Parsons Capital Management Inc. RI Cuts Holdings in Alphabet Inc. $GOOG

Key Points

• Parsons Capital Management Inc. RI reduced its holdings in Alphabet Inc. by 37.5%, selling 31,514 shares during the second quarter, leaving them with 52,493 shares valued at approximately $9.31 million.
• Multiple investors have increased their stakes in Alphabet, with Robbins Farley boosting its position by 60% and Principia Wealth Advisory LLC increasing theirs by 111.8% earlier this year.
• Alphabet recently declared a quarterly dividend of $0.21 per share, resulting in an annualized yield of 0.3%, with a low dividend payout ratio of 8.95%.

Parsons Capital Management Inc. RI trimmed its holdings in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 37.5% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 52,493 shares of the information services provider's stock after selling 31,514 shares during the period. Parsons Capital Management Inc. RI's holdings in Alphabet were worth $9,312,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the business. Robbins Farley increased its stake in Alphabet by 60.0% in the 2nd quarter. Robbins Farley now owns 160 shares of the information services provider's stock valued at $28,000 after purchasing an additional 60 shares in the last quarter. Principia Wealth Advisory LLC increased its stake in Alphabet by 111.8% in the 1st quarter. Principia Wealth Advisory LLC now owns 161 shares of the information services provider's stock valued at $26,000 after purchasing an additional 85 shares in the last quarter. MorganRosel Wealth Management LLC purchased a new position in Alphabet in the 1st quarter valued at approximately $26,000. Greykasell Wealth Strategies Inc. purchased a new position in Alphabet in the 1st quarter valued at approximately $32,000. Finally, Goodman Advisory Group LLC purchased a new position in Alphabet in the 1st quarter valued at approximately $32,000. 27.26% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Alphabet

In related news, CAO Amie Thuener O'toole sold 953 shares of Alphabet stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $241.20, for a total value of $229,863.60. Following the transaction, the chief accounting officer owned 17,294 shares in the company, valued at approximately $4,171,312.80. This trade represents a 5.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider John Kent Walker sold 17,816 shares of Alphabet stock in a transaction on Monday, September 29th. The shares were sold at an average price of $247.42, for a total value of $4,408,034.72. Following the completion of the transaction, the insider owned 42,985 shares in the company, valued at $10,635,348.70. The trade was a 29.30% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 276,738 shares of company stock valued at $59,135,475. 12.99% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research firms recently weighed in on GOOG. Lake Street Capital reaffirmed a "buy" rating on shares of Alphabet in a research note on Wednesday, July 9th. KeyCorp set a $265.00 price objective on Alphabet in a research note on Wednesday, September 3rd. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Alphabet in a research note on Saturday, September 27th. Oppenheimer reaffirmed an "outperform" rating and issued a $270.00 price objective (up from $235.00) on shares of Alphabet in a research note on Wednesday, September 3rd. Finally, Robert W. Baird increased their target price on Alphabet from $215.00 to $275.00 and gave the company an "outperform" rating in a report on Monday, September 22nd. Five research analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating, five have assigned a Hold rating and three have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $235.33.

Alphabet Price Performance

GOOG stock opened at $246.45 on Friday. Alphabet Inc. has a 52-week low of $142.66 and a 52-week high of $256.70. The stock's fifty day simple moving average is $221.89 and its 200-day simple moving average is $187.01. 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 capitalization of $2.98 trillion, a price-to-earnings ratio of 26.25, a price-to-earnings-growth ratio of 1.66 and a beta of 1.00.

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

Alphabet Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Monday, September 8th were issued a dividend of $0.21 per share. The ex-dividend date was Monday, September 8th. This represents a $0.84 annualized dividend and a dividend yield of 0.3%. Alphabet's dividend payout ratio (DPR) is 8.95%.

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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