Pennsylvania Capital Management Inc. ADV Cuts Stock Position in Alphabet Inc. $GOOG

Key Points

• Pennsylvania Capital Management Inc. ADV reduced its holdings in Alphabet Inc. by 32.5%, owning 6,373 shares after selling 3,073 shares during the second quarter.
• Alphabet reported earnings of $2.31 per share for the latest quarter, exceeding analyst estimates with revenue of $96.43 billion, a 13.8% year-over-year increase.
• The company announced a quarterly dividend of $0.21 per share, with a dividend yield of 0.3% and a payout ratio of 8.95%.

Pennsylvania Capital Management Inc. ADV cut its holdings in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 32.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,373 shares of the information services provider's stock after selling 3,073 shares during the period. Pennsylvania Capital Management Inc. ADV's holdings in Alphabet were worth $1,131,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of GOOG. Principia Wealth Advisory LLC increased its stake in Alphabet by 111.8% during the first quarter. Principia Wealth Advisory LLC now owns 161 shares of the information services provider's stock worth $26,000 after purchasing an additional 85 shares during the period. MorganRosel Wealth Management LLC purchased a new stake in shares of Alphabet during the first quarter worth approximately $26,000. Robbins Farley increased its stake in shares of Alphabet by 60.0% during the second quarter. Robbins Farley now owns 160 shares of the information services provider's stock worth $28,000 after buying an additional 60 shares during the period. Goodman Advisory Group LLC purchased a new stake in shares of Alphabet during the first quarter worth approximately $32,000. Finally, Greykasell Wealth Strategies Inc. purchased a new stake in shares of Alphabet during the first quarter worth approximately $32,000. 27.26% of the stock is currently owned by hedge funds and other institutional investors.

Alphabet Price Performance

GOOG stock opened at $245.54 on Thursday. The company has a market capitalization of $2.97 trillion, a P/E ratio of 26.15, a PEG ratio of 1.64 and a beta of 1.00. Alphabet Inc. has a twelve month low of $142.66 and a twelve month high of $256.70. The business has a 50 day simple moving average of $219.78 and a 200-day simple moving average of $185.88. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07.

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 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 the consensus estimate of $93.67 billion. Alphabet had a return on equity of 34.31% and a net margin of 31.12%.The company's revenue was up 13.8% compared to the same quarter last year. During the same period in the prior year, the company earned $1.89 earnings per share. As a group, equities analysts anticipate that Alphabet Inc. will post 8.89 EPS for the current year.

Alphabet Dividend Announcement

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

Insiders Place Their Bets

In other news, Director John L. Hennessy sold 600 shares of the stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $249.44, for a total value of $149,664.00. Following the completion of the sale, the director directly owned 5,716 shares of the company's stock, valued at approximately $1,425,799.04. This represents a 9.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Amie Thuener O'toole sold 2,778 shares of the stock in a transaction on Monday, September 15th. The stock was sold at an average price of $245.00, for a total value of $680,610.00. Following the sale, the chief accounting officer directly owned 17,293 shares of the company's stock, valued at approximately $4,236,785. This represents a 13.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 243,285 shares of company stock valued at $50,994,787. 12.99% of the stock is owned by insiders.

Analyst Ratings Changes

A number of analysts recently weighed in on GOOG shares. Oppenheimer restated an "outperform" rating and set a $270.00 target price (up from $235.00) on shares of Alphabet in a research note on Wednesday, September 3rd. Phillip Securities lowered shares of Alphabet from a "strong-buy" rating to a "moderate buy" rating in a research note on Monday, September 8th. BNP Paribas lowered shares of Alphabet from a "strong-buy" rating to a "hold" rating in a research note on Thursday, June 26th. Raymond James Financial restated an "outperform" rating and set a $210.00 target price (up from $185.00) on shares of Alphabet in a research note on Thursday, July 24th. Finally, UBS Group upped their target price on shares of Alphabet from $186.00 to $192.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 16th. Five investment analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, five have given a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, Alphabet currently has an average rating of "Moderate Buy" and a consensus price target of $230.35.

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.

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