Okabena Investment Services Inc. Trims Stock Holdings in Alphabet Inc. $GOOG

Key Points

• Okabena Investment Services Inc. has reduced its stake in Alphabet Inc. by 10.2%, now owning 18,905 shares worth approximately $2.95 million.
• Alphabet reported a quarterly earnings per share (EPS) of $2.31, exceeding analysts' expectations, with revenue reaching $96.43 billion.
• The company recently declared a quarterly dividend of $0.21, set to be paid on September 15th, with an annualized yield of 0.4%.

Okabena Investment Services Inc. trimmed its stake in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 10.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,905 shares of the information services provider's stock after selling 2,158 shares during the quarter. Alphabet accounts for 0.7% of Okabena Investment Services Inc.'s holdings, making the stock its 28th largest holding. Okabena Investment Services Inc.'s holdings in Alphabet were worth $2,953,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Vanguard Group Inc. grew its stake in Alphabet by 2.4% during the 1st quarter. Vanguard Group Inc. now owns 411,570,922 shares of the information services provider's stock worth $64,299,725,000 after purchasing an additional 9,687,855 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of Alphabet by 9.9% during the 1st quarter. JPMorgan Chase & Co. now owns 102,232,997 shares of the information services provider's stock worth $15,971,861,000 after acquiring an additional 9,243,959 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Alphabet by 2.3% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 34,103,417 shares of the information services provider's stock worth $6,494,655,000 after purchasing an additional 769,335 shares during the last quarter. Janus Henderson Group PLC lifted its stake in Alphabet by 5.0% during the fourth quarter. Janus Henderson Group PLC now owns 30,827,999 shares of the information services provider's stock worth $5,870,944,000 after purchasing an additional 1,467,805 shares during the last quarter. Finally, Deutsche Bank AG boosted its holdings in Alphabet by 5.4% in the first quarter. Deutsche Bank AG now owns 21,345,784 shares of the information services provider's stock valued at $3,334,852,000 after purchasing an additional 1,098,996 shares in the last quarter. 27.26% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director John L. Hennessy sold 1,000 shares of the business's stock in a transaction on Friday, August 8th. The stock was sold at an average price of $200.00, for a total value of $200,000.00. Following the completion of the transaction, the director directly owned 6,916 shares of the company's stock, valued at $1,383,200. The trade was a 12.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Sundar Pichai sold 32,500 shares of the company's stock in a transaction on Wednesday, July 2nd. The shares were 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 owned 2,559,892 shares of the company's stock, valued at $456,991,919.84. The trade was a 1.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 254,710 shares of company stock valued at $47,225,230. 12.99% of the stock is owned by insiders.

Alphabet Price Performance

Shares of GOOG traded up $1.16 during mid-day trading on Friday, hitting $213.53. The company's stock had a trading volume of 24,667,279 shares, compared to its average volume of 18,651,316. 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 firm has a 50-day simple moving average of $191.31 and a 200 day simple moving average of $175.57. The firm has a market capitalization of $2.58 trillion, a P/E ratio of 22.74, a P/E/G ratio of 1.43 and a beta of 1.02. Alphabet Inc. has a 1-year low of $142.66 and a 1-year high of $215.34.

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

Alphabet Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Monday, September 8th will be issued a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date of this dividend is Monday, September 8th. Alphabet's payout ratio is 8.95%.

Analyst Ratings Changes

Several research firms have issued reports on GOOG. Cowen restated a "buy" rating on shares of Alphabet in a research note on Wednesday, July 9th. The Goldman Sachs Group restated a "buy" rating and set a $220.00 price target on shares of Alphabet in a research note on Monday, June 2nd. Needham & Company LLC downgraded Alphabet from a "buy" rating to a "cautious" rating in a research note on Friday, May 2nd. Wells Fargo & Company restated an "equal weight" rating on shares of Alphabet in a research note on Wednesday, July 9th. Finally, Lake Street Capital restated a "buy" rating on shares of Alphabet in a research report on Wednesday, July 9th. Five equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, six have issued a Hold rating and three have assigned a Sell rating to the company's stock. According to MarketBeat.com, Alphabet presently has an average rating of "Moderate Buy" and a consensus target price of $215.19.

Alphabet 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.