TD Private Client Wealth LLC Cuts Stake in Alphabet Inc. $GOOG

Key Points

• TD Private Client Wealth LLC has reduced its stake in Alphabet Inc. by 19.6%, selling 7,549 shares and now holds 30,941 shares valued at approximately $5.49 million.
• Analysts have set a new price target for Alphabet, with Raymond James increasing it to $210.00 and Robert W. Baird raising it to $275.00, reflecting continued confidence in the company's performance.
• Alphabet recently announced a quarterly dividend of $0.21 per share, which reflects an annualized payout of $0.84 and a 0.3% dividend yield.

TD Private Client Wealth LLC reduced its stake in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 19.6% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 30,941 shares of the information services provider's stock after selling 7,549 shares during the period. TD Private Client Wealth LLC's holdings in Alphabet were worth $5,489,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the stock. Brighton Jones LLC raised its holdings in Alphabet by 5.6% in the fourth quarter. Brighton Jones LLC now owns 120,253 shares of the information services provider's stock valued at $22,901,000 after buying an additional 6,410 shares during the period. Copia Wealth Management purchased a new position in Alphabet in the fourth quarter valued at approximately $68,000. Wealthedge Investment Advisors LLC purchased a new position in Alphabet in the fourth quarter valued at approximately $260,000. Mascagni Wealth Management Inc. purchased a new position in Alphabet in the fourth quarter valued at approximately $206,000. Finally, Milestone Asset Management Group LLC purchased a new position in Alphabet in the fourth quarter valued at approximately $812,000. 27.26% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

GOOG has been the topic of several research reports. Lake Street Capital restated a "buy" rating on shares of Alphabet in a report on Wednesday, July 9th. Barclays restated a "buy" rating on shares of Alphabet in a report on Wednesday, July 9th. Raymond James Financial reiterated an "outperform" rating and set a $210.00 price objective (up previously from $185.00) on shares of Alphabet in a research note on Thursday, July 24th. Robert W. Baird lifted their price objective on shares of Alphabet from $215.00 to $275.00 and gave the company an "outperform" rating in a research note on Monday. Finally, Citizens Jmp upgraded shares of Alphabet from a "hold" rating to a "strong-buy" rating in a research note on Thursday, June 26th. Four investment analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, five have given a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $230.35.

Alphabet Trading Down 0.5%

GOOG opened at $246.57 on Friday. Alphabet Inc. has a 52-week low of $142.66 and a 52-week high of $256.70. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07. The firm has a market capitalization 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 firm's 50 day moving average is $215.38 and its 200-day moving average is $183.72.

Alphabet (NASDAQ:GOOG - 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 analysts' consensus estimates of $2.12 by $0.19. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The business had revenue of $96.43 billion during the quarter, compared to the consensus estimate of $93.67 billion. During the same quarter last year, the company earned $1.89 earnings per share. The business's quarterly revenue was up 13.8% compared to the same quarter last year. Analysts expect that Alphabet Inc. will post 8.89 EPS for the current fiscal year.

Alphabet Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Monday, September 8th were given 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 dividend yield of 0.3%. Alphabet's dividend payout ratio (DPR) is presently 8.95%.

Insider Buying and Selling at Alphabet

In other news, CAO Amie Thuener O'toole sold 2,778 shares of the firm's stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $245.00, for a total transaction of $680,610.00. Following the completion of the sale, the chief accounting officer owned 17,293 shares of the company's stock, valued at approximately $4,236,785. This trade represents a 13.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Sundar Pichai sold 32,500 shares of the firm's stock in a transaction that occurred on Wednesday, September 17th. The stock was sold at an average price of $249.50, for a total transaction of $8,108,750.00. Following the sale, the chief executive officer directly owned 2,397,392 shares of the company's stock, valued at $598,149,304. The trade was a 1.34% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 258,088 shares of company stock valued at $52,405,304. Corporate insiders own 12.99% of the company's stock.

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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