Central Pacific Bank Trust Division Invests $9.58 Million in Alphabet Inc. (NASDAQ:GOOG)

Central Pacific Bank Trust Division purchased a new stake in shares of Alphabet Inc. (NASDAQ:GOOG) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 61,208 shares of the information services provider’s stock, valued at approximately $9,579,000. Alphabet makes up approximately 1.2% of Central Pacific Bank Trust Division’s holdings, making the stock its 7th biggest holding.

Several other large investors have also recently bought and sold shares of GOOG. Bruce G. Allen Investments LLC purchased a new stake in shares of Alphabet during the 4th quarter worth about $26,000. Partnership Wealth Management LLC acquired a new position in Alphabet in the fourth quarter worth approximately $26,000. Equitec Proprietary Markets LLC bought a new position in Alphabet during the fourth quarter valued at approximately $28,000. DiNuzzo Private Wealth Inc. acquired a new stake in Alphabet in the fourth quarter valued at approximately $32,000. Finally, Pacific Capital Wealth Advisors Inc. acquired a new stake in Alphabet in the fourth quarter valued at approximately $34,000. 27.26% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on GOOG shares. Oppenheimer raised their price target on shares of Alphabet from $172.00 to $185.00 and gave the company an “outperform” rating in a report on Monday, April 8th. Stifel Nicolaus raised their target price on Alphabet from $154.00 to $174.00 and gave the company a “buy” rating in a report on Tuesday, April 16th. Morgan Stanley reaffirmed an “overweight” rating and issued a $165.00 price target on shares of Alphabet in a research report on Thursday, April 11th. Finally, Rosenblatt Securities lowered Alphabet from a “buy” rating to a “neutral” rating and set a $181.00 price objective on the stock. in a report on Friday, June 28th. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, Alphabet currently has a consensus rating of “Moderate Buy” and an average price target of $167.86.

Insider Transactions at Alphabet

In related news, CAO Amie Thuener O’toole sold 682 shares of the company’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $166.67, for a total transaction of $113,668.94. Following the completion of the transaction, the chief accounting officer now directly owns 29,284 shares in the company, valued at approximately $4,880,764.28. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CAO Amie Thuener O’toole sold 682 shares of the business’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $166.67, for a total transaction of $113,668.94. Following the transaction, the chief accounting officer now directly owns 29,284 shares in the company, valued at $4,880,764.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John L. Hennessy sold 800 shares of the firm’s stock in a transaction that occurred on Friday, April 12th. The stock was sold at an average price of $159.56, for a total value of $127,648.00. Following the completion of the sale, the director now owns 7,991 shares of the company’s stock, valued at approximately $1,275,043.96. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 146,288 shares of company stock worth $25,345,053. Insiders own 12.99% of the company’s stock.

Alphabet Stock Performance

GOOG stock traded up $1.83 during mid-day trading on Wednesday, reaching $192.27. 1,095,730 shares of the stock traded hands, compared to its average volume of 20,705,236. The firm has a market capitalization of $2.38 trillion, a PE ratio of 29.21, a P/E/G ratio of 1.43 and a beta of 1.05. The business has a 50-day moving average of $177.92 and a two-hundred day moving average of $158.32. Alphabet Inc. has a 52 week low of $115.83 and a 52 week high of $192.86. The company has a quick ratio of 2.15, a current ratio of 2.15 and a debt-to-equity ratio of 0.05.

Alphabet (NASDAQ:GOOG) last posted its quarterly earnings data on Thursday, April 25th. The information services provider reported $1.89 earnings per share for the quarter, topping the consensus estimate of $1.51 by $0.38. The business had revenue of $80.54 billion during the quarter, compared to analysts’ expectations of $78.75 billion. Alphabet had a return on equity of 29.52% and a net margin of 25.90%. The firm’s revenue was up 15.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.17 EPS. As a group, equities analysts predict that Alphabet Inc. will post 7.6 EPS for the current fiscal year.

Alphabet Dividend Announcement

The firm also recently disclosed a — dividend, which was paid on Monday, June 17th. Stockholders of record on Monday, June 10th were given a $0.20 dividend. The ex-dividend date was Monday, June 10th. Alphabet’s dividend payout ratio is 12.27%.

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.