Westbourne Investments Inc. Has $1.65 Million Stock Position in Alphabet Inc. $GOOG

Key Points

• Westbourne Investments Inc. reduced its stake in Alphabet Inc. by 32.8% during the first quarter, resulting in a stock position worth approximately $1.65 million.
• Insider transactions include Director John L. Hennessy selling 600 shares for $122,274, and CEO Sundar Pichai selling 32,500 shares for $7.47 million, indicating notable movements within the company's leadership.
• Alphabet recently reported strong quarterly earnings, with $2.31 earnings per share exceeding expectations, and a revenue of $96.43 billion, reflecting a 13.8% year-over-year growth.

Westbourne Investments Inc. reduced its stake in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 32.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 10,550 shares of the information services provider's stock after selling 5,160 shares during the quarter. Westbourne Investments Inc.'s holdings in Alphabet were worth $1,648,000 as of its most recent filing with the SEC.

Several other institutional investors have also made changes to their positions in the stock. JDM Financial Group LLC raised its holdings in Alphabet by 10.6% during the 4th quarter. JDM Financial Group LLC now owns 593 shares of the information services provider's stock worth $113,000 after purchasing an additional 57 shares during the last quarter. NCM Capital Management LLC raised its holdings in Alphabet by 2.2% during the 1st quarter. NCM Capital Management LLC now owns 2,802 shares of the information services provider's stock worth $438,000 after purchasing an additional 60 shares during the last quarter. Faithward Advisors LLC raised its holdings in Alphabet by 2.5% during the 1st quarter. Faithward Advisors LLC now owns 2,505 shares of the information services provider's stock worth $391,000 after purchasing an additional 61 shares during the last quarter. Objectivity Squared LLC raised its holdings in Alphabet by 0.4% during the 1st quarter. Objectivity Squared LLC now owns 16,342 shares of the information services provider's stock worth $2,605,000 after purchasing an additional 62 shares during the last quarter. Finally, Tranquility Partners LLC increased its stake in shares of Alphabet by 0.4% in the 1st quarter. Tranquility Partners LLC now owns 14,488 shares of the information services provider's stock valued at $2,263,000 after acquiring an additional 63 shares during the last quarter. 27.26% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director John L. Hennessy sold 600 shares of the stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $203.79, for a total value of $122,274.00. Following the completion of the sale, the director owned 6,316 shares of the company's stock, valued at approximately $1,287,137.64. This represents a 8.68% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Sundar Pichai sold 32,500 shares of the stock in a transaction that occurred on Wednesday, September 3rd. The shares were sold at an average price of $229.73, for a total value of $7,466,225.00. Following the completion of the sale, the chief executive officer directly 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 position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 254,710 shares of company stock worth $49,208,380. 12.99% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

GOOG has been the topic of a number of analyst reports. Scotiabank increased their price target on shares of Alphabet from $200.00 to $240.00 and gave the company a "sector outperform" rating in a research report on Tuesday, July 22nd. Piper Sandler reiterated a "neutral" rating on shares of Alphabet in a research report on Wednesday, July 9th. Phillip Securities downgraded shares of Alphabet from a "strong-buy" rating to a "moderate buy" rating in a research report on Monday. Lake Street Capital reiterated a "buy" rating on shares of Alphabet in a research report on Wednesday, July 9th. Finally, UBS Group increased their price target on shares of Alphabet from $186.00 to $192.00 and gave the company a "neutral" rating in a research report on Wednesday, July 16th. Four equities research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, five have issued a Hold rating and three have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $227.56.

Alphabet Price Performance

Shares of GOOG opened at $239.19 on Wednesday. The stock has a market capitalization of $2.89 trillion, a P/E ratio of 25.44, a P/E/G ratio of 1.58 and a beta of 1.01. Alphabet Inc. has a twelve month low of $142.66 and a twelve month high of $240.59. The company has a 50 day moving average of $199.04 and a 200-day moving average of $177.55. 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 for the quarter, topping the consensus estimate of $2.12 by $0.19. The company had revenue of $96.43 billion during 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%. The business's quarterly revenue was up 13.8% on a year-over-year basis. During the same period last year, the business earned $1.89 EPS. As a group, equities research analysts forecast that Alphabet Inc. will post 8.89 EPS for the current fiscal year.

Alphabet Announces Dividend

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

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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