Alphabet Inc. $GOOG Shares Sold by Pitcairn Co.

Pitcairn Co. reduced its stake in shares of Alphabet Inc. (NASDAQ:GOOG) by 17.8% during the 2nd quarter, HoldingsChannel reports. The fund owned 64,354 shares of the information services provider’s stock after selling 13,937 shares during the period. Alphabet accounts for 0.7% of Pitcairn Co.’s portfolio, making the stock its 19th largest position. Pitcairn Co.’s holdings in Alphabet were worth $11,416,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of GOOG. Vanguard Group Inc. grew its stake in shares of Alphabet by 1.3% during the 2nd quarter. Vanguard Group Inc. now owns 416,753,033 shares of the information services provider’s stock valued at $73,927,821,000 after buying an additional 5,182,111 shares during the period. State Street Corp boosted its holdings in Alphabet by 1.3% in the second quarter. State Street Corp now owns 188,914,125 shares of the information services provider’s stock valued at $33,511,477,000 after acquiring an additional 2,428,266 shares during the last quarter. Kingstone Capital Partners Texas LLC boosted its holdings in Alphabet by 580,897.4% in the second quarter. Kingstone Capital Partners Texas LLC now owns 135,087,705 shares of the information services provider’s stock valued at $23,963,208,000 after acquiring an additional 135,064,454 shares during the last quarter. Geode Capital Management LLC grew its position in Alphabet by 0.4% during the second quarter. Geode Capital Management LLC now owns 107,760,033 shares of the information services provider’s stock valued at $19,022,926,000 after acquiring an additional 441,177 shares during the period. Finally, Sanders Capital LLC increased its stake in Alphabet by 6.4% during the second quarter. Sanders Capital LLC now owns 35,357,943 shares of the information services provider’s stock worth $6,272,146,000 after acquiring an additional 2,117,990 shares during the last quarter. 27.26% of the stock is currently owned by hedge funds and other institutional investors.

Alphabet Trading Down 1.0%

GOOG opened at $310.52 on Friday. The firm’s 50 day moving average is $283.75 and its 200-day moving average is $230.33. Alphabet Inc. has a 52-week low of $142.66 and a 52-week high of $328.67. The company has a quick ratio of 1.75, a current ratio of 1.75 and a debt-to-equity ratio of 0.06. The firm has a market capitalization of $3.75 trillion, a P/E ratio of 30.62, a P/E/G ratio of 1.80 and a beta of 1.07.

Alphabet (NASDAQ:GOOG) last announced its earnings results on Thursday, October 30th. The information services provider reported $2.87 earnings per share for the quarter, beating the consensus estimate of $2.29 by $0.58. Alphabet had a net margin of 32.23% and a return on equity of 35.00%. The business had revenue of $102.35 billion during the quarter, compared to the consensus estimate of $99.90 billion. During the same period in the prior year, the firm earned $2.12 earnings per share. The business’s quarterly revenue was up 15.9% compared to the same quarter last year. Analysts expect that Alphabet Inc. will post 8.89 EPS for the current fiscal year.

Alphabet Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Monday, December 8th will be paid a dividend of $0.21 per share. The ex-dividend date is Monday, December 8th. This represents a $0.84 annualized dividend and a dividend yield of 0.3%. Alphabet’s dividend payout ratio (DPR) is currently 8.28%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. DA Davidson set a $300.00 price objective on Alphabet in a research note on Tuesday, November 25th. Truist Financial set a $350.00 price target on shares of Alphabet in a research report on Friday, December 5th. Robert W. Baird increased their price objective on shares of Alphabet from $215.00 to $275.00 and gave the stock an “outperform” rating in a research report on Monday, September 22nd. Raymond James Financial set a $275.00 target price on shares of Alphabet and gave the company an “outperform” rating in a research note on Friday, October 24th. Finally, Mizuho set a $325.00 target price on shares of Alphabet in a report on Thursday, October 30th. Seven analysts have rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, Alphabet presently has a consensus rating of “Buy” and an average target price of $313.04.

Insiders Place Their Bets

In related news, CEO Sundar Pichai sold 32,500 shares of the stock in a transaction dated Wednesday, December 3rd. The stock was sold at an average price of $319.50, for a total value of $10,383,750.00. Following the completion of the transaction, the chief executive officer owned 2,272,119 shares of the company’s stock, valued at approximately $725,942,020.50. This represents a 1.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CAO Amie Thuener O’toole sold 954 shares of the firm’s stock in a transaction that occurred on Tuesday, December 2nd. The shares were sold at an average price of $317.00, for a total value of $302,418.00. Following the sale, the chief accounting officer owned 11,740 shares of the company’s stock, valued at approximately $3,721,580. This trade represents a 7.52% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 228,906 shares of company stock valued at $62,127,158 in the last three months. 12.99% of the stock is owned by insiders.

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.