Alphabet Inc. (NASDAQ:GOOG) Stake Cut by Leo Wealth LLC

Leo Wealth LLC trimmed its position in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 66.6% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,071 shares of the information services provider's stock after selling 20,064 shares during the period. Leo Wealth LLC's holdings in Alphabet were worth $1,573,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. OVERSEA CHINESE BANKING Corp Ltd lifted its holdings in Alphabet by 1,378.0% in the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 1,234,013 shares of the information services provider's stock valued at $192,790,000 after purchasing an additional 1,150,522 shares in the last quarter. SBI Securities Co. Ltd. increased its stake in shares of Alphabet by 2.3% during the 1st quarter. SBI Securities Co. Ltd. now owns 171,811 shares of the information services provider's stock valued at $26,842,000 after acquiring an additional 3,846 shares during the last quarter. Elite Wealth Management Inc. increased its stake in shares of Alphabet by 3.1% during the 1st quarter. Elite Wealth Management Inc. now owns 34,594 shares of the information services provider's stock valued at $5,405,000 after acquiring an additional 1,053 shares during the last quarter. Apollon Financial LLC increased its stake in shares of Alphabet by 0.8% during the 1st quarter. Apollon Financial LLC now owns 66,864 shares of the information services provider's stock valued at $10,446,000 after acquiring an additional 558 shares during the last quarter. Finally, Apollon Wealth Management LLC increased its stake in shares of Alphabet by 13.3% during the 1st quarter. Apollon Wealth Management LLC now owns 190,442 shares of the information services provider's stock valued at $29,753,000 after acquiring an additional 22,427 shares during the last quarter. 27.26% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Alphabet

In other news, CEO Sundar Pichai sold 32,500 shares of the firm's stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $178.52, for a total transaction of $5,801,900.00. Following the completion of the sale, the chief executive officer owned 2,559,892 shares of the company's stock, valued at approximately $456,991,919.84. This trade represents a 1.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John L. Hennessy sold 600 shares of the firm's stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $175.00, for a total transaction of $105,000.00. Following the sale, the director directly owned 6,813 shares of the company's stock, valued at $1,192,275. The trade was a 8.09% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 182,943 shares of company stock valued at $31,223,348. 12.99% of the stock is currently owned by corporate insiders.

Alphabet Stock Up 0.4%

NASDAQ:GOOG traded up $0.66 during trading hours on Wednesday, hitting $183.76. The stock had a trading volume of 21,114,212 shares, compared to its average volume of 21,493,801. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 0.03. Alphabet Inc. has a 1-year low of $142.66 and a 1-year high of $208.70. The business has a 50 day simple moving average of $172.19 and a two-hundred day simple moving average of $174.74. The company has a market cap of $2.23 trillion, a PE ratio of 20.49, a price-to-earnings-growth ratio of 1.28 and a beta of 1.01.

Alphabet (NASDAQ:GOOG - 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 the consensus estimate of $2.02 by $0.79. Alphabet had a net margin of 30.86% and a return on equity of 34.54%. The company had revenue of $90.23 billion during the quarter, compared to the consensus estimate of $89.30 billion. During the same quarter last year, the company earned $1.89 earnings per share. Alphabet's revenue for the quarter was up 12.0% on a year-over-year basis. Analysts predict that Alphabet Inc. will post 8.89 EPS for the current year.

Alphabet Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Monday, June 9th were given a $0.21 dividend. This is an increase from Alphabet's previous quarterly dividend of $0.20. The ex-dividend date was Monday, June 9th. This represents a $0.84 annualized dividend and a yield of 0.46%. Alphabet's dividend payout ratio (DPR) is 9.36%.

Wall Street Analyst Weigh In

GOOG has been the subject of a number of research analyst reports. KeyCorp dropped their price objective on shares of Alphabet from $202.00 to $185.00 and set an "overweight" rating for the company in a research note on Wednesday, April 9th. Westpark Capital reaffirmed a "buy" rating and set a $210.00 price objective on shares of Alphabet in a research note on Friday, April 25th. Raymond James Financial reaffirmed an "outperform" rating on shares of Alphabet in a research note on Wednesday, July 9th. Citigroup reaffirmed a "sell" rating on shares of Alphabet in a research note on Wednesday, April 23rd. Finally, Needham & Company LLC downgraded shares of Alphabet from a "buy" rating to a "cautious" rating in a research note on Friday, May 2nd. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating, seventeen have issued a buy rating and six have issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $208.40.

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.