Platinum Investment Management Ltd. Sells 174,660 Shares of Alphabet Inc. $GOOG

Key Points

• Platinum Investment Management Ltd. reduced its holdings in Alphabet Inc. by 48.2%, selling 174,660 shares during the second quarter, leaving it with approximately $33.3 million worth of shares.
• Alphabet reported a quarterly earnings per share of $2.31, exceeding expectations, and its revenue increased by 13.8% year-over-year to $96.43 billion.
• Alphabet recently announced a quarterly dividend of $0.21 per share, resulting in an annual yield of 0.3% and a payout ratio of 8.95%.

Platinum Investment Management Ltd. lessened its holdings in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 48.2% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 187,953 shares of the information services provider's stock after selling 174,660 shares during the period. Alphabet accounts for approximately 2.2% of Platinum Investment Management Ltd.'s holdings, making the stock its 18th biggest position. Platinum Investment Management Ltd.'s holdings in Alphabet were worth $33,341,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the business. Robbins Farley raised its position in shares of Alphabet by 60.0% in the 2nd quarter. Robbins Farley now owns 160 shares of the information services provider's stock worth $28,000 after purchasing an additional 60 shares during the last quarter. Principia Wealth Advisory LLC raised its position in shares of Alphabet by 111.8% in the 1st quarter. Principia Wealth Advisory LLC now owns 161 shares of the information services provider's stock worth $26,000 after purchasing an additional 85 shares during the last quarter. MorganRosel Wealth Management LLC purchased a new position in shares of Alphabet in the 1st quarter worth about $26,000. Greykasell Wealth Strategies Inc. purchased a new position in shares of Alphabet in the 1st quarter worth about $32,000. Finally, Goodman Advisory Group LLC purchased a new position in shares of Alphabet in the 1st quarter worth about $32,000. Institutional investors own 27.26% of the company's stock.

Alphabet Trading Up 0.0%

Alphabet stock opened at $246.45 on Friday. The firm has a 50 day moving average of $221.89 and a 200 day moving average of $187.15. The firm has a market capitalization of $2.98 trillion, a price-to-earnings ratio of 26.25, a P/E/G ratio of 1.66 and a beta of 1.00. Alphabet Inc. has a 12-month low of $142.66 and a 12-month high of $256.70. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07.

Alphabet (NASDAQ:GOOG - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, topping the consensus estimate of $2.12 by $0.19. Alphabet had a return on equity of 34.31% and a net margin of 31.12%.The business had revenue of $96.43 billion during the quarter, compared to the consensus estimate of $93.67 billion. During the same period in the prior year, the company posted $1.89 EPS. The firm's revenue for the quarter was up 13.8% compared to the same quarter last year. As a group, research analysts predict that Alphabet Inc. will post 8.89 earnings per share for the current year.

Alphabet Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Monday, September 8th were paid a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 0.3%. The ex-dividend date was Monday, September 8th. Alphabet's dividend payout ratio is presently 8.95%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on GOOG shares. Scotiabank lifted their price target on Alphabet from $200.00 to $240.00 and gave the stock a "sector outperform" rating in a research report on Tuesday, July 22nd. Pivotal Research lifted their price target on Alphabet from $245.00 to $300.00 and gave the stock a "buy" rating in a research report on Wednesday, September 3rd. Wells Fargo & Company reaffirmed an "equal weight" rating on shares of Alphabet in a research report on Wednesday, July 9th. Barclays restated a "buy" rating on shares of Alphabet in a research note on Wednesday, July 9th. Finally, Cowen restated a "buy" rating on shares of Alphabet in a research note on Wednesday, July 9th. Five equities research analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating, five have assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $235.33.

Insiders Place Their Bets

In other Alphabet news, insider John Kent Walker sold 23,820 shares of the company's stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $194.70, for a total value of $4,637,754.00. Following the completion of the transaction, the insider directly owned 42,999 shares in the company, valued at $8,371,905.30. This represents a 35.65% decrease in their position. The transaction 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 company's stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $184.38, for a total value of $5,992,350.00. Following the completion of the transaction, the chief executive officer owned 2,527,392 shares of the company's stock, valued at $466,000,536.96. The trade was a 1.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 276,738 shares of company stock worth $59,135,475 in the last three months. 12.99% of the stock is owned by company insiders.

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.

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