Peloton Wealth Strategists Reduces Holdings in Alphabet Inc. $GOOGL

Key Points

• Peloton Wealth Strategists reduced its holdings in Alphabet Inc. by 3.6% in the first quarter, selling 1,707 shares and leaving them with 45,467 shares worth approximately $7 million.
• Alphabet recently reported earnings exceeding expectations, with $2.31 EPS for the quarter, surpassing the consensus estimate of $2.15.
• The company declared a quarterly dividend of $0.21 per share, paying out a total of $0.84 annually, with a dividend yield of 0.4%.

Peloton Wealth Strategists trimmed its position in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 3.6% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 45,467 shares of the information services provider's stock after selling 1,707 shares during the quarter. Alphabet makes up 2.9% of Peloton Wealth Strategists' holdings, making the stock its 8th largest position. Peloton Wealth Strategists' holdings in Alphabet were worth $7,031,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Guardian Wealth Management Inc. raised its holdings in shares of Alphabet by 242.9% in the 1st quarter. Guardian Wealth Management Inc. now owns 168 shares of the information services provider's stock valued at $26,000 after purchasing an additional 119 shares during the period. IMA Advisory Services Inc. bought a new stake in shares of Alphabet in the 1st quarter valued at about $28,000. von Borstel & Associates Inc. bought a new stake in shares of Alphabet in the 1st quarter valued at about $28,000. NBZ Investment Advisors LLC raised its holdings in shares of Alphabet by 85.7% in the 1st quarter. NBZ Investment Advisors LLC now owns 195 shares of the information services provider's stock valued at $30,000 after purchasing an additional 90 shares during the period. Finally, Financial Gravity Asset Management Inc. bought a new stake in shares of Alphabet in the 1st quarter valued at about $39,000. 40.03% of the stock is owned by institutional investors.

Alphabet Stock Performance

Shares of NASDAQ:GOOGL opened at $234.04 on Tuesday. The company's 50 day moving average price is $196.95 and its two-hundred day moving average price is $175.73. Alphabet Inc. has a 12-month low of $140.53 and a 12-month high of $238.13. The firm has a market cap of $2.83 trillion, a PE ratio of 24.92, a PEG ratio of 1.58 and a beta of 1.01. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07.

Alphabet (NASDAQ:GOOGL - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.15 by $0.16. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The firm had revenue of $96.43 billion for the quarter, compared to analyst estimates of $93.60 billion. Equities research analysts predict that Alphabet Inc. will post 8.9 earnings per share for the current year.

Alphabet Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Monday, September 8th will be given a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date is Monday, September 8th. Alphabet's dividend payout ratio is presently 8.95%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. JMP Securities upped their target price on shares of Alphabet from $225.00 to $250.00 and gave the company a "market outperform" rating in a report on Wednesday, September 3rd. Rosenblatt Securities upped their price target on shares of Alphabet from $191.00 to $224.00 and gave the company a "neutral" rating in a research note on Wednesday, September 3rd. Susquehanna upped their price target on shares of Alphabet from $220.00 to $225.00 and gave the company a "positive" rating in a research note on Thursday, July 24th. Truist Financial reiterated a "buy" rating and issued a $200.00 price target on shares of Alphabet in a research note on Wednesday, July 2nd. Finally, BNP Paribas lowered shares of Alphabet from a "strong-buy" rating to a "hold" rating in a research note on Thursday, June 26th. Four analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $221.44.

Insider Buying and Selling at Alphabet

In related news, CEO Sundar Pichai sold 32,500 shares of the stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $199.92, for a total transaction of $6,497,400.00. Following the sale, the chief executive officer owned 2,462,392 shares in the company, valued at approximately $492,281,408.64. This trade represents a 1.30% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Kavitark Ram Shriram sold 18,566 shares of the stock in a transaction that occurred on Friday, July 18th. The stock was sold at an average price of $185.76, for a total transaction of $3,448,820.16. Following the sale, the director owned 243,400 shares in the company, valued at $45,213,984. This represents a 7.09% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 254,710 shares of company stock worth $49,208,380. 11.55% of the stock is currently owned by company insiders.

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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