Tortoise Investment Management LLC Sells 1,870 Shares of Alphabet Inc. $GOOG

Key Points

• Tortoise Investment Management LLC has reduced its stake in Alphabet Inc. by 43.3%, selling 1,870 shares, and now owns 2,449 shares valued at approximately $383,000.
• Multiple **institutional investors** have recently either increased or newly established stakes in Alphabet, with a current 27.26% of the stock being owned by such investors.
• Alphabet has announced a quarterly dividend of $0.21 per share, representing an annual yield of 0.4%, to be paid on September 15th.

Tortoise Investment Management LLC cut its holdings in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 43.3% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,449 shares of the information services provider's stock after selling 1,870 shares during the period. Tortoise Investment Management LLC's holdings in Alphabet were worth $383,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in GOOG. Principia Wealth Advisory LLC lifted its stake in Alphabet by 111.8% during the first quarter. Principia Wealth Advisory LLC now owns 161 shares of the information services provider's stock worth $26,000 after purchasing an additional 85 shares during the last quarter. MorganRosel Wealth Management LLC bought a new stake in Alphabet during the first quarter worth $26,000. Goodman Advisory Group LLC bought a new stake in Alphabet during the first quarter worth $32,000. Greykasell Wealth Strategies Inc. acquired a new position in shares of Alphabet during the first quarter worth $32,000. Finally, Elevate Wealth Advisory Inc. bought a new position in shares of Alphabet in the 1st quarter valued at $34,000. 27.26% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Tigress Financial reiterated a "strong-buy" rating on shares of Alphabet in a research note on Friday, May 2nd. Scotiabank increased their price target on Alphabet from $200.00 to $240.00 and gave the company a "sector outperform" rating in a research note on Tuesday, July 22nd. Barclays reiterated a "buy" rating on shares of Alphabet in a research note on Wednesday, July 9th. JPMorgan Chase & Co. increased their price target on Alphabet from $200.00 to $232.00 and gave the company an "overweight" rating in a research note on Thursday, July 24th. Finally, Cowen reiterated a "buy" rating on shares of Alphabet in a research note on Wednesday, July 9th. Five research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, six have issued a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $215.19.

Alphabet Stock Performance

NASDAQ GOOG opened at $212.37 on Friday. The company has a market capitalization of $2.57 trillion, a price-to-earnings ratio of 22.62, a PEG ratio of 1.40 and a beta of 1.02. Alphabet Inc. has a twelve month low of $142.66 and a twelve month high of $212.90. The stock has a fifty day simple moving average of $190.40 and a 200 day simple moving average of $175.38. 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:GOOG - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share 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 the consensus estimate of $93.67 billion. Alphabet had a return on equity of 34.31% and a net margin of 31.12%.Alphabet's quarterly revenue was up 13.8% on a year-over-year basis. During the same period in the prior year, the business posted $1.89 earnings per share. Sell-side analysts expect that Alphabet Inc. will post 8.89 EPS for the current year.

Alphabet Announces Dividend

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

Insider Buying and Selling

In related news, CEO Sundar Pichai sold 32,500 shares of the business's stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $199.92, for a total value of $6,497,400.00. Following the transaction, the chief executive officer owned 2,462,392 shares in the company, valued at $492,281,408.64. The trade was a 1.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Kavitark Ram Shriram sold 15,000 shares of the business's stock in a transaction on Friday, July 18th. The shares were sold at an average price of $185.76, for a total transaction of $2,786,400.00. Following the completion of the transaction, the director owned 240,400 shares in the company, valued at approximately $44,656,704. The trade was a 5.87% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 254,608 shares of company stock valued at $47,204,035. Company insiders own 12.99% of the company's stock.

Alphabet Company 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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