Alphabet Inc. (NASDAQ:GOOG) is Pettee Investors Inc.’s 9th Largest Position

Pettee Investors Inc. decreased its stake in Alphabet Inc. (NASDAQ:GOOG) by 6.7% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 20,498 shares of the information services provider’s stock after selling 1,472 shares during the quarter. Alphabet makes up 1.8% of Pettee Investors Inc.’s holdings, making the stock its 9th largest position. Pettee Investors Inc.’s holdings in Alphabet were worth $3,760,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Weaver Capital Management LLC lifted its holdings in Alphabet by 21.1% in the second quarter. Weaver Capital Management LLC now owns 19,719 shares of the information services provider’s stock valued at $3,617,000 after acquiring an additional 3,436 shares during the period. Fortis Capital Advisors LLC increased its holdings in shares of Alphabet by 2.5% during the 2nd quarter. Fortis Capital Advisors LLC now owns 20,879 shares of the information services provider’s stock valued at $3,830,000 after purchasing an additional 501 shares in the last quarter. Cozad Asset Management Inc. lifted its stake in shares of Alphabet by 20.2% in the 2nd quarter. Cozad Asset Management Inc. now owns 17,784 shares of the information services provider’s stock valued at $3,262,000 after purchasing an additional 2,990 shares during the period. FSB Premier Wealth Management Inc. boosted its holdings in Alphabet by 48.9% during the second quarter. FSB Premier Wealth Management Inc. now owns 13,492 shares of the information services provider’s stock worth $2,475,000 after buying an additional 4,433 shares in the last quarter. Finally, Absher Wealth Management LLC boosted its holdings in Alphabet by 0.9% during the second quarter. Absher Wealth Management LLC now owns 7,378 shares of the information services provider’s stock worth $1,353,000 after buying an additional 66 shares in the last quarter. 27.26% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Alphabet news, CEO Sundar Pichai sold 22,500 shares of the stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $158.68, for a total value of $3,570,300.00. Following the completion of the sale, the chief executive officer now owns 2,137,385 shares in the company, valued at approximately $339,160,251.80. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, SVP Prabhakar Raghavan sold 3,262 shares of the business’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $183.99, for a total transaction of $600,175.38. Following the transaction, the senior vice president now owns 9 shares of the company’s stock, valued at approximately $1,655.91. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Sundar Pichai sold 22,500 shares of the firm’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $158.68, for a total transaction of $3,570,300.00. Following the sale, the chief executive officer now owns 2,137,385 shares of the company’s stock, valued at $339,160,251.80. The disclosure for this sale can be found here. Over the last three months, insiders have sold 200,532 shares of company stock worth $34,055,874. 12.99% of the stock is owned by insiders.

Alphabet Price Performance

NASDAQ:GOOG opened at $152.13 on Friday. The firm has a market cap of $1.88 trillion, a P/E ratio of 23.33, a price-to-earnings-growth ratio of 1.22 and a beta of 1.05. The stock has a 50 day moving average of $172.50 and a two-hundred day moving average of $165.62. Alphabet Inc. has a 12 month low of $121.46 and a 12 month high of $193.31. The company has a current ratio of 2.08, a quick ratio of 2.08 and a debt-to-equity ratio of 0.04.

Alphabet (NASDAQ:GOOG) last posted its quarterly earnings data on Tuesday, July 23rd. The information services provider reported $1.89 EPS for the quarter, beating the consensus estimate of $1.85 by $0.04. Alphabet had a return on equity of 30.49% and a net margin of 26.70%. The firm had revenue of $84.74 billion during the quarter, compared to the consensus estimate of $84.22 billion. During the same period in the prior year, the company earned $1.44 EPS. The firm’s revenue was up 13.6% compared to the same quarter last year. On average, analysts expect that Alphabet Inc. will post 7.63 earnings per share for the current fiscal year.

Alphabet Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Monday, September 9th will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.53%. The ex-dividend date is Monday, September 9th. Alphabet’s dividend payout ratio is currently 12.27%.

Wall Street Analyst Weigh In

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

About Alphabet

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.