Pettyjohn Wood & White Inc. Sells 1,980 Shares of Alphabet Inc. (NASDAQ:GOOG)

Key Points

• Pettyjohn Wood & White Inc. reduced its stake in Alphabet Inc. by 10.7% during the first quarter, now owning 16,567 shares valued at approximately $2.59 million.
• Alphabet's latest quarterly earnings reported $96.43 billion in revenue and $2.31 earnings per share, exceeding analysts' expectations.
• A quarterly dividend of $0.21 per share is set to be paid on September 15th, representing an annualized yield of 0.4%.

Pettyjohn Wood & White Inc. lessened its holdings in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 10.7% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 16,567 shares of the information services provider's stock after selling 1,980 shares during the quarter. Pettyjohn Wood & White Inc.'s holdings in Alphabet were worth $2,588,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. UNIVEST FINANCIAL Corp lifted its holdings in shares of Alphabet by 22.8% in the 1st quarter. UNIVEST FINANCIAL Corp now owns 25,726 shares of the information services provider's stock worth $4,019,000 after purchasing an additional 4,784 shares during the last quarter. Headland Capital LLC lifted its holdings in shares of Alphabet by 5.6% in the 1st quarter. Headland Capital LLC now owns 2,596 shares of the information services provider's stock worth $406,000 after purchasing an additional 137 shares during the last quarter. Baker Avenue Asset Management LP lifted its holdings in shares of Alphabet by 15.1% in the 1st quarter. Baker Avenue Asset Management LP now owns 54,376 shares of the information services provider's stock worth $8,495,000 after purchasing an additional 7,129 shares during the last quarter. Heritage Wealth Advisors lifted its holdings in shares of Alphabet by 3.9% in the 1st quarter. Heritage Wealth Advisors now owns 361,027 shares of the information services provider's stock worth $56,403,000 after purchasing an additional 13,427 shares during the last quarter. Finally, Blueshift Asset Management LLC lifted its holdings in shares of Alphabet by 47.4% in the 1st quarter. Blueshift Asset Management LLC now owns 6,362 shares of the information services provider's stock worth $994,000 after purchasing an additional 2,045 shares during the last quarter. Institutional investors and hedge funds own 27.26% of the company's stock.

Analyst Ratings Changes

GOOG has been the topic of several recent research reports. Tigress Financial reissued a "strong-buy" rating on shares of Alphabet in a report on Friday, May 2nd. BNP Paribas lowered Alphabet from a "strong-buy" rating to a "hold" rating in a research report on Thursday, June 26th. Citigroup reiterated a "sell" rating on shares of Alphabet in a research report on Wednesday, April 23rd. Piper Sandler reiterated a "neutral" rating on shares of Alphabet in a research report on Wednesday, July 9th. Finally, Susquehanna reiterated a "positive" rating on shares of Alphabet in a research report on Friday, May 2nd. Three research analysts have rated the stock with a sell rating, six have issued a hold rating, seventeen have assigned a buy rating and five have given a strong buy rating to the company's stock. According to MarketBeat.com, Alphabet currently has a consensus rating of "Moderate Buy" and an average target price of $215.19.

Insider Transactions at Alphabet

In other Alphabet news, Director Kavitark Ram Shriram sold 18,566 shares of the business's stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $185.76, for a total value of $3,448,820.16. Following the transaction, the director owned 243,400 shares in the company, valued at $45,213,984. The trade was a 7.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Sundar Pichai sold 32,500 shares of the business's 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 owned 2,559,892 shares in the company, valued at $456,991,919.84. This trade represents a 1.25% decrease in their position. The disclosure for this sale can be found here. Insiders sold 249,399 shares of company stock worth $43,525,794 in the last 90 days. Corporate insiders own 12.99% of the company's stock.

Alphabet Stock Down 1.5%

NASDAQ:GOOG traded down $2.91 during trading hours on Friday, hitting $189.95. 21,211,425 shares of the company's stock traded hands, compared to its average volume of 25,077,368. The firm has a market cap of $2.31 trillion, a P/E ratio of 20.23, a P/E/G ratio of 1.26 and a beta of 1.02. Alphabet Inc. has a twelve month low of $142.66 and a twelve month high of $208.70. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90. The stock's fifty day moving average price is $179.37 and its two-hundred day moving average price is $174.69.

Alphabet (NASDAQ:GOOG - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 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 firm had revenue of $96.43 billion for the quarter, compared to the consensus estimate of $93.67 billion. During the same quarter in the previous year, the company posted $1.89 earnings per share. The business's quarterly revenue was up 13.8% compared to the same quarter last year. On average, research analysts expect that Alphabet Inc. will post 8.89 earnings per share for the current fiscal year.

Alphabet Announces Dividend

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

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.