Vancity Investment Management Ltd Invests $27.86 Million in Alphabet Inc. $GOOG

Key Points

• Vancity Investment Management Ltd has invested approximately $27.86 million in Alphabet Inc., acquiring 178,330 shares, which constitutes 3.8% of its total holdings.
• Alphabet reported a quarterly earnings per share (EPS) of $2.31, exceeding estimates, with a revenue of $96.43 billion, a 13.8% increase from the previous year.
• The company recently declared a quarterly dividend of $0.21 per share, scheduled for payment on September 15th, representing a 0.4% dividend yield.

Vancity Investment Management Ltd bought a new stake in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) during the 1st quarter, according to its most recent filing with the SEC. The firm bought 178,330 shares of the information services provider's stock, valued at approximately $27,860,000. Alphabet accounts for 3.8% of Vancity Investment Management Ltd's holdings, making the stock its 10th biggest position.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Principia Wealth Advisory LLC increased its holdings in shares of 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 acquiring an additional 85 shares during the last quarter. MorganRosel Wealth Management LLC purchased a new stake in shares of Alphabet during the first quarter valued at $26,000. Greykasell Wealth Strategies Inc. acquired a new position in Alphabet during the first quarter valued at $32,000. Goodman Advisory Group LLC acquired a new position in Alphabet during the first quarter valued at $32,000. Finally, Elevate Wealth Advisory Inc. acquired a new position in Alphabet in the 1st quarter worth about $34,000. 27.26% of the stock is currently owned by hedge funds and other institutional investors.

Alphabet Price Performance

Shares of NASDAQ GOOG opened at $235.17 on Monday. Alphabet Inc. has a twelve month low of $142.66 and a twelve month high of $236.13. The company has a market cap of $2.84 trillion, a PE ratio of 25.04, a price-to-earnings-growth ratio of 1.58 and a beta of 1.01. The business's 50 day moving average price is $196.65 and its two-hundred day moving average price is $176.75. 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 issued its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.12 by $0.19. The business had revenue of $96.43 billion during the quarter, compared to analysts' expectations of $93.67 billion. Alphabet had a return on equity of 34.31% and a net margin of 31.12%.The firm's revenue for the quarter was up 13.8% compared to the same quarter last year. During the same period in the previous year, the company posted $1.89 earnings per share. On average, analysts predict that Alphabet Inc. will post 8.89 EPS for the current year.

Alphabet Dividend Announcement

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

Insider Buying and Selling

In related news, Director Kavitark Ram Shriram sold 15,000 shares of the stock in a transaction on Friday, July 18th. The stock was sold at an average price of $185.76, for a total value of $2,786,400.00. Following the completion of the sale, the director directly owned 240,400 shares in the company, valued at $44,656,704. This represents a 5.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Sundar Pichai sold 32,500 shares of the stock in a transaction dated Wednesday, September 3rd. The stock was sold at an average price of $229.73, for a total value of $7,466,225.00. Following the sale, the chief executive officer owned 2,429,892 shares of the company's stock, valued at approximately $558,219,089.16. The trade was a 1.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 254,710 shares of company stock valued at $49,208,380. Company insiders own 12.99% of the company's stock.

Analyst Ratings Changes

Several analysts recently weighed in on the company. JPMorgan Chase & Co. increased their target price on Alphabet from $232.00 to $260.00 and gave the company an "overweight" rating in a research note on Wednesday, September 3rd. Pivotal Research raised their price target on Alphabet from $245.00 to $300.00 and gave the company a "buy" rating in a report on Wednesday, September 3rd. Barclays reissued a "buy" rating on shares of Alphabet in a research note on Wednesday, July 9th. Wells Fargo & Company restated an "equal weight" rating on shares of Alphabet in a research report on Wednesday, July 9th. Finally, The Goldman Sachs Group restated a "buy" rating and issued a $220.00 price target on shares of Alphabet in a research report on Monday, June 2nd. Five analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, six have given a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $227.56.

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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