Patten & Patten Inc. TN Has $14.31 Million Holdings in Alphabet Inc. $GOOG

Key Points

• Patten & Patten Inc. TN reduced its stake in Alphabet Inc. by 4.8%, holding $14.31 million worth of shares after selling 4,048 shares in the second quarter.
• Alphabet reported a quarterly EPS of $2.31, exceeding analysts' expectations, and generated revenue of $96.43 billion, a 13.8% year-over-year increase.
• The company declared a quarterly dividend of $0.21 per share, reflecting an annualized dividend yield of 0.3%.

Patten & Patten Inc. TN decreased its position in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 4.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 80,669 shares of the information services provider's stock after selling 4,048 shares during the quarter. Alphabet comprises 0.9% of Patten & Patten Inc. TN's holdings, making the stock its 28th largest holding. Patten & Patten Inc. TN's holdings in Alphabet were worth $14,310,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of GOOG. Kingstone Capital Partners Texas LLC increased its holdings in shares of Alphabet by 580,897.4% during the second quarter. Kingstone Capital Partners Texas LLC now owns 135,087,705 shares of the information services provider's stock valued at $23,963,208,000 after acquiring an additional 135,064,454 shares in the last quarter. Nuveen LLC bought a new stake in shares of Alphabet during the first quarter valued at approximately $2,622,943,000. Vanguard Group Inc. increased its holdings in shares of Alphabet by 2.4% during the first quarter. Vanguard Group Inc. now owns 411,570,922 shares of the information services provider's stock valued at $64,299,725,000 after acquiring an additional 9,687,855 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Alphabet by 9.9% during the first quarter. JPMorgan Chase & Co. now owns 102,232,997 shares of the information services provider's stock valued at $15,971,861,000 after acquiring an additional 9,243,959 shares in the last quarter. Finally, Strs Ohio bought a new stake in shares of Alphabet during the first quarter valued at approximately $369,713,000. Institutional investors own 27.26% of the company's stock.

Alphabet Stock Up 0.8%

Shares of NASDAQ:GOOG opened at $253.79 on Friday. The company has a market capitalization of $3.07 trillion, a PE ratio of 27.03, a price-to-earnings-growth ratio of 1.71 and a beta of 1.00. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90. The business has a fifty day moving average price of $232.18 and a two-hundred day moving average price of $192.97. Alphabet Inc. has a 1 year low of $142.66 and a 1 year high of $257.58.

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

Alphabet Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Monday, September 8th were paid 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 is presently 8.95%.

Analysts Set New Price Targets

Several brokerages recently issued reports on GOOG. Phillip Securities downgraded Alphabet from a "strong-buy" rating to a "moderate buy" rating in a report on Monday, September 8th. Lake Street Capital reiterated a "buy" rating on shares of Alphabet in a report on Wednesday, July 9th. Morgan Stanley upped their price target on Alphabet from $210.00 to $270.00 and gave the stock an "overweight" rating in a report on Thursday, October 2nd. Scotiabank reiterated an "outperform" rating and set a $310.00 price target on shares of Alphabet in a report on Thursday. Finally, Mizuho upgraded Alphabet to a "strong-buy" rating in a report on Monday, September 29th. Six analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, five have issued a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, Alphabet currently has an average rating of "Moderate Buy" and an average price target of $244.68.

Insider Transactions at Alphabet

In other news, CEO Sundar Pichai sold 32,500 shares of the stock in a transaction on Wednesday, September 17th. The stock was sold at an average price of $249.50, for a total transaction of $8,108,750.00. Following the completion of the transaction, the chief executive officer owned 2,397,392 shares in the company, valued at approximately $598,149,304. This represents a 1.34% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider John Kent Walker sold 23,820 shares of the stock in a transaction on Monday, August 4th. The stock was sold at an average price of $194.70, for a total value of $4,637,754.00. Following the transaction, the insider owned 42,999 shares of the company's stock, valued at $8,371,905.30. The trade was a 35.65% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 243,372 shares of company stock worth $55,110,740 over the last 90 days. 12.99% of the stock is 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.

Want to see what other hedge funds are holding GOOG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Alphabet Inc. (NASDAQ:GOOG - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.