Philadelphia Trust Co. Sells 18,235 Shares of Alphabet Inc. $GOOGL

Key Points

• Philadelphia Trust Co. reduced its stake in Alphabet Inc. by 7.6%, holding 221,438 shares valued at approximately $34.24 million, making it the 7th largest position in their portfolio.
• Several institutional investors have also adjusted their positions in Alphabet, with 40.03% of the stock owned by these investors, highlighting ongoing interest in the company.
• Alphabet recently announced a quarterly dividend of $0.21 per share, representing an annualized dividend yield of 0.4% and a payout ratio of 8.95%.

Philadelphia Trust Co. reduced its position in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 7.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 221,438 shares of the information services provider's stock after selling 18,235 shares during the period. Alphabet comprises about 2.9% of Philadelphia Trust Co.'s portfolio, making the stock its 7th biggest holding. Philadelphia Trust Co.'s holdings in Alphabet were worth $34,243,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the company. Cresset Asset Management LLC lifted its stake in shares of Alphabet by 2.3% in the 1st quarter. Cresset Asset Management LLC now owns 1,474,096 shares of the information services provider's stock valued at $227,954,000 after purchasing an additional 33,109 shares during the period. Schneider Downs Wealth Management Advisors LP lifted its stake in shares of Alphabet by 3.5% in the 1st quarter. Schneider Downs Wealth Management Advisors LP now owns 8,522 shares of the information services provider's stock valued at $1,318,000 after purchasing an additional 292 shares during the period. Alliance Wealth Advisors LLC UT lifted its stake in shares of Alphabet by 12.6% in the 1st quarter. Alliance Wealth Advisors LLC UT now owns 17,403 shares of the information services provider's stock valued at $2,691,000 after purchasing an additional 1,948 shares during the period. Forvis Mazars Wealth Advisors LLC lifted its stake in shares of Alphabet by 0.7% in the 1st quarter. Forvis Mazars Wealth Advisors LLC now owns 93,449 shares of the information services provider's stock valued at $14,451,000 after purchasing an additional 668 shares during the period. Finally, Global Endowment Management LP lifted its stake in shares of Alphabet by 21.0% in the 1st quarter. Global Endowment Management LP now owns 12,784 shares of the information services provider's stock valued at $1,977,000 after purchasing an additional 2,223 shares during the period. 40.03% of the stock is currently owned by institutional investors and hedge funds.

Alphabet Price Performance

Shares of NASDAQ GOOGL traded up $6.34 during mid-day trading on Friday, reaching $206.09. The company's stock had a trading volume of 42,770,206 shares, compared to its average volume of 31,218,810. The stock has a 50-day moving average of $186.81 and a two-hundred day moving average of $173.37. The stock has a market capitalization of $2.49 trillion, a P/E ratio of 21.95, a P/E/G ratio of 1.34 and a beta of 1.01. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90. Alphabet Inc. has a 1-year low of $140.53 and a 1-year high of $208.54.

Alphabet (NASDAQ:GOOGL - 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 $2.15 by $0.16. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The firm had revenue of $96,428,000 billion during the quarter, compared to analyst estimates of $93.60 billion. On average, equities research analysts anticipate that Alphabet Inc. will post 8.9 EPS for the current fiscal year.

Alphabet Announces Dividend

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

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Citizens Jmp upgraded shares of Alphabet from a "market perform" rating to an "outperform" rating and set a $220.00 price objective for the company in a research report on Friday, June 27th. Sanford C. Bernstein upped their price objective on shares of Alphabet from $185.00 to $195.00 and gave the stock a "market perform" rating in a research report on Tuesday, July 22nd. Cantor Fitzgerald upped their price objective on shares of Alphabet from $196.00 to $201.00 and gave the stock a "neutral" rating in a research report on Thursday, July 24th. UBS Group upped their price objective on shares of Alphabet from $192.00 to $202.00 and gave the stock a "neutral" rating in a research report on Thursday, July 24th. Finally, Needham & Company LLC restated a "buy" rating and set a $220.00 price objective on shares of Alphabet in a research report on Thursday. Four equities research analysts have rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat, Alphabet presently has a consensus rating of "Moderate Buy" and a consensus price target of $211.53.

Insider Activity

In related news, Director John L. Hennessy sold 600 shares of the company's stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $203.79, for a total value of $122,274.00. Following the completion of the sale, the director owned 6,316 shares of the company's stock, valued at approximately $1,287,137.64. This represents a 8.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Sundar Pichai sold 32,500 shares of the company's stock in a transaction dated 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 completion of the sale, the chief executive officer directly owned 2,462,392 shares of the company's stock, valued at $492,281,408.64. This represents a 1.30% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 254,719 shares of company stock worth $47,223,172. Company insiders own 11.64% of the company's stock.

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.