicolaus set a $420.00 target price on Alphabet in a report on Wednesday, May 20th. Needham & Company LLC set a $400.00 price target on Alphabet and gave the company a "buy" rating in a research note on Friday, March 13th. Pivotal Research reiterated a "buy" rating and issued a $470.00 price target (up from $420.00) on shares of Alphabet in a research report on Wednesday, April 29th. Freedom Capital lowered shares of Alphabet from a "strong-buy" rating to a "hold" rating in a research note on Monday, May 4th. Finally, Wells Fargo & Company set a $416.00 price objective on shares of Alphabet in a report on Thursday, July 2nd. Four equities research analysts have rated the stock with a Strong Buy rating, twenty-seven have assigned a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $376.19.

Trending Headlines about Alphabet

Here are the key news stories impacting Alphabet this week:

• Positive Sentiment: Waymo, Alphabet’s autonomous driving unit, said it plans to expand driverless rides to four more major cities this year, a sign that Alphabet’s self-driving business is scaling beyond its current markets. Waymo Plans to Expand Driverless Cars to 4 More Major Cities This Year
• Positive Sentiment: Google’s SynthID deepfake-detection system was used to debunk a high-profile AI-generated hoax image, highlighting the practical value of Alphabet’s AI safety tools. Google's deepfake detector system used to debunk McConnell hoax pic
• Positive Sentiment: Several recent articles continued to frame Alphabet as a beneficiary of the AI infrastructure boom, with Google Cloud and AI demand seen as supporting revenue growth and long-term earnings power. 3 Top-Ranked Stocks Riding on Massive AI Infrastructure Spending
• Positive Sentiment: Investor commentary has also remained constructive after strong recent earnings, with one analysis arguing Alphabet is on track to sustain “Rule of 40” type growth and healthy margins. Alphabet Stock: Locking In Long-Term Rule Of 40 Supremacy
• Positive Sentiment: Berkshire Hathaway’s reported $10 billion private placement in Alphabet continued to draw attention and may support confidence in GOOG’s long-term value. Warren Buffett's Berkshire Successor, Greg Abel, Just Bought More of This Magnificent Tech Stock
• Neutral Sentiment: Several market recap and valuation pieces discussed Alphabet alongside other mega-cap AI leaders, but these were mostly commentary rather than new business developments. Three Most Valuable Companies at $13 Trillion: Buy, Sell, or Hold
• Negative Sentiment: Trading-data articles highlighted recent weakness in GOOG, including heavier-than-broad-market selling and reports of significant insider selling over the past six months, which can weigh on sentiment. GOOGL stock is down 3% today. Here's what we see in our data.

Alphabet Profile

Alphabet Inc NASDAQ: GOOG is a multinational technology holding company headquartered in Mountain View, California. Formed in 2015 through a corporate restructuring of Google, Alphabet serves as the parent to Google LLC and a portfolio of businesses collectively known as "Other Bets." Google was originally founded in 1998 by Larry Page and Sergey Brin; Alphabet is led by CEO Sundar Pichai, who oversees Google and the broader company while the founders remain prominent shareholders and influential figures in the company's history.

Alphabet's core business centers on internet search and advertising, with Google Search and the company's ad platforms (including Google Ads and AdSense) generating the majority of revenue by connecting advertisers with consumers worldwide.

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