Alphabet Inc. $GOOGL is Rockland Trust Co.'s 3rd Largest Position

Key Points

• Rockland Trust Co. increased its investment in Alphabet Inc. by 12.9%, holding a total of 473,131 shares valued at approximately $83.38 million, making it the company's 3rd largest position.
• Alphabet recently reported quarterly earnings of $2.31 per share, surpassing analysts' expectations of $2.15, with total revenue of $96.43 billion.
• The company declared a quarterly dividend of $0.21 per share, yielding an annual rate of $0.84, indicating a payout ratio of 8.95%.

Rockland Trust Co. grew its stake in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 12.9% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 473,131 shares of the information services provider's stock after buying an additional 53,956 shares during the period. Alphabet accounts for 4.1% of Rockland Trust Co.'s investment portfolio, making the stock its 3rd biggest position. Rockland Trust Co.'s holdings in Alphabet were worth $83,380,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of the business. Guardian Wealth Management Inc. grew its position in shares of Alphabet by 242.9% in the first quarter. Guardian Wealth Management Inc. now owns 168 shares of the information services provider's stock valued at $26,000 after purchasing an additional 119 shares during the last quarter. IMA Advisory Services Inc. acquired a new position in shares of Alphabet during the first quarter worth $28,000. von Borstel & Associates Inc. bought a new stake in Alphabet in the 1st quarter valued at about $28,000. NBZ Investment Advisors LLC increased its stake in Alphabet by 85.7% in the 1st quarter. NBZ Investment Advisors LLC now owns 195 shares of the information services provider's stock valued at $30,000 after buying an additional 90 shares during the last quarter. Finally, Financial Gravity Asset Management Inc. bought a new position in shares of Alphabet during the 1st quarter worth $39,000. Institutional investors and hedge funds own 40.03% of the company's stock.

Alphabet Stock Up 1.1%

GOOGL stock traded up $2.69 during mid-day trading on Friday, reaching $254.72. The company had a trading volume of 55,452,697 shares, compared to its average volume of 38,953,800. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90. The stock has a 50 day simple moving average of $209.36 and a two-hundred day simple moving average of $180.41. The company has a market capitalization of $3.08 trillion, a price-to-earnings ratio of 27.13, a PEG ratio of 1.72 and a beta of 1.01. Alphabet Inc. has a 52 week low of $140.53 and a 52 week high of $256.00.

Alphabet (NASDAQ:GOOGL - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, topping the consensus estimate of $2.15 by $0.16. The business had revenue of $96.43 billion during the quarter, compared to analysts' expectations of $93.60 billion. Alphabet had a return on equity of 34.31% and a net margin of 31.12%. As a group, equities analysts predict that Alphabet Inc. will post 8.9 earnings per share for the current fiscal year.

Alphabet Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 15th. Shareholders 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 yield of 0.3%. Alphabet's dividend payout ratio is presently 8.95%.

Analysts Set New Price Targets

Several brokerages recently issued reports on GOOGL. KeyCorp boosted their price target on shares of Alphabet from $230.00 to $265.00 and gave the company an "overweight" rating in a research report on Wednesday, September 3rd. Loop Capital restated a "hold" rating and issued a $190.00 price target (up previously from $165.00) on shares of Alphabet in a report on Tuesday, August 5th. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating on shares of Alphabet in a report on Wednesday, September 3rd. Citigroup upped their price objective on shares of Alphabet from $225.00 to $280.00 and gave the stock a "buy" rating in a research report on Monday, September 15th. Finally, Sanford C. Bernstein raised their target price on shares of Alphabet from $185.00 to $195.00 and gave the company a "market perform" rating in a report on Tuesday, July 22nd. Three investment analysts have rated the stock with a Strong Buy rating, thirty-two have given a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $225.54.

Insider Transactions at Alphabet

In other news, CEO Sundar Pichai sold 32,500 shares of the firm's stock in a transaction on Wednesday, September 17th. The stock was sold at an average price of $249.50, for a total value of $8,108,750.00. Following the completion of the transaction, the chief executive officer directly owned 2,397,392 shares of the company's stock, valued at $598,149,304. This trade represents a 1.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Amie Thuener O'toole sold 2,778 shares of the stock in a transaction on Monday, September 15th. The stock was sold at an average price of $245.00, for a total value of $680,610.00. Following the completion of the sale, the chief accounting officer owned 17,293 shares in the company, valued at $4,236,785. This trade represents a 13.84% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 258,088 shares of company stock valued at $52,405,304. Company insiders own 11.55% 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.