Tanager Wealth Management LLP Sells 5,700 Shares of Alphabet Inc. $GOOG

Key Points

• Tanager Wealth Management LLP reduced its stake in Alphabet Inc. by 4.8%, selling 5,700 shares and now holding 113,591 shares, which accounts for 2.4% of its portfolio.
• Analysts have set varying price targets for Alphabet, with Oppenheimer raising its target to $270.00, while Scotiabank boosted its target from $200.00 to $240.00.
• Alphabet recently announced a quarterly dividend of $0.21 per share, resulting in an annualized yield of 0.3% with a payout ratio of 8.95%.

Tanager Wealth Management LLP trimmed its stake in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 4.8% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 113,591 shares of the information services provider's stock after selling 5,700 shares during the period. Alphabet accounts for 2.4% of Tanager Wealth Management LLP's portfolio, making the stock its 12th largest position. Tanager Wealth Management LLP's holdings in Alphabet were worth $20,150,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in GOOG. Brighton Jones LLC grew its stake in Alphabet by 5.6% during the 4th quarter. Brighton Jones LLC now owns 120,253 shares of the information services provider's stock worth $22,901,000 after buying an additional 6,410 shares during the last quarter. Revisor Wealth Management LLC grew its stake in Alphabet by 107.9% during the 1st quarter. Revisor Wealth Management LLC now owns 3,659 shares of the information services provider's stock valued at $572,000 after purchasing an additional 1,899 shares during the last quarter. Vest Financial LLC grew its stake in Alphabet by 73.0% during the 1st quarter. Vest Financial LLC now owns 34,978 shares of the information services provider's stock valued at $5,465,000 after purchasing an additional 14,757 shares during the last quarter. Foster Group Inc. grew its stake in Alphabet by 4.9% during the 1st quarter. Foster Group Inc. now owns 2,160 shares of the information services provider's stock valued at $338,000 after purchasing an additional 100 shares during the last quarter. Finally, Sovereign Financial Group Inc. grew its stake in Alphabet by 1.1% during the 1st quarter. Sovereign Financial Group Inc. now owns 58,173 shares of the information services provider's stock valued at $9,088,000 after purchasing an additional 639 shares during the last quarter. 27.26% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on GOOG shares. Weiss Ratings reissued a "buy (b)" rating on shares of Alphabet in a report on Saturday, September 27th. KeyCorp set a $265.00 price objective on Alphabet in a report on Wednesday, September 3rd. Scotiabank boosted their price objective on Alphabet from $200.00 to $240.00 and gave the company a "sector outperform" rating in a report on Tuesday, July 22nd. Oppenheimer reaffirmed an "outperform" rating and issued a $270.00 price target (up previously from $235.00) on shares of Alphabet in a report on Wednesday, September 3rd. Finally, Mizuho raised Alphabet to a "strong-buy" rating in a report on Monday, September 29th. Five research analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating, five have assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat, Alphabet presently has an average rating of "Moderate Buy" and a consensus price target of $235.33.

Insiders Place Their Bets

In related news, Director Kavitark Ram Shriram sold 18,566 shares of the stock in a transaction that occurred on Friday, July 18th. The stock was sold at an average price of $185.76, for a total value of $3,448,820.16. Following the completion of the transaction, the director directly owned 243,400 shares in the company, valued at approximately $45,213,984. This represents a 7.09% decrease in their ownership of the stock. The sale 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 stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $194.70, for a total value of $4,637,754.00. Following the completion of the transaction, the insider owned 42,999 shares of the company's stock, valued at $8,371,905.30. The trade was a 35.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 276,738 shares of company stock valued at $59,135,475 over the last ninety days. Company insiders own 12.99% of the company's stock.

Alphabet Price Performance

GOOG stock opened at $246.45 on Friday. 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 business has a 50 day simple moving average of $221.89 and a 200-day simple moving average of $187.15. The firm has a market capitalization of $2.98 trillion, a PE ratio of 26.25, a price-to-earnings-growth ratio of 1.66 and a beta of 1.00. Alphabet Inc. has a 1 year low of $142.66 and a 1 year high of $256.70.

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

Alphabet Announces Dividend

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

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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