Oakworth Capital Inc. Boosts Stake in Alphabet Inc. $GOOG

Key Points

• Oakworth Capital Inc. increased its stake in Alphabet Inc. (GOOG) by 3.4%, holding a total of 182,756 shares valued at approximately $32.4 million.
• Alphabet recently reported quarterly earnings, achieving an EPS of $2.31, exceeding expectations, with revenue of $96.43 billion, up 13.8% year-over-year.
• The company declared a quarterly dividend of $0.21, representing an annualized yield of 0.3%, and the dividend payout ratio stands at 8.95%.

Oakworth Capital Inc. lifted its stake in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 3.4% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 182,756 shares of the information services provider's stock after purchasing an additional 6,021 shares during the period. Alphabet accounts for approximately 2.1% of Oakworth Capital Inc.'s holdings, making the stock its 13th largest position. Oakworth Capital Inc.'s holdings in Alphabet were worth $32,419,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of GOOG. Independence Bank of Kentucky raised its holdings in Alphabet by 10.2% during the first quarter. Independence Bank of Kentucky now owns 14,907 shares of the information services provider's stock valued at $2,329,000 after acquiring an additional 1,376 shares during the period. RDA Financial Network raised its holdings in Alphabet by 5.3% during the second quarter. RDA Financial Network now owns 11,094 shares of the information services provider's stock valued at $1,968,000 after acquiring an additional 554 shares during the period. Fermata Advisors LLC raised its holdings in Alphabet by 2.7% during the first quarter. Fermata Advisors LLC now owns 9,771 shares of the information services provider's stock valued at $1,527,000 after acquiring an additional 259 shares during the period. Oldfather Financial Services LLC bought a new stake in Alphabet during the second quarter valued at about $213,000. Finally, Members Trust Co raised its holdings in Alphabet by 84.7% during the first quarter. Members Trust Co now owns 4,999 shares of the information services provider's stock valued at $781,000 after acquiring an additional 2,292 shares during the period. 27.26% of the stock is currently owned by hedge funds and other institutional investors.

Alphabet Trading Down 0.3%

GOOG opened at $243.55 on Wednesday. The firm has a market cap of $2.95 trillion, a P/E ratio of 25.94, a P/E/G ratio of 1.65 and a beta of 1.01. Alphabet Inc. has a 12 month low of $142.66 and a 12 month high of $256.70. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07. The stock has a 50-day moving average of $218.70 and a 200 day moving average of $185.47.

Alphabet (NASDAQ:GOOG - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, topping the consensus estimate of $2.12 by $0.19. The company had revenue of $96.43 billion during the quarter, compared to analyst estimates of $93.67 billion. Alphabet had a return on equity of 34.31% and a net margin of 31.12%.The firm's revenue was up 13.8% on a year-over-year basis. During the same quarter last year, the business posted $1.89 earnings per share. As a group, research analysts forecast that Alphabet Inc. will post 8.89 EPS for the current year.

Alphabet Announces Dividend

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

Analyst Ratings Changes

GOOG has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. raised their price target on Alphabet from $232.00 to $260.00 and gave the company an "overweight" rating in a report on Wednesday, September 3rd. Roth Capital reissued a "buy" rating on shares of Alphabet in a report on Wednesday, July 9th. Lake Street Capital restated a "buy" rating on shares of Alphabet in a research report on Wednesday, July 9th. Cowen restated a "buy" rating on shares of Alphabet in a research report on Wednesday, July 9th. Finally, Raymond James Financial restated an "outperform" rating and set a $210.00 price objective (up previously from $185.00) on shares of Alphabet in a research report on Thursday, July 24th. Four investment analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating, five have given a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, Alphabet currently has an average rating of "Moderate Buy" and an average target price of $230.35.

Insider Buying and Selling

In related news, CEO Sundar Pichai sold 32,500 shares of Alphabet stock in a transaction dated Wednesday, July 16th. The stock was sold at an average price of $184.38, for a total value of $5,992,350.00. Following the completion of the transaction, the chief executive officer owned 2,527,392 shares in the company, valued at approximately $466,000,536.96. This trade represents a 1.27% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Amie Thuener O'toole sold 2,778 shares of Alphabet stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $245.00, for a total value of $680,610.00. Following the completion of the transaction, the chief accounting officer owned 17,293 shares of the company's stock, valued at approximately $4,236,785. This represents a 13.84% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 225,469 shares of company stock valued at $46,586,752 in the last quarter. 12.99% of the stock is currently owned by 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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