Riverbridge Partners LLC Sells 5,849 Shares of Alphabet Inc. $GOOG

Key Points

• Riverbridge Partners LLC reduced its stake in Alphabet Inc. by 2.3%, selling 5,849 shares, and now holds 252,089 shares valued at approximately $44.7 million.
• Alphabet's recent earnings report showed a 13.8% increase in quarterly revenue, with earnings per share beating expectations at $2.31.
• The company's stock has experienced a 0.5% decline and currently trades at around $246.57, with an annual dividend yield of 0.3%.

Riverbridge Partners LLC lowered its position in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 2.3% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 252,089 shares of the information services provider's stock after selling 5,849 shares during the quarter. Riverbridge Partners LLC's holdings in Alphabet were worth $44,718,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in GOOG. Vanguard Group Inc. grew its holdings in shares of Alphabet by 2.4% during the first quarter. Vanguard Group Inc. now owns 411,570,922 shares of the information services provider's stock worth $64,299,725,000 after purchasing an additional 9,687,855 shares in the last quarter. Kingstone Capital Partners Texas LLC raised its stake in Alphabet by 580,897.4% in the second quarter. Kingstone Capital Partners Texas LLC now owns 135,087,705 shares of the information services provider's stock valued at $23,963,208,000 after purchasing an additional 135,064,454 shares in the last quarter. JPMorgan Chase & Co. lifted its position in Alphabet by 9.9% during the first quarter. JPMorgan Chase & Co. now owns 102,232,997 shares of the information services provider's stock valued at $15,971,861,000 after purchasing an additional 9,243,959 shares during the last quarter. Deutsche Bank AG grew its stake in Alphabet by 5.4% in the 1st quarter. Deutsche Bank AG now owns 21,345,784 shares of the information services provider's stock worth $3,334,852,000 after buying an additional 1,098,996 shares in the last quarter. Finally, Invesco Ltd. grew its stake in Alphabet by 2.2% in the 1st quarter. Invesco Ltd. now owns 20,380,073 shares of the information services provider's stock worth $3,183,979,000 after buying an additional 440,526 shares in the last quarter. Hedge funds and other institutional investors own 27.26% of the company's stock.

Alphabet Stock Down 0.5%

GOOG opened at $246.57 on Friday. The company has a market cap of $2.98 trillion, a P/E ratio of 26.26, a P/E/G ratio of 1.67 and a beta of 1.01. The business's 50-day moving average price is $215.38 and its 200-day moving average price is $183.72. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07. Alphabet Inc. has a 12 month low of $142.66 and a 12 month high of $256.70.

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

Alphabet Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Monday, September 8th were issued a $0.21 dividend. The ex-dividend date was Monday, September 8th. This represents a $0.84 annualized dividend and a dividend yield of 0.3%. Alphabet's dividend payout ratio (DPR) is currently 8.95%.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Citizens Jmp upgraded shares of Alphabet from a "hold" rating to a "strong-buy" rating in a research report on Thursday, June 26th. JPMorgan Chase & Co. raised their price target on Alphabet from $232.00 to $260.00 and gave the company an "overweight" rating in a research report on Wednesday, September 3rd. Cowen reaffirmed a "buy" rating on shares of Alphabet in a research note on Wednesday, July 9th. Oppenheimer reiterated an "outperform" rating and set a $270.00 price objective (up from $235.00) on shares of Alphabet in a research report on Wednesday, September 3rd. Finally, UBS Group raised their price objective on Alphabet from $186.00 to $192.00 and gave the company a "neutral" rating in a report on Wednesday, July 16th. Four investment analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, five have given a Hold rating and three have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $230.35.

Insider Activity

In other Alphabet news, CAO Amie Thuener O'toole sold 2,778 shares of the firm's stock in a transaction on Monday, September 15th. The shares were sold at an average price of $245.00, for a total value of $680,610.00. Following the sale, the chief accounting officer owned 17,293 shares of the company's stock, valued at $4,236,785. This trade represents a 13.84% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider John Kent Walker sold 23,820 shares of the company's stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $194.70, for a total transaction of $4,637,754.00. Following the transaction, the insider directly owned 42,999 shares of the company's stock, valued at approximately $8,371,905.30. This trade represents a 35.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 258,088 shares of company stock valued at $52,405,304 in the last three months. Corporate insiders own 12.99% 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.

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