Pettee Investors Inc. Has $3.29 Million Stock Holdings in Alphabet Inc. (NASDAQ:GOOG)

Pettee Investors Inc. lowered its stake in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 10.8% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 21,085 shares of the information services provider's stock after selling 2,545 shares during the period. Alphabet accounts for 2.0% of Pettee Investors Inc.'s holdings, making the stock its 12th biggest position. Pettee Investors Inc.'s holdings in Alphabet were worth $3,294,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Principia Wealth Advisory LLC boosted its stake in Alphabet by 111.8% in the first quarter. Principia Wealth Advisory LLC now owns 161 shares of the information services provider's stock valued at $26,000 after buying an additional 85 shares in the last quarter. MorganRosel Wealth Management LLC acquired a new position in Alphabet in the first quarter valued at approximately $26,000. LSV Asset Management bought a new stake in shares of Alphabet during the fourth quarter valued at approximately $27,000. Goodman Advisory Group LLC bought a new stake in shares of Alphabet during the first quarter valued at approximately $32,000. Finally, WealthTrak Capital Management LLC bought a new stake in Alphabet during the fourth quarter worth $38,000. Institutional investors own 27.26% of the company's stock.

Alphabet Trading Up 0.4%

GOOG stock opened at $183.77 on Thursday. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 0.03. Alphabet Inc. has a 12-month low of $142.66 and a 12-month high of $208.70. The stock has a market cap of $2.23 trillion, a price-to-earnings ratio of 20.49, a PEG ratio of 1.29 and a beta of 1.01. The business's 50-day moving average is $172.81 and its 200 day moving average is $174.80.

Alphabet (NASDAQ:GOOG - Get Free Report) last released its quarterly earnings results on Thursday, April 24th. The information services provider reported $2.81 EPS for the quarter, beating the consensus estimate of $2.02 by $0.79. The firm had revenue of $90.23 billion for the quarter, compared to analyst estimates of $89.30 billion. Alphabet had a net margin of 30.86% and a return on equity of 34.54%. The business's revenue for the quarter was up 12.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.89 EPS. On average, sell-side analysts anticipate that Alphabet Inc. will post 8.89 EPS for the current fiscal year.

Alphabet Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Monday, June 9th were paid a dividend of $0.21 per share. The ex-dividend date was Monday, June 9th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.46%. This is an increase from Alphabet's previous quarterly dividend of $0.20. Alphabet's payout ratio is presently 9.36%.

Insider Buying and Selling at Alphabet

In other Alphabet news, CEO Sundar Pichai sold 32,500 shares of the stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $178.52, for a total value of $5,801,900.00. Following the completion of the transaction, the chief executive officer directly owned 2,559,892 shares of the company's stock, valued at approximately $456,991,919.84. This trade represents a 1.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Kavitark Ram Shriram sold 10,500 shares of the stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $175.00, for a total transaction of $1,837,500.00. Following the completion of the transaction, the director directly owned 261,966 shares of the company's stock, valued at approximately $45,844,050. This trade represents a 3.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 183,343 shares of company stock worth $31,296,140 over the last 90 days. Corporate insiders own 12.99% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Tigress Financial reiterated a "strong-buy" rating on shares of Alphabet in a report on Friday, May 2nd. Oppenheimer reiterated an "outperform" rating and set a $220.00 price objective (up from $200.00) on shares of Alphabet in a research report on Wednesday, July 9th. Piper Sandler restated a "neutral" rating on shares of Alphabet in a research report on Wednesday, July 9th. Susquehanna reissued a "positive" rating on shares of Alphabet in a report on Friday, May 2nd. Finally, JPMorgan Chase & Co. lifted their target price on Alphabet from $195.00 to $200.00 and gave the company an "overweight" rating in a research report on Friday, July 11th. Three investment analysts have rated the stock with a sell rating, six have given a hold rating, seventeen have assigned a buy rating and five have given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $208.40.

Alphabet 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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