Permanens Capital L.P. Raises Stock Holdings in Alphabet Inc. $GOOG

Key Points

• Permanens Capital L.P. increased its holdings in Alphabet Inc. (GOOG) by 34.9% during the first quarter, owning a total of 8,170 shares valued at approximately $1.28 million.
• Alphabet's recent earnings report showed $2.31 earnings per share, exceeding analysts' expectations and reflecting a 13.8% year-over-year revenue growth.
• The company announced a quarterly dividend of $0.21 per share, with the ex-dividend date set for September 8th, representing a 0.4% dividend yield.

Permanens Capital L.P. grew its position in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 34.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 8,170 shares of the information services provider's stock after acquiring an additional 2,114 shares during the quarter. Alphabet accounts for approximately 0.2% of Permanens Capital L.P.'s portfolio, making the stock its 29th largest holding. Permanens Capital L.P.'s holdings in Alphabet were worth $1,276,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings 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 acquiring an additional 9,687,855 shares during the last quarter. JPMorgan Chase & Co. raised its stake 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 purchasing an additional 9,243,959 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Alphabet by 2.3% during the 4th 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 period. Janus Henderson Group PLC raised its stake in shares of Alphabet by 5.0% during the 4th 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 period. Finally, Deutsche Bank AG raised its stake in shares of Alphabet by 5.4% during the 1st quarter. Deutsche Bank AG now owns 21,345,784 shares of the information services provider's stock worth $3,334,852,000 after purchasing an additional 1,098,996 shares during the period. 27.26% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director Kavitark Ram Shriram sold 15,000 shares of the company's stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $185.76, for a total transaction of $2,786,400.00. Following the sale, the director directly owned 240,400 shares in the company, valued at $44,656,704. This represents a 5.87% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider John Kent Walker sold 23,820 shares of the company's stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $194.70, for a total value of $4,637,754.00. Following the sale, the insider owned 42,999 shares in the company, valued at approximately $8,371,905.30. This represents a 35.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 254,710 shares of company stock valued at $49,208,380. Corporate insiders own 12.99% of the company's stock.

Alphabet Stock Performance

Alphabet stock traded up $2.51 during midday trading on Friday, reaching $235.17. The stock had a trading volume of 26,091,032 shares, compared to its average volume of 21,956,284. Alphabet Inc. has a 12 month low of $142.66 and a 12 month high of $236.13. The firm's 50-day moving average price is $196.65 and its 200 day moving average price is $176.75. The firm has a market capitalization of $2.84 trillion, a PE ratio of 25.04, a P/E/G 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: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. 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 period in the previous year, the business posted $1.89 EPS. The firm's quarterly revenue was up 13.8% compared to the same quarter last year. As a group, research analysts predict that Alphabet Inc. will post 8.89 earnings per share 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 given a dividend of $0.21 per share. The ex-dividend date is Monday, September 8th. This represents a $0.84 annualized dividend and a dividend yield of 0.4%. Alphabet's dividend payout ratio is currently 8.95%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on GOOG shares. Roth Capital reiterated a "buy" rating on shares of Alphabet in a research note on Wednesday, July 9th. Cowen reiterated a "buy" rating on shares of Alphabet in a research note on Wednesday, July 9th. Citizens Jmp upgraded Alphabet from a "hold" rating to a "strong-buy" rating in a research note on Thursday, June 26th. Wells Fargo & Company restated an "equal weight" rating on shares of Alphabet in a research note on Wednesday, July 9th. Finally, KeyCorp set a $265.00 price objective on Alphabet in a research note on Wednesday. Five research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, six have issued a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $227.56.

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.