Carret Asset Management LLC trimmed its holdings in Alphabet Inc. (NASDAQ:GOOGL – Free Report) by 0.8% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 111,209 shares of the information services provider’s stock after selling 910 shares during the period. Alphabet comprises approximately 1.9% of Carret Asset Management LLC’s holdings, making the stock its 7th largest holding. Carret Asset Management LLC’s holdings in Alphabet were worth $17,197,000 as of its most recent SEC filing.
A number of other institutional investors also recently made changes to their positions in GOOGL. Rockbridge Capital Management LLC acquired a new stake in Alphabet in the fourth quarter worth $3,119,000. Optivise Advisory Services LLC increased its position in Alphabet by 8.0% in the fourth quarter. Optivise Advisory Services LLC now owns 5,464 shares of the information services provider’s stock worth $1,035,000 after buying an additional 403 shares during the period. Community Bank N.A. increased its position in Alphabet by 6.4% in the fourth quarter. Community Bank N.A. now owns 46,173 shares of the information services provider’s stock worth $8,741,000 after buying an additional 2,790 shares during the period. Premier Fund Managers Ltd increased its position in Alphabet by 30.0% in the fourth quarter. Premier Fund Managers Ltd now owns 61,792 shares of the information services provider’s stock worth $11,816,000 after buying an additional 14,262 shares during the period. Finally, Absolute Capital Management LLC increased its position in Alphabet by 14.0% in the fourth quarter. Absolute Capital Management LLC now owns 2,096 shares of the information services provider’s stock worth $401,000 after buying an additional 258 shares during the period. 40.03% of the stock is owned by institutional investors and hedge funds.
Alphabet Stock Down 0.9%
Shares of Alphabet stock opened at $165.19 on Tuesday. The stock has a 50-day moving average price of $164.89 and a 200 day moving average price of $174.66. The company has a market cap of $2.00 trillion, a P/E ratio of 18.42, a P/E/G ratio of 1.06 and a beta of 1.01. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 0.03. Alphabet Inc. has a 1 year low of $140.53 and a 1 year high of $207.05.
Alphabet Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Monday, June 9th were paid a dividend of $0.21 per share. The ex-dividend date of this dividend was Monday, June 9th. This is an increase from Alphabet’s previous quarterly dividend of $0.20. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.51%. Alphabet’s dividend payout ratio (DPR) is 9.36%.
Analysts Set New Price Targets
Several brokerages have weighed in on GOOGL. Jefferies Financial Group dropped their target price on Alphabet from $235.00 to $200.00 and set a “buy” rating on the stock in a research report on Monday, March 31st. Susquehanna dropped their target price on Alphabet from $225.00 to $220.00 and set a “positive” rating on the stock in a research report on Friday, April 25th. Bank of America increased their target price on Alphabet from $185.00 to $200.00 and gave the stock a “buy” rating in a research report on Friday, April 25th. Wells Fargo & Company increased their price target on Alphabet from $167.00 to $175.00 and gave the stock an “equal weight” rating in a research note on Friday, April 25th. Finally, Rosenblatt Securities reissued a “neutral” rating and issued a $189.00 price target on shares of Alphabet in a research note on Wednesday, May 21st. Ten investment analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and four have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $199.75.
View Our Latest Stock Analysis on Alphabet
Insider Transactions at Alphabet
In other news, insider John Kent Walker sold 11,764 shares of the stock in a transaction dated Thursday, March 27th. The stock was sold at an average price of $166.84, for a total transaction of $1,962,705.76. Following the transaction, the insider now owns 49,037 shares of the company’s stock, valued at approximately $8,181,333.08. This represents a 19.35% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Sundar Pichai sold 32,500 shares of the stock in a transaction dated Wednesday, April 2nd. The shares were sold at an average price of $158.56, for a total value of $5,153,200.00. Following the transaction, the chief executive officer now directly owns 2,717,696 shares in the company, valued at approximately $430,917,877.76. This represents a 1.18% decrease in their position. The disclosure for this sale can be found here. Insiders sold 228,070 shares of company stock valued at $37,745,632 in the last three months. Corporate insiders own 11.55% 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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