Alphabet Inc. (NASDAQ:GOOGL) Stake Reduced by Notis McConarty Edward

Key Points

• Notis McConarty Edward reduced its stake in Alphabet Inc. by 5.5%, lowering its holdings to 52,559 shares, which represents about 4.2% of their portfolio.
• In recent analyst reports, firms have raised their price targets for Alphabet, with Bank of America setting a target of $217.00 and KeyCorp moving theirs to $230.00.
• Alphabet recently announced a quarterly dividend of $0.21 per share, with a dividend yield of 0.43%, set to be paid on September 15th.

Notis McConarty Edward lessened its position in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 5.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 52,559 shares of the information services provider's stock after selling 3,044 shares during the quarter. Alphabet makes up 4.2% of Notis McConarty Edward's investment portfolio, making the stock its 6th largest holding. Notis McConarty Edward's holdings in Alphabet were worth $8,128,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. von Borstel & Associates Inc. acquired a new position in shares of Alphabet during the 1st quarter worth about $28,000. Financial Gravity Asset Management Inc. acquired a new position in shares of Alphabet during the 1st quarter worth about $39,000. Anderson Financial Strategies LLC acquired a new position in shares of Alphabet during the 4th quarter worth about $49,000. Navigoe LLC acquired a new position in shares of Alphabet during the 4th quarter worth about $51,000. Finally, Elite Financial Inc. acquired a new position in shares of Alphabet during the 1st quarter worth about $42,000. Hedge funds and other institutional investors own 40.03% of the company's stock.

Alphabet Trading Down 1.4%

Shares of GOOGL stock traded down $2.77 during mid-day trading on Friday, hitting $189.13. 34,777,882 shares of the company's stock were exchanged, compared to its average volume of 38,669,572. Alphabet Inc. has a fifty-two week low of $140.53 and a fifty-two week high of $207.05. The stock has a 50-day simple moving average of $177.91 and a two-hundred day simple moving average of $173.12. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07. The stock has a market cap of $2.30 trillion, a price-to-earnings ratio of 20.14, a PEG ratio of 1.30 and a beta of 1.01.

Alphabet Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Monday, September 8th will be given a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 0.4%. The ex-dividend date of this dividend is Monday, September 8th. Alphabet's dividend payout ratio (DPR) is 8.95%.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. Morgan Stanley boosted their target price on Alphabet from $185.00 to $205.00 and gave the company an "overweight" rating in a report on Monday, July 21st. Susquehanna boosted their target price on Alphabet from $220.00 to $225.00 and gave the company a "positive" rating in a report on Thursday, July 24th. JPMorgan Chase & Co. boosted their target price on Alphabet from $200.00 to $232.00 and gave the company an "overweight" rating in a report on Thursday, July 24th. Guggenheim boosted their target price on Alphabet from $190.00 to $210.00 and gave the company a "buy" rating in a report on Wednesday, July 23rd. Finally, DA Davidson boosted their target price on Alphabet from $160.00 to $180.00 and gave the company a "neutral" rating in a report on Thursday, July 24th. Ten analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $211.39.

Insider Buying and Selling at Alphabet

In related news, Director Kavitark Ram Shriram sold 18,566 shares of the stock in a transaction on 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 transaction, the director directly owned 243,400 shares of the company's stock, valued at approximately $45,213,984. This trade represents a 7.09% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Sundar Pichai sold 32,500 shares of the stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $178.52, for a total value of $5,801,900.00. Following the completion of the transaction, the chief executive officer directly owned 2,559,892 shares in the company, valued at $456,991,919.84. This trade represents a 1.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 249,399 shares of company stock worth $43,525,794 over the last ninety days. Corporate insiders own 11.64% of the company's stock.

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.