Prime Capital Investment Advisors LLC Sells 59,809 Shares of Alphabet Inc. $GOOGL

Key Points

• Prime Capital Investment Advisors LLC sold 59,809 shares of Alphabet Inc., reducing their position by 18.7% in the second quarter, leaving them with 260,079 shares valued at approximately $45.8 million.
• Alphabet's recent earnings report showed an EPS of $2.31, exceeding analyst expectations of $2.15, with revenue of $96.43 billion for the quarter.
• The company announced a quarterly dividend of $0.21 per share, with a current annualized yield of 0.3%, ensuring a payout ratio of 8.95%.

Prime Capital Investment Advisors LLC trimmed its position in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 18.7% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 260,079 shares of the information services provider's stock after selling 59,809 shares during the period. Prime Capital Investment Advisors LLC's holdings in Alphabet were worth $45,834,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of GOOGL. Brighton Jones LLC boosted its holdings in Alphabet by 3.9% in the 4th quarter. Brighton Jones LLC now owns 110,330 shares of the information services provider's stock valued at $20,886,000 after purchasing an additional 4,110 shares during the period. Revolve Wealth Partners LLC lifted its holdings in shares of Alphabet by 3.5% during the 4th quarter. Revolve Wealth Partners LLC now owns 14,930 shares of the information services provider's stock worth $2,826,000 after acquiring an additional 506 shares during the last quarter. GAMMA Investing LLC lifted its holdings in shares of Alphabet by 10.5% during the 1st quarter. GAMMA Investing LLC now owns 103,870 shares of the information services provider's stock worth $16,062,000 after acquiring an additional 9,900 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Alphabet by 4.4% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 2,508,914 shares of the information services provider's stock worth $387,979,000 after acquiring an additional 106,082 shares during the last quarter. Finally, Foster Victor Wealth Advisors LLC lifted its holdings in shares of Alphabet by 8.0% during the 1st quarter. Foster Victor Wealth Advisors LLC now owns 133,996 shares of the information services provider's stock worth $21,056,000 after acquiring an additional 9,876 shares during the last quarter. 40.03% of the stock is owned by institutional investors.

Alphabet Stock Up 0.5%

Shares of GOOGL stock opened at $245.45 on Wednesday. Alphabet Inc. has a 12 month low of $140.53 and a 12 month high of $256.00. The stock has a market cap of $2.97 trillion, a P/E ratio of 26.14, a P/E/G ratio of 1.65 and a beta of 1.00. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07. The company has a 50 day simple moving average of $228.31 and a two-hundred day simple moving average of $189.86.

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

Alphabet Announces Dividend

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

Analyst Ratings Changes

A number of research firms have recently issued reports on GOOGL. Citizens Jmp lifted their price objective on shares of Alphabet from $250.00 to $290.00 and gave the stock an "outperform" rating in a report on Friday, September 19th. Needham & Company LLC lifted their price objective on shares of Alphabet from $220.00 to $260.00 and gave the stock a "buy" rating in a report on Wednesday, September 3rd. Roth Capital lifted their price objective on shares of Alphabet from $205.00 to $210.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Wolfe Research lifted their price objective on shares of Alphabet from $220.00 to $290.00 in a report on Tuesday, September 30th. Finally, KeyCorp lifted their price objective on shares of Alphabet from $230.00 to $265.00 and gave the stock an "overweight" rating in a report on Wednesday, September 3rd. Four equities research analysts have rated the stock with a Strong Buy rating, thirty-four have assigned a Buy rating and ten have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $249.26.

Insider Buying and Selling at Alphabet

In other news, CAO Amie Thuener O'toole sold 953 shares of the stock in a transaction on Wednesday, October 1st. The shares were sold at an average price of $241.20, for a total value of $229,863.60. Following the completion of the sale, the chief accounting officer directly owned 17,294 shares of the company's stock, valued at $4,171,312.80. This represents a 5.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider John Kent Walker sold 17,816 shares of the stock in a transaction on Monday, September 29th. The stock was sold at an average price of $247.42, for a total transaction of $4,408,034.72. Following the completion of the sale, the insider directly owned 42,985 shares of the company's stock, valued at approximately $10,635,348.70. This trade represents a 29.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 243,838 shares of company stock valued at $53,070,333 in the last quarter. Insiders own 11.55% 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.

Want to see what other hedge funds are holding GOOGL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Alphabet Inc. (NASDAQ:GOOGL - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.