State of Alaska Department of Revenue Trims Stock Position in Alphabet Inc. $GOOGL

Key Points

• The State of Alaska Department of Revenue reduced its holdings in Alphabet Inc. by 4.1% in the second quarter, bringing their total shares to 742,930, valued at approximately $130.9 million.
• Alphabet recently reported earnings of $2.31 per share, exceeding estimates and driven by revenue of $96.43 billion for the quarter.
• The company declared a quarterly dividend of $0.21 per share, yielding 0.3%, with a payout ratio of 8.95%.

State of Alaska Department of Revenue trimmed its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 4.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 742,930 shares of the information services provider's stock after selling 31,869 shares during the period. Alphabet accounts for about 1.4% of State of Alaska Department of Revenue's investment portfolio, making the stock its 7th biggest holding. State of Alaska Department of Revenue's holdings in Alphabet were worth $130,925,000 at the end of the most recent quarter.

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

Alphabet Trading Down 0.4%

Shares of NASDAQ:GOOGL opened at $243.10 on Wednesday. The firm has a market cap of $2.94 trillion, a price-to-earnings ratio of 25.89, a PEG ratio of 1.65 and a beta of 1.01. Alphabet Inc. has a 12 month low of $140.53 and a 12 month high of $256.00. The company's fifty day simple moving average is $218.05 and its 200 day simple moving average is $184.24. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07.

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

Alphabet Announces Dividend

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

Insiders Place Their Bets

In other Alphabet news, CAO Amie Thuener O'toole sold 2,778 shares of the business's stock in a transaction that occurred 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 sale, the chief accounting officer owned 17,293 shares in the company, valued at approximately $4,236,785. The trade was a 13.84% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider John Kent Walker sold 23,820 shares of the firm's stock in a transaction that occurred on Monday, August 4th. The stock was 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 $8,371,905.30. This represents a 35.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 225,469 shares of company stock worth $46,586,752 in the last 90 days. Company insiders own 11.55% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on GOOGL. Bank of America boosted their target price on Alphabet from $210.00 to $217.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. KeyCorp lifted their price objective on shares of Alphabet from $230.00 to $265.00 and gave the stock an "overweight" rating in a research note on Wednesday, September 3rd. Citigroup boosted their price objective on shares of Alphabet from $225.00 to $280.00 and gave the company a "buy" rating in a report on Monday, September 15th. Barclays increased their target price on shares of Alphabet from $235.00 to $250.00 and gave the stock an "overweight" rating in a report on Wednesday, September 3rd. Finally, Loop Capital reissued 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. Three equities research analysts have rated the stock with a Strong Buy rating, thirty-three have given a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat, Alphabet presently has an average rating of "Moderate Buy" and an average price target of $235.63.

Alphabet 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.

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