PNC Financial Services Group Inc. Sells 6,408 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Key Points

• PNC Financial Services Group Inc. sold 6,408 shares of Alphabet Inc., reducing its holdings by 0.1%, leaving it with approximately 8.5 million shares valued at over $1.3 billion.
• Alphabet reported an earnings per share (EPS) of $2.31 for the latest quarter, exceeding analyst expectations of $2.15 and achieving a revenue of nearly $96.4 billion.
• The company also declared a quarterly dividend of $0.21 per share, which will be paid on September 15th, reflecting an annual yield of 0.4%.

PNC Financial Services Group Inc. lowered its holdings in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 0.1% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 8,527,273 shares of the information services provider's stock after selling 6,408 shares during the period. Alphabet makes up about 0.7% of PNC Financial Services Group Inc.'s portfolio, making the stock its 12th largest holding. PNC Financial Services Group Inc. owned approximately 0.07% of Alphabet worth $1,318,657,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Mystic Asset Management Inc. lifted its stake in Alphabet by 6.7% during the first quarter. Mystic Asset Management Inc. now owns 28,454 shares of the information services provider's stock worth $4,400,000 after purchasing an additional 1,791 shares during the last quarter. Harbour Trust & Investment Management Co increased its position in Alphabet by 0.3% during the 1st quarter. Harbour Trust & Investment Management Co now owns 27,075 shares of the information services provider's stock worth $4,187,000 after purchasing an additional 80 shares in the last quarter. Rockbridge Capital Management LLC acquired a new position in Alphabet during the 4th quarter worth approximately $3,119,000. Cypress Capital LLC increased its position in Alphabet by 4.1% during the 1st quarter. Cypress Capital LLC now owns 14,310 shares of the information services provider's stock worth $2,213,000 after purchasing an additional 563 shares in the last quarter. Finally, Optivise Advisory Services LLC increased its position in Alphabet by 8.0% during the 4th quarter. Optivise Advisory Services LLC now owns 5,464 shares of the information services provider's stock worth $1,035,000 after purchasing an additional 403 shares in the last quarter. Institutional investors own 40.03% of the company's stock.

Alphabet Price Performance

Shares of NASDAQ GOOGL opened at $201.42 on Friday. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07. The company has a market capitalization of $2.44 trillion, a PE ratio of 21.45, a P/E/G ratio of 1.36 and a beta of 1.01. The firm has a fifty day simple moving average of $180.89 and a 200 day simple moving average of $172.98. Alphabet Inc. has a twelve month low of $140.53 and a twelve month high of $207.05.

Alphabet (NASDAQ:GOOGL - Get Free Report) last posted its quarterly 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 $96,428,000 billion during the quarter, compared to analysts' expectations of $93.60 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. On average, sell-side analysts forecast that Alphabet Inc. will post 8.9 EPS for the current year.

Alphabet Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Monday, September 8th will be issued a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date is Monday, September 8th. Alphabet's dividend payout ratio (DPR) is presently 8.95%.

Analyst Ratings Changes

GOOGL has been the subject of a number of research analyst reports. Rosenblatt Securities upped their price objective on shares of Alphabet from $189.00 to $191.00 and gave the stock a "neutral" rating in a research report on Thursday, July 24th. BMO Capital Markets upped their price objective on shares of Alphabet from $208.00 to $225.00 and gave the stock an "outperform" rating in a research report on Thursday, July 24th. Royal Bank Of Canada increased their target price on Alphabet from $200.00 to $220.00 and gave the company an "outperform" rating in a research report on Thursday, July 24th. Citizens Jmp upgraded Alphabet from a "market perform" rating to an "outperform" rating and set a $220.00 target price for the company in a research report on Friday, June 27th. Finally, Stifel Nicolaus increased their target price on Alphabet from $200.00 to $218.00 and gave the company a "buy" rating in a research report on Tuesday, July 22nd. Ten analysts have rated the stock with a hold rating, twenty-nine have issued a buy rating and four have given a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $211.53.

Insider Activity at Alphabet

In other Alphabet news, Director John L. Hennessy sold 400 shares of the firm's stock in a transaction on Monday, July 14th. The shares were sold at an average price of $181.98, for a total value of $72,792.00. Following the completion of the sale, the director directly owned 6,013 shares in the company, valued at approximately $1,094,245.74. This trade represents a 6.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider John Kent Walker sold 23,820 shares of the firm's stock in a transaction on Monday, August 4th. The stock was sold at an average price of $194.70, for a total transaction of $4,637,754.00. Following the completion of the sale, the insider owned 42,999 shares of the company's stock, valued at $8,371,905.30. The trade was a 35.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 273,219 shares of company stock valued at $49,474,273. 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.

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