Mitchell Mcleod Pugh & Williams Inc. Decreases Stock Position in Alphabet Inc. (NASDAQ:GOOGL)

Mitchell Mcleod Pugh & Williams Inc. cut its holdings in Alphabet Inc. (NASDAQ:GOOGL) by 0.9% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 32,219 shares of the information services provider’s stock after selling 295 shares during the quarter. Alphabet makes up about 1.3% of Mitchell Mcleod Pugh & Williams Inc.’s investment portfolio, making the stock its 13th largest position. Mitchell Mcleod Pugh & Williams Inc.’s holdings in Alphabet were worth $5,869,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in GOOGL. Norges Bank acquired a new position in Alphabet in the 4th quarter valued at about $15,441,917,000. Capital Research Global Investors raised its stake in Alphabet by 14.4% in the 1st quarter. Capital Research Global Investors now owns 57,803,291 shares of the information services provider’s stock valued at $8,724,251,000 after purchasing an additional 7,275,757 shares during the last quarter. Vanguard Group Inc. raised its stake in Alphabet by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 493,810,251 shares of the information services provider’s stock valued at $68,980,354,000 after purchasing an additional 6,374,756 shares during the last quarter. Public Employees Retirement Association of Colorado raised its stake in Alphabet by 39,754.9% in the 4th quarter. Public Employees Retirement Association of Colorado now owns 6,025,667 shares of the information services provider’s stock valued at $841,725,000 after purchasing an additional 6,010,548 shares during the last quarter. Finally, PineStone Asset Management Inc. raised its stake in Alphabet by 143.7% in the 2nd quarter. PineStone Asset Management Inc. now owns 7,072,197 shares of the information services provider’s stock valued at $1,288,201,000 after purchasing an additional 4,170,229 shares during the last quarter. 40.03% of the stock is currently owned by hedge funds and other institutional investors.

Alphabet Stock Up 1.8 %

NASDAQ GOOGL opened at $157.46 on Friday. The stock has a market cap of $1.94 trillion, a PE ratio of 24.15, a P/E/G ratio of 1.13 and a beta of 1.04. Alphabet Inc. has a fifty-two week low of $120.21 and a fifty-two week high of $191.75. The business has a 50 day moving average price of $167.46 and a two-hundred day moving average price of $164.49. The company has a quick ratio of 2.08, a current ratio of 2.08 and a debt-to-equity ratio of 0.04.

Alphabet (NASDAQ:GOOGL) last released its quarterly earnings results on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share for the quarter, topping analysts’ consensus estimates of $1.85 by $0.04. The firm had revenue of $84.74 billion during the quarter, compared to analysts’ expectations of $70.60 billion. Alphabet had a return on equity of 30.49% and a net margin of 26.70%. During the same quarter in the prior year, the business earned $1.44 EPS. As a group, sell-side analysts predict that Alphabet Inc. will post 7.64 EPS for the current fiscal year.

Alphabet Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Monday, September 9th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 0.51%. The ex-dividend date is Monday, September 9th. Alphabet’s dividend payout ratio (DPR) is currently 12.27%.

Wall Street Analyst Weigh In

GOOGL has been the subject of several analyst reports. Bank of America boosted their target price on shares of Alphabet from $200.00 to $206.00 and gave the company a “buy” rating in a research note on Wednesday, July 17th. Morgan Stanley dropped their price objective on shares of Alphabet from $205.00 to $190.00 and set an “overweight” rating for the company in a research note on Tuesday, September 3rd. Truist Financial upped their price objective on shares of Alphabet from $190.00 to $196.00 and gave the company a “buy” rating in a research note on Wednesday, July 24th. Evercore ISI upped their price objective on shares of Alphabet from $220.00 to $225.00 and gave the company an “outperform” rating in a research note on Tuesday, June 11th. Finally, Argus upped their price objective on shares of Alphabet from $200.00 to $215.00 and gave the company a “buy” rating in a research note on Tuesday, July 16th. Eight equities research analysts have rated the stock with a hold rating, twenty-eight have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $201.76.

Insider Activity

In other news, Director John L. Hennessy sold 1,500 shares of the stock in a transaction that occurred on Friday, July 12th. The stock was sold at an average price of $185.85, for a total transaction of $278,775.00. Following the completion of the transaction, the director now directly owns 30,824 shares in the company, valued at approximately $5,728,640.40. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In related news, CEO Sundar Pichai sold 22,500 shares of the company’s stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $177.40, for a total transaction of $3,991,500.00. Following the sale, the chief executive officer now directly owns 2,213,011 shares of the company’s stock, valued at approximately $392,588,151.40. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director John L. Hennessy sold 1,500 shares of the company’s stock in a transaction that occurred on Friday, July 12th. The shares were sold at an average price of $185.85, for a total value of $278,775.00. Following the sale, the director now directly owns 30,824 shares in the company, valued at $5,728,640.40. The disclosure for this sale can be found here. In the last three months, insiders sold 179,367 shares of company stock worth $30,016,931. 11.55% of the stock is currently owned by insiders.

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.