Pinney & Scofield Inc. purchased a new position in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 2,449 shares of the information services provider's stock, valued at approximately $464,000. Alphabet comprises 0.4% of Pinney & Scofield Inc.'s investment portfolio, making the stock its 28th biggest position.
Other hedge funds and other institutional investors have also modified their holdings of the company. Bennett Selby Investments LP raised its stake in Alphabet by 4.0% during the 4th quarter. Bennett Selby Investments LP now owns 1,354 shares of the information services provider's stock valued at $256,000 after acquiring an additional 52 shares during the last quarter. Macroview Investment Management LLC raised its position in Alphabet by 4.2% during the 4th quarter. Macroview Investment Management LLC now owns 1,293 shares of the information services provider's stock worth $245,000 after buying an additional 52 shares during the last quarter. Cornerstone Planning Group LLC lifted its position in Alphabet by 2.3% in the fourth quarter. Cornerstone Planning Group LLC now owns 2,381 shares of the information services provider's stock valued at $457,000 after purchasing an additional 53 shares during the period. Addison Advisors LLC boosted its stake in shares of Alphabet by 0.7% in the fourth quarter. Addison Advisors LLC now owns 7,527 shares of the information services provider's stock valued at $1,425,000 after buying an additional 53 shares in the last quarter. Finally, Burt Wealth Advisors lifted its stake in shares of Alphabet by 1.0% in the fourth quarter. Burt Wealth Advisors now owns 5,307 shares of the information services provider's stock valued at $1,005,000 after purchasing an additional 54 shares during the period. Institutional investors own 40.03% of the company's stock.
Wall Street Analysts Forecast Growth
Several equities analysts have weighed in on the stock. KeyCorp raised their target price on shares of Alphabet from $185.00 to $195.00 and gave the company an "overweight" rating in a report on Friday, April 25th. UBS Group set a $195.00 price objective on Alphabet in a research report on Friday, April 25th. Rosenblatt Securities reiterated a "neutral" rating and set a $189.00 target price on shares of Alphabet in a report on Wednesday, May 21st. Oppenheimer raised their price target on shares of Alphabet from $185.00 to $200.00 and gave the stock an "outperform" rating in a research note on Friday, April 25th. Finally, Jefferies Financial Group decreased their price target on shares of Alphabet from $235.00 to $200.00 and set a "buy" rating on the stock in a report on Monday, March 31st. Ten equities research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and four have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $199.75.
Check Out Our Latest Report on GOOGL
Insider Buying and Selling at Alphabet
In related news, insider John Kent Walker sold 11,764 shares of the business's stock in a transaction dated Thursday, March 27th. The stock was sold at an average price of $166.84, for a total value of $1,962,705.76. Following the completion of the sale, the insider now directly owns 49,037 shares of the company's stock, valued at $8,181,333.08. The trade was a 19.35% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Amie Thuener O'toole sold 1,374 shares of the firm's stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $173.47, for a total transaction of $238,347.78. Following the completion of the transaction, the chief accounting officer now directly owns 15,024 shares in the company, valued at $2,606,213.28. This trade represents a 8.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 164,654 shares of company stock worth $26,793,380 over the last quarter. Corporate insiders own 11.55% of the company's stock.
Alphabet Stock Performance
Shares of NASDAQ:GOOGL traded up $0.21 on Wednesday, hitting $173.11. The company had a trading volume of 16,360,314 shares, compared to its average volume of 35,464,711. The stock has a market cap of $2.10 trillion, a price-to-earnings ratio of 21.50, a P/E/G ratio of 1.34 and a beta of 1.01. The company has a current ratio of 1.84, a quick ratio of 1.84 and a debt-to-equity ratio of 0.03. The stock has a 50 day moving average price of $158.87 and a 200 day moving average price of $174.75. Alphabet Inc. has a 1-year low of $140.53 and a 1-year high of $207.05.
Alphabet (NASDAQ:GOOGL - Get Free Report) last issued its 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. Alphabet had a net margin of 28.60% and a return on equity of 32.49%. The company had revenue of $76.49 billion during the quarter, compared to analysts' expectations of $89.30 billion. During the same period in the previous year, the company earned $1.89 EPS. Analysts expect that Alphabet Inc. will post 8.9 EPS for the current year.
Alphabet Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Monday, June 9th will be given a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 0.49%. This is a boost from Alphabet's previous quarterly dividend of $0.20. The ex-dividend date of this dividend is Monday, June 9th. Alphabet's dividend payout ratio is currently 9.36%.
Alphabet Profile
(
Free Report)
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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