Retirement Systems of Alabama Sells 53,283 Shares of Alphabet Inc. (NASDAQ:GOOG)

Retirement Systems of Alabama cut its stake in shares of Alphabet Inc. (NASDAQ:GOOG) by 2.9% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,785,424 shares of the information services provider’s stock after selling 53,283 shares during the quarter. Alphabet accounts for about 1.3% of Retirement Systems of Alabama’s holdings, making the stock its 11th biggest holding. Retirement Systems of Alabama’s holdings in Alphabet were worth $327,482,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Partnership Wealth Management LLC purchased a new position in shares of Alphabet during the 4th quarter valued at about $26,000. DiNuzzo Private Wealth Inc. bought a new position in Alphabet during the fourth quarter valued at approximately $32,000. Pacific Capital Wealth Advisors Inc. purchased a new position in shares of Alphabet during the fourth quarter worth approximately $34,000. Richardson Financial Services Inc. bought a new stake in shares of Alphabet in the 4th quarter worth approximately $34,000. Finally, 1620 Investment Advisors Inc. bought a new position in shares of Alphabet during the 2nd quarter valued at $37,000. Hedge funds and other institutional investors own 27.26% of the company’s stock.

Insider Transactions at Alphabet

In related news, CEO Sundar Pichai sold 22,500 shares of the business’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $167.66, for a total transaction of $3,772,350.00. Following the transaction, the chief executive officer now owns 2,159,885 shares in the company, valued at $362,126,319.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Alphabet news, CAO Amie Thuener O’toole sold 682 shares of the firm’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $173.86, for a total transaction of $118,572.52. Following the completion of the transaction, the chief accounting officer now owns 29,966 shares of the company’s stock, valued at $5,209,888.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Sundar Pichai sold 22,500 shares of the business’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $167.66, for a total transaction of $3,772,350.00. Following the sale, the chief executive officer now owns 2,159,885 shares in the company, valued at approximately $362,126,319.10. The disclosure for this sale can be found here. In the last ninety days, insiders sold 179,065 shares of company stock valued at $31,025,543. Company insiders own 12.99% of the company’s stock.

Analyst Ratings Changes

Several research firms have issued reports on GOOG. Oppenheimer upped their price target on shares of Alphabet from $205.00 to $210.00 and gave the company an “outperform” rating in a research report on Wednesday, July 24th. Wolfe Research upgraded Alphabet to a “strong-buy” rating in a report on Tuesday, July 16th. TD Cowen lifted their price target on Alphabet from $200.00 to $220.00 and gave the stock a “buy” rating in a research note on Wednesday, July 10th. Finally, Rosenblatt Securities downgraded Alphabet from a “buy” rating to a “neutral” rating and set a $181.00 price objective for the company. in a research report on Friday, June 28th. One equities research analyst has rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $182.86.

Alphabet Stock Up 1.2 %

Shares of NASDAQ:GOOG opened at $167.43 on Friday. The stock’s 50-day moving average is $176.34 and its 200 day moving average is $164.64. The company has a market cap of $2.07 trillion, a PE ratio of 25.68, a P/E/G ratio of 1.28 and a beta of 1.05. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.08 and a quick ratio of 2.08. Alphabet Inc. has a 1 year low of $121.46 and a 1 year high of $193.31.

Alphabet (NASDAQ:GOOG) last posted its earnings results on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.85 by $0.04. The firm had revenue of $84.74 billion for the quarter, compared to analysts’ expectations of $84.22 billion. Alphabet had a return on equity of 30.49% and a net margin of 26.70%. The business’s revenue was up 13.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.44 earnings per share. Sell-side analysts anticipate that Alphabet Inc. will post 7.62 EPS for the current year.

Alphabet Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Monday, September 9th will be issued a $0.20 dividend. The ex-dividend date of this dividend is Monday, September 9th. This represents a $0.80 annualized dividend and a yield of 0.48%. Alphabet’s dividend payout ratio (DPR) is presently 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.