Cim LLC Lowers Stock Holdings in Alphabet Inc. (NASDAQ:GOOG)

Cim LLC lessened its position in Alphabet Inc. (NASDAQ:GOOG) by 2.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 7,453 shares of the information services provider’s stock after selling 154 shares during the quarter. Cim LLC’s holdings in Alphabet were worth $1,367,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of GOOG. Abich Financial Wealth Management LLC lifted its position in shares of Alphabet by 9,200.0% during the second quarter. Abich Financial Wealth Management LLC now owns 186 shares of the information services provider’s stock worth $34,000 after purchasing an additional 184 shares in the last quarter. 1620 Investment Advisors Inc. acquired a new position in shares of Alphabet in the second quarter valued at approximately $37,000. HWG Holdings LP purchased a new stake in Alphabet during the 2nd quarter worth approximately $40,000. Richardson Financial Services Inc. acquired a new stake in Alphabet during the 4th quarter worth approximately $34,000. Finally, Slocum Gordon & Co LLP purchased a new position in Alphabet in the 2nd quarter valued at approximately $44,000. Institutional investors and hedge funds own 27.26% of the company’s stock.

Insider Activity

In related news, insider John Kent Walker sold 16,802 shares of the firm’s stock in a transaction that occurred on Friday, September 27th. The stock was sold at an average price of $165.47, for a total transaction of $2,780,226.94. Following the transaction, the insider now owns 43,999 shares in the company, valued at approximately $7,280,514.53. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CAO Amie Thuener O’toole sold 682 shares of the company’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $168.00, for a total value of $114,576.00. Following the completion of the sale, the chief accounting officer now owns 31,334 shares in the company, valued at approximately $5,264,112. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider John Kent Walker sold 16,802 shares of the firm’s stock in a transaction on Friday, September 27th. The stock was sold at an average price of $165.47, for a total transaction of $2,780,226.94. Following the transaction, the insider now directly owns 43,999 shares in the company, valued at $7,280,514.53. The disclosure for this sale can be found here. In the last three months, insiders sold 193,725 shares of company stock valued at $31,933,031. Insiders own 12.99% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on GOOG shares. TD Cowen upped their price objective on Alphabet from $200.00 to $220.00 and gave the stock a “buy” rating in a research report on Wednesday, July 10th. Oppenheimer reduced their price target on Alphabet from $210.00 to $185.00 and set an “outperform” rating on the stock in a research report on Wednesday, September 25th. Pivotal Research started coverage on Alphabet in a research report on Tuesday. They set a “buy” rating and a $215.00 price objective for the company. DA Davidson raised shares of Alphabet to a “hold” rating in a report on Tuesday, September 10th. Finally, Rosenblatt Securities cut shares of Alphabet from a “buy” rating to a “neutral” rating and set a $181.00 price target for the company. in a report on Friday, June 28th. Three equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $183.75.

Alphabet Stock Performance

Shares of Alphabet stock opened at $168.42 on Wednesday. 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 Inc. has a 52 week low of $121.46 and a 52 week high of $193.31. The firm’s 50 day moving average is $163.71 and its two-hundred day moving average is $168.51. The firm has a market capitalization of $2.08 trillion, a P/E ratio of 25.83, a P/E/G ratio of 1.21 and a beta of 1.04.

Alphabet (NASDAQ:GOOG) last posted its earnings results on Tuesday, July 23rd. The information services provider reported $1.89 EPS for the quarter, beating analysts’ consensus estimates of $1.85 by $0.04. Alphabet had a net margin of 26.70% and a return on equity of 30.49%. The firm had revenue of $84.74 billion for the quarter, compared to the consensus estimate of $84.22 billion. During the same period last year, the firm posted $1.44 EPS. The company’s revenue was up 13.6% on a year-over-year basis. Research analysts forecast that Alphabet Inc. will post 7.63 EPS for the current fiscal year.

Alphabet Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Monday, September 9th were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.48%. The ex-dividend date was Monday, September 9th. Alphabet’s dividend payout ratio (DPR) is currently 12.27%.

Alphabet Company 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.