Renaissance Investment Group LLC Has $3.46 Million Position in Alphabet Inc. (NASDAQ:GOOG)

Key Points

• Renaissance Investment Group LLC reduced its stake in Alphabet Inc. by 10.5%, holding 22,113 shares valued at approximately $3.46 million as of the latest SEC filing.
• In the first quarter, multiple institutional investors, including Principia Wealth Advisory LLC and MorganRosel Wealth Management LLC, significantly increased their investments in Alphabet, with institutional ownership now at 27.26%.
• Alphabet Inc. declared a quarterly dividend of $0.21 per share, set to be paid on September 15th, representing an annualized yield of 0.43%.

Renaissance Investment Group LLC lowered its stake in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 10.5% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 22,113 shares of the information services provider's stock after selling 2,604 shares during the period. Renaissance Investment Group LLC's holdings in Alphabet were worth $3,455,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. LSV Asset Management purchased a new stake in shares of Alphabet in the 4th quarter valued at $27,000. Principia Wealth Advisory LLC increased its holdings in Alphabet by 111.8% during 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 period. MorganRosel Wealth Management LLC purchased a new stake in Alphabet during the 1st quarter worth about $26,000. Goodman Advisory Group LLC purchased a new position in shares of Alphabet in the 1st quarter valued at about $32,000. Finally, Ball & Co Wealth Management Inc. purchased a new position in shares of Alphabet in the 4th quarter valued at about $53,000. Institutional investors and hedge funds own 27.26% of the company's stock.

Insider Buying and Selling at Alphabet

In related news, Director Kavitark Ram Shriram sold 18,566 shares of the stock in a transaction dated Friday, July 18th. The shares were sold at an average price of $185.76, for a total value of $3,448,820.16. Following the completion of the sale, the director owned 243,400 shares in the company, valued at approximately $45,213,984. This trade represents a 7.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Sundar Pichai sold 32,500 shares of the stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $184.38, for a total transaction of $5,992,350.00. Following the completion of the sale, the chief executive officer owned 2,527,392 shares of the company's stock, valued at approximately $466,000,536.96. The trade was a 1.27% decrease in their position. The disclosure for this sale can be found here. Insiders sold 249,399 shares of company stock worth $43,525,794 over the last ninety days. Company insiders own 12.99% of the company's stock.

Alphabet Price Performance

Shares of NASDAQ:GOOG traded down $3.03 on Friday, reaching $189.83. 15,627,341 shares of the company traded hands, compared to its average volume of 24,289,643. The company's 50 day moving average is $178.96 and its 200-day moving average is $174.70. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90. Alphabet Inc. has a fifty-two week low of $142.66 and a fifty-two week high of $208.70. The stock has a market capitalization of $2.30 trillion, a PE ratio of 20.22, a P/E/G ratio of 1.31 and a beta of 1.01.

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

Alphabet Announces Dividend

The company 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 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 is Monday, September 8th. Alphabet's dividend payout ratio is 8.95%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. Citigroup reaffirmed a "sell" rating on shares of Alphabet in a research report on Wednesday, April 23rd. 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. The Goldman Sachs Group reissued a "buy" rating and set a $220.00 price target on shares of Alphabet in a research report on Monday, June 2nd. Needham & Company LLC downgraded Alphabet from a "buy" rating to a "cautious" rating in a research report on Friday, May 2nd. Finally, Barclays reaffirmed a "buy" rating on shares of Alphabet in a research report on Wednesday, July 9th. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating, seventeen have issued a buy rating and five have issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $215.19.

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.