Alphabet Inc. (NASDAQ:GOOGL) is Primecap Management Co. CA's 10th Largest Position

Primecap Management Co. CA trimmed its holdings in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 3.7% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,387,934 shares of the information services provider's stock after selling 621,001 shares during the period. Alphabet makes up 2.1% of Primecap Management Co. CA's investment portfolio, making the stock its 10th biggest holding. Primecap Management Co. CA owned approximately 0.14% of Alphabet worth $2,534,230,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of GOOGL. Nia Impact Advisors LLC boosted its holdings in shares of Alphabet by 0.3% during the fourth quarter. Nia Impact Advisors LLC now owns 17,161 shares of the information services provider's stock worth $3,249,000 after purchasing an additional 59 shares during the period. Hanlon Investment Management Inc. lifted its holdings in Alphabet by 1.7% in the 4th quarter. Hanlon Investment Management Inc. now owns 3,553 shares of the information services provider's stock worth $673,000 after buying an additional 60 shares during the period. Enzi Wealth lifted its holdings in Alphabet by 2.5% in the 1st quarter. Enzi Wealth now owns 2,561 shares of the information services provider's stock worth $408,000 after buying an additional 62 shares during the period. Whipplewood Advisors LLC lifted its holdings in Alphabet by 1.2% in the 1st quarter. Whipplewood Advisors LLC now owns 5,438 shares of the information services provider's stock worth $817,000 after buying an additional 67 shares during the period. Finally, Aspire Capital Advisors LLC lifted its stake in Alphabet by 1.0% in the first quarter. Aspire Capital Advisors LLC now owns 7,020 shares of the information services provider's stock worth $1,086,000 after acquiring an additional 67 shares during the period. 40.03% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

GOOGL has been the subject of a number of research analyst reports. Susquehanna raised their price target on Alphabet from $220.00 to $225.00 and gave the stock a "positive" rating in a research note on Thursday, July 24th. DA Davidson raised their target price on shares of Alphabet from $160.00 to $180.00 and gave the stock a "neutral" rating in a research report on Thursday, July 24th. Needham & Company LLC raised their target price on shares of Alphabet from $210.00 to $220.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. BNP Paribas lowered shares of Alphabet from a "strong-buy" rating to a "hold" rating in a report on Thursday, June 26th. Finally, BNP Paribas Exane restated a "neutral" rating and issued a $172.00 price objective on shares of Alphabet in a report on Friday, June 27th. Ten equities research analysts have rated the stock with a hold rating, twenty-nine have issued a buy rating and four have issued a strong buy rating to the company's stock. According to MarketBeat, Alphabet currently has an average rating of "Moderate Buy" and a consensus price target of $211.53.

Alphabet Price Performance

Shares of NASDAQ GOOGL traded down $1.38 during midday trading on Wednesday, reaching $201.96. The stock had a trading volume of 28,319,109 shares, compared to its average volume of 38,375,636. The stock has a 50-day moving average of $182.95 and a 200-day moving average of $173.22. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90. The company has a market capitalization of $2.44 trillion, a price-to-earnings ratio of 21.51, a price-to-earnings-growth ratio of 1.37 and a beta of 1.01. Alphabet Inc. has a 12-month low of $140.53 and a 12-month high of $207.05.

Alphabet (NASDAQ:GOOGL - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.15 by $0.16. Alphabet had a return on equity of 34.31% and a net margin of 31.12%. The business had revenue of $96,428,000 billion during the quarter, compared to analyst estimates of $93.60 billion. As a group, research analysts anticipate that Alphabet Inc. will post 8.9 EPS for the current fiscal year.

Alphabet Dividend Announcement

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

Insider Activity at Alphabet

In other Alphabet news, CEO Sundar Pichai sold 32,500 shares of the stock in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $196.23, for a total transaction of $6,377,475.00. Following the completion of the sale, the chief executive officer directly owned 2,494,892 shares of the company's stock, valued at $489,572,657.16. This trade represents a 1.29% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director John L. Hennessy sold 1,000 shares of the firm's stock in a transaction on Friday, August 8th. The shares were sold at an average price of $200.00, for a total transaction of $200,000.00. Following the transaction, the director directly owned 6,916 shares of the company's stock, valued at $1,383,200. The trade was a 12.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 274,219 shares of company stock valued at $49,674,273. Corporate insiders own 11.64% of the company's stock.

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.