PKS Advisory Services LLC Reduces Stake in Alphabet Inc. $GOOGL

Key Points

• PKS Advisory Services LLC reduced its stake in Alphabet Inc. by 9.4%, holding 12,795 shares worth approximately $1.98 million at the end of the last quarter.
• Alphabet recently reported earnings of $2.31 per share, exceeding estimates, with revenues hitting $96.43 billion for the quarter.
• The company announced a quarterly dividend of $0.21 per share, reflecting an annual yield of 0.4%, with the payment scheduled for September 15th.

PKS Advisory Services LLC trimmed its holdings in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 9.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,795 shares of the information services provider's stock after selling 1,334 shares during the period. PKS Advisory Services LLC's holdings in Alphabet were worth $1,981,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also made changes to their positions in the company. Nuveen LLC purchased a new position in Alphabet in the 1st quarter worth approximately $4,317,606,000. GAMMA Investing LLC lifted its holdings in shares of Alphabet by 16,993.2% in the first quarter. GAMMA Investing LLC now owns 16,062,457 shares of the information services provider's stock worth $2,483,898,000 after buying an additional 15,968,487 shares in the last quarter. Vanguard Group Inc. lifted its stake in Alphabet by 2.9% in the 1st quarter. Vanguard Group Inc. now owns 509,826,331 shares of the information services provider's stock worth $78,839,544,000 after purchasing an additional 14,307,345 shares in the last quarter. Wellington Management Group LLP raised its holdings in shares of Alphabet by 15.9% during the 4th quarter. Wellington Management Group LLP now owns 66,050,135 shares of the information services provider's stock worth $12,503,291,000 after acquiring an additional 9,042,271 shares in the last quarter. Finally, Assenagon Asset Management S.A. raised its holdings in shares of Alphabet by 307.6% during the 1st quarter. Assenagon Asset Management S.A. now owns 10,302,644 shares of the information services provider's stock worth $1,593,201,000 after acquiring an additional 7,774,811 shares in the last quarter. 40.03% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director John L. Hennessy sold 1,000 shares of Alphabet stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $200.00, for a total value of $200,000.00. Following the transaction, the director owned 6,916 shares of the company's stock, valued at $1,383,200. The trade was a 12.63% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Kavitark Ram Shriram sold 18,566 shares of Alphabet stock in a transaction that occurred on Friday, July 18th. The stock was sold at an average price of $185.76, for a total transaction of $3,448,820.16. Following the completion of the transaction, the director directly owned 243,400 shares in the company, valued at approximately $45,213,984. The trade was a 7.09% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 254,710 shares of company stock worth $47,225,230 over the last ninety days. 11.64% of the stock is currently owned by company insiders.

Alphabet Trading Up 0.6%

GOOGL stock traded up $1.27 during trading on Friday, hitting $212.91. The company had a trading volume of 39,702,089 shares, compared to its average volume of 28,893,466. The firm has a market capitalization of $2.57 trillion, a P/E ratio of 22.67, a PEG ratio of 1.43 and a beta of 1.01. Alphabet Inc. has a 52-week low of $140.53 and a 52-week high of $214.65. The company has a 50 day simple moving average of $190.44 and a 200-day simple moving average of $174.05. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07.

Alphabet (NASDAQ:GOOGL - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, topping analysts' consensus estimates of $2.15 by $0.16. The business had revenue of $96.43 billion for the quarter, compared to analyst estimates of $93.60 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. As a group, research analysts forecast that Alphabet Inc. will post 8.9 earnings per share for the current fiscal year.

Alphabet Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Monday, September 8th will be issued a $0.21 dividend. The ex-dividend date 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 (DPR) is currently 8.95%.

Analysts Set New Price Targets

GOOGL has been the topic of a number of recent research reports. Barclays upped their price target on shares of Alphabet from $220.00 to $235.00 and gave the company an "overweight" rating in a research note on Thursday, July 24th. Cantor Fitzgerald upped their target price on shares of Alphabet from $196.00 to $201.00 and gave the company a "neutral" rating in a research report on Thursday, July 24th. Sanford C. Bernstein upped their target price on shares of Alphabet from $185.00 to $195.00 and gave the company a "market perform" rating in a research report on Tuesday, July 22nd. UBS Group upped their price objective on Alphabet from $192.00 to $202.00 and gave the company a "neutral" rating in a research report on Thursday, July 24th. Finally, JMP Securities upped their price objective on Alphabet from $220.00 to $225.00 and gave the company a "market outperform" rating in a research report on Thursday, July 24th. 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's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $211.53.

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.