Obermeyer Wealth Partners Sells 6,840 Shares of Alphabet Inc. (NASDAQ:GOOG)

Obermeyer Wealth Partners lessened its holdings in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 1.7% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 402,035 shares of the information services provider's stock after selling 6,840 shares during the quarter. Alphabet comprises about 3.4% of Obermeyer Wealth Partners' holdings, making the stock its 8th biggest holding. Obermeyer Wealth Partners' holdings in Alphabet were worth $62,810,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the business. Concentrum Wealth Management raised its stake in shares of Alphabet by 0.3% in the fourth quarter. Concentrum Wealth Management now owns 17,328 shares of the information services provider's stock valued at $3,300,000 after acquiring an additional 57 shares in the last quarter. JDM Financial Group LLC raised its stake in Alphabet by 10.6% in the fourth quarter. JDM Financial Group LLC now owns 593 shares of the information services provider's stock valued at $113,000 after buying an additional 57 shares in the last quarter. Kidder Stephen W raised its stake in Alphabet by 1.6% in the fourth quarter. Kidder Stephen W now owns 3,608 shares of the information services provider's stock valued at $687,000 after buying an additional 58 shares in the last quarter. Hill Island Financial LLC raised its stake in Alphabet by 0.8% in the fourth quarter. Hill Island Financial LLC now owns 7,776 shares of the information services provider's stock valued at $1,481,000 after buying an additional 59 shares in the last quarter. Finally, Providence Wealth Advisors LLC raised its stake in Alphabet by 0.6% in the fourth quarter. Providence Wealth Advisors LLC now owns 10,102 shares of the information services provider's stock valued at $1,992,000 after buying an additional 60 shares in the last quarter. Institutional investors and hedge funds own 27.26% of the company's stock.

Alphabet Trading Up 2.5%

GOOG stock traded up $4.66 during midday trading on Monday, hitting $190.60. The stock had a trading volume of 5,307,012 shares, compared to its average volume of 21,527,814. The firm has a market cap of $2.31 trillion, a PE ratio of 21.22, a price-to-earnings-growth ratio of 1.30 and a beta of 1.01. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.77 and a quick ratio of 1.77. Alphabet Inc. has a 12-month low of $142.66 and a 12-month high of $208.70. The company's 50-day moving average price is $174.02 and its 200 day moving average price is $174.50.

Alphabet (NASDAQ:GOOG - Get Free Report) last released its earnings results on Thursday, April 24th. The information services provider reported $2.81 EPS for the quarter, topping the consensus estimate of $2.02 by $0.79. The firm had revenue of $90.23 billion during the quarter, compared to analysts' expectations of $89.30 billion. Alphabet had a net margin of 30.86% and a return on equity of 34.54%. Alphabet's revenue for the quarter was up 12.0% on a year-over-year basis. During the same period in the previous year, the company earned $1.89 EPS. On average, equities research analysts predict that Alphabet Inc. will post 8.89 earnings per share for the current fiscal 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 issued a $0.21 dividend. The ex-dividend date was Monday, June 9th. This represents a $0.84 dividend on an annualized basis and a yield of 0.44%. This is a positive change from Alphabet's previous quarterly dividend of $0.20. Alphabet's payout ratio is currently 9.36%.

Insiders Place Their Bets

In other news, CEO Sundar Pichai sold 32,500 shares of the company's stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $184.38, for a total value of $5,992,350.00. Following the sale, the chief executive officer owned 2,527,392 shares in the company, valued at approximately $466,000,536.96. This represents a 1.27% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Kavitark Ram Shriram sold 10,500 shares of the company's stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $175.00, for a total transaction of $1,837,500.00. Following the completion of the sale, the director owned 261,966 shares in the company, valued at approximately $45,844,050. This trade represents a 3.85% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 215,843 shares of company stock worth $37,288,490 in the last quarter. 12.99% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on GOOG shares. Wells Fargo & Company reaffirmed an "equal weight" rating on shares of Alphabet in a report on Wednesday, July 9th. JPMorgan Chase & Co. raised their price objective on Alphabet from $195.00 to $200.00 and gave the stock an "overweight" rating in a report on Friday, July 11th. Roth Capital reaffirmed a "buy" rating on shares of Alphabet in a report on Wednesday, July 9th. Citizens Jmp raised Alphabet from a "hold" rating to a "strong-buy" rating in a report on Thursday, June 26th. Finally, Barclays reissued a "buy" rating on shares of Alphabet in a report on Wednesday, July 9th. Three research analysts have rated the stock with a sell rating, six have issued a hold rating, seventeen have given a buy rating and five have given a strong buy rating to the stock. According to MarketBeat, Alphabet has a consensus rating of "Moderate Buy" and a consensus 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.

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