Stonebridge Capital Management Inc. Decreases Holdings in Alphabet Inc. (NASDAQ:GOOG)

Key Points

• Stonebridge Capital Management Inc. has reduced its stake in Alphabet Inc. by 7.7%, now owning 27,660 shares valued at approximately $4.32 million, making it the fund's 17th largest position.
• Alphabet recently reported earnings per share of $2.31 for the last quarter, surpassing analyst expectations, with revenues of $96.43 billion.
• The company has declared a quarterly dividend of $0.21 to be paid on September 15th, representing an annualized yield of 0.4%.

Stonebridge Capital Management Inc. lessened its stake in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 7.7% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 27,660 shares of the information services provider's stock after selling 2,300 shares during the period. Alphabet comprises about 1.9% of Stonebridge Capital Management Inc.'s holdings, making the stock its 17th biggest position. Stonebridge Capital Management Inc.'s holdings in Alphabet were worth $4,321,000 as of its most recent filing with the SEC.

A number of other large investors have also added to or reduced their stakes in GOOG. Principia Wealth Advisory LLC grew its stake in Alphabet by 111.8% in the 1st quarter. Principia Wealth Advisory LLC now owns 161 shares of the information services provider's stock valued at $26,000 after buying an additional 85 shares in the last quarter. MorganRosel Wealth Management LLC purchased a new position in Alphabet during the first quarter valued at approximately $26,000. LSV Asset Management purchased a new position in Alphabet during the fourth quarter valued at approximately $27,000. Goodman Advisory Group LLC purchased a new position in Alphabet during the first quarter valued at approximately $32,000. Finally, Greykasell Wealth Strategies Inc. purchased a new position in Alphabet during the first quarter valued at approximately $32,000. Hedge funds and other institutional investors own 27.26% of the company's stock.

Alphabet Stock Up 2.4%

NASDAQ:GOOG opened at $202.11 on Friday. The firm's 50-day moving average price is $181.90 and its 200-day moving average price is $174.70. The company has a market capitalization of $2.44 trillion, a PE ratio of 21.52, a P/E/G ratio of 1.31 and a beta of 1.02. 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 1-year low of $142.66 and a 1-year high of $208.70.

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

Alphabet Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Monday, September 8th will be paid a $0.21 dividend. The ex-dividend date is Monday, September 8th. This represents a $0.84 dividend on an annualized basis and a yield of 0.4%. Alphabet's payout ratio is presently 8.95%.

Analyst Ratings Changes

GOOG has been the subject of several research analyst reports. Susquehanna reiterated a "positive" rating on shares of Alphabet in a research report on Friday, May 2nd. Barclays reiterated a "buy" rating on shares of Alphabet in a research report on Wednesday, July 9th. Rosenblatt Securities upgraded shares of Alphabet from a "hold" rating to a "strong-buy" rating in a research report on Friday, April 25th. Lake Street Capital reiterated a "buy" rating on shares of Alphabet in a research report on Wednesday, July 9th. Finally, Pivotal Research boosted their price objective on shares of Alphabet from $225.00 to $245.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating, seventeen have assigned a buy rating and five have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $215.19.

Insider Buying and Selling

In related news, CEO Sundar Pichai sold 32,500 shares of the company's stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $178.52, for a total value of $5,801,900.00. Following the transaction, the chief executive officer owned 2,559,892 shares in the company, valued at $456,991,919.84. The trade was a 1.25% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Kavitark Ram Shriram sold 18,566 shares of the company's stock in a transaction dated Friday, July 18th. The shares were sold at an average price of $185.76, for a total transaction of $3,448,820.16. Following the transaction, the director owned 243,400 shares in the company, valued at $45,213,984. This represents a 7.09% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 273,219 shares of company stock worth $49,474,273 in the last quarter. 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.

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