Pinney & Scofield Inc. Invests $464,000 in Alphabet Inc. (NASDAQ:GOOGL)

Pinney & Scofield Inc. bought a new position in Alphabet Inc. (NASDAQ:GOOGL - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 2,449 shares of the information services provider's stock, valued at approximately $464,000. Alphabet makes up approximately 0.4% of Pinney & Scofield Inc.'s investment portfolio, making the stock its 28th largest holding.

Other hedge funds have also recently modified their holdings of the company. JPMorgan Chase & Co. boosted its position in Alphabet by 7.7% in the third quarter. JPMorgan Chase & Co. now owns 63,667,407 shares of the information services provider's stock worth $10,559,240,000 after purchasing an additional 4,567,275 shares during the last quarter. Regent Peak Wealth Advisors LLC lifted its stake in shares of Alphabet by 0.9% in the 4th quarter. Regent Peak Wealth Advisors LLC now owns 23,533 shares of the information services provider's stock worth $4,455,000 after purchasing an additional 207 shares during the period. Wealth Group Ltd. boosted its holdings in shares of Alphabet by 5.2% in the fourth quarter. Wealth Group Ltd. now owns 1,582 shares of the information services provider's stock worth $299,000 after buying an additional 78 shares during the last quarter. Capital & Planning LLC grew its position in Alphabet by 34.3% during the fourth quarter. Capital & Planning LLC now owns 4,383 shares of the information services provider's stock valued at $830,000 after buying an additional 1,119 shares during the period. Finally, Diversify Advisory Services LLC increased its holdings in Alphabet by 8.3% during the fourth quarter. Diversify Advisory Services LLC now owns 135,200 shares of the information services provider's stock valued at $25,964,000 after buying an additional 10,342 shares during the last quarter. Hedge funds and other institutional investors own 40.03% of the company's stock.

Alphabet Price Performance

GOOGL stock traded up $4.37 during trading on Tuesday, hitting $172.84. 30,570,163 shares of the company's stock traded hands, compared to its average volume of 29,779,709. Alphabet Inc. has a 52 week low of $140.53 and a 52 week high of $207.05. The stock has a market capitalization of $2.10 trillion, a price-to-earnings ratio of 21.47, a P/E/G ratio of 1.34 and a beta of 1.01. The business has a fifty day simple moving average of $158.67 and a 200 day simple moving average of $174.76. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.84 and a current ratio of 1.84.

Alphabet (NASDAQ:GOOGL - Get Free Report) last announced its quarterly earnings results on Thursday, April 24th. The information services provider reported $2.81 EPS for the quarter, beating analysts' consensus estimates of $2.02 by $0.79. The firm had revenue of $76.49 billion during the quarter, compared to the consensus estimate of $89.30 billion. Alphabet had a net margin of 28.60% and a return on equity of 32.49%. During the same quarter last year, the firm earned $1.89 EPS. As a group, research analysts expect that Alphabet Inc. will post 8.9 EPS for the current fiscal year.

Alphabet Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Monday, June 9th will be paid a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 0.49%. This is a positive change 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 (DPR) is presently 9.36%.

Insider Transactions at Alphabet

In related news, CAO Amie Thuener O'toole sold 673 shares of the stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $155.33, for a total value of $104,537.09. Following the sale, the chief accounting officer now directly owns 15,303 shares of the company's stock, valued at $2,377,014.99. This represents a 4.21% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director John L. Hennessy sold 600 shares of the business's stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $175.00, for a total value of $105,000.00. Following the transaction, the director now owns 6,813 shares of the company's stock, valued at $1,192,275. This trade represents a 8.09% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 164,654 shares of company stock worth $26,793,380. 11.64% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

GOOGL has been the topic of several analyst reports. Cantor Fitzgerald dropped their price target on shares of Alphabet from $200.00 to $159.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 16th. Tigress Financial lifted their target price on Alphabet from $220.00 to $240.00 and gave the company a "strong-buy" rating in a research report on Wednesday, April 30th. Susquehanna cut their price target on Alphabet from $225.00 to $220.00 and set a "positive" rating for the company in a report on Friday, April 25th. Truist Financial decreased their price objective on Alphabet from $220.00 to $200.00 and set a "buy" rating on the stock in a research note on Thursday, April 17th. Finally, Westpark Capital reiterated a "buy" rating and set a $210.00 price objective on shares of Alphabet in a research note on Thursday, May 8th. 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. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $199.75.

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.