Procyon Advisors LLC Purchases 4,226 Shares of Alphabet Inc. (NASDAQ:GOOG)

Procyon Advisors LLC grew its position in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 6.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 75,165 shares of the information services provider's stock after acquiring an additional 4,226 shares during the quarter. Procyon Advisors LLC's holdings in Alphabet were worth $11,743,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of GOOG. LSV Asset Management purchased a new position in shares of Alphabet during the fourth quarter valued at approximately $27,000. WealthTrak Capital Management LLC purchased a new position in shares of Alphabet during the fourth quarter valued at approximately $38,000. Mountain Hill Investment Partners Corp. purchased a new position in shares of Alphabet during the fourth quarter valued at approximately $39,000. Noble Wealth Management PBC purchased a new position in shares of Alphabet during the fourth quarter valued at approximately $43,000. Finally, FPC Investment Advisory Inc. lifted its position in shares of Alphabet by 287.9% during the fourth quarter. FPC Investment Advisory Inc. now owns 225 shares of the information services provider's stock valued at $46,000 after purchasing an additional 167 shares in the last quarter. Institutional investors own 27.26% of the company's stock.

Alphabet Price Performance

GOOG traded up $2.71 during trading on Monday, reaching $177.63. 18,798,166 shares of the company were exchanged, compared to its average volume of 20,382,898. The company's 50-day moving average is $161.88 and its two-hundred day moving average is $176.09. The company has a market cap of $2.16 trillion, a price-to-earnings ratio of 22.07, a P/E/G ratio of 1.34 and a beta of 1.01. The company has a quick ratio of 1.84, a current ratio of 1.84 and a debt-to-equity ratio of 0.03. Alphabet Inc. has a 12-month low of $142.66 and a 12-month high of $208.70.

Alphabet (NASDAQ:GOOG - Get Free Report) last announced its earnings results on Thursday, April 24th. The information services provider reported $2.81 earnings per share for the quarter, topping analysts' consensus estimates of $2.02 by $0.79. The business had revenue of $90.23 billion for the quarter, compared to analyst estimates of $89.30 billion. Alphabet had a return on equity of 32.49% and a net margin of 28.60%. The company's quarterly revenue was up 12.0% compared to the same quarter last year. During the same period in the prior year, the company earned $1.89 EPS. Research analysts forecast that Alphabet Inc. will post 8.89 earnings per share for the current fiscal year.

Alphabet Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Monday, June 9th will be paid a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 0.47%. The ex-dividend date is Monday, June 9th. This is a boost from Alphabet's previous quarterly dividend of $0.20. Alphabet's payout ratio is currently 9.36%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Needham & Company LLC lowered shares of Alphabet from a "buy" rating to a "cautious" rating in a research report on Friday, May 2nd. Oppenheimer raised their price target on shares of Alphabet from $185.00 to $200.00 and gave the company an "outperform" rating in a research report on Friday, April 25th. Cantor Fitzgerald reissued a "neutral" rating and set a $171.00 price target on shares of Alphabet in a research report on Friday, April 25th. Scotiabank cut their price objective on Alphabet from $232.00 to $200.00 and set a "sector outperform" rating on the stock in a research report on Monday, April 21st. Finally, The Goldman Sachs Group reissued a "buy" rating and issued a $220.00 price objective on shares of Alphabet in a research report on Monday, June 2nd. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating, fourteen have given a buy rating and five have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $204.88.

Insiders Place Their Bets

In other Alphabet news, CEO Sundar Pichai sold 32,500 shares of the business's stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $168.71, for a total value of $5,483,075.00. Following the completion of the transaction, the chief executive officer now owns 2,587,696 shares of the company's stock, valued at $436,570,192.16. The trade was a 1.24% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Kavitark Ram Shriram sold 10,500 shares of the business's stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $175.00, for a total transaction of $1,837,500.00. Following the completion of the transaction, the director now directly owns 261,966 shares of the company's stock, valued at approximately $45,844,050. This represents a 3.85% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 195,770 shares of company stock valued at $32,036,638 in the last quarter. Corporate insiders own 12.99% 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.