McLean Asset Management Corp Sells 266 Shares of Alphabet Inc. (NASDAQ:GOOGL)

McLean Asset Management Corp cut its stake in shares of Alphabet Inc. (NASDAQ:GOOGL) by 3.1% in the first quarter, Holdings Channel.com reports. The institutional investor owned 8,270 shares of the information services provider’s stock after selling 266 shares during the quarter. McLean Asset Management Corp’s holdings in Alphabet were worth $1,197,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Compass Planning Associates Inc purchased a new stake in Alphabet during the 4th quarter valued at $30,000. Fiduciary Advisors Inc. purchased a new stake in Alphabet during the 4th quarter valued at $39,000. PayPay Securities Corp increased its stake in shares of Alphabet by 36.1% in the 4th quarter. PayPay Securities Corp now owns 245 shares of the information services provider’s stock worth $46,000 after purchasing an additional 65 shares in the last quarter. Anderson Financial Strategies LLC purchased a new stake in shares of Alphabet in the 4th quarter worth $49,000. Finally, Navigoe LLC purchased a new stake in shares of Alphabet in the 4th quarter worth $51,000. 40.03% of the stock is currently owned by hedge funds and other institutional investors.

Alphabet Stock Down 1.6%

GOOGL opened at $169.03 on Tuesday. The firm has a 50-day simple moving average of $159.18 and a two-hundred day simple moving average of $174.53. Alphabet Inc. has a 52 week low of $140.53 and a 52 week high of $207.05. The company has a market capitalization of $2.05 trillion, a PE ratio of 21.00, a price-to-earnings-growth ratio of 1.34 and a beta of 1.01. The company has a quick ratio of 1.84, a current ratio of 1.84 and a debt-to-equity ratio of 0.03.

Alphabet (NASDAQ:GOOGL) last announced its quarterly earnings results on Thursday, April 24th. The information services provider reported $2.81 EPS for the quarter, beating analysts’ consensus estimates of $2.02 by $0.79. Alphabet had a net margin of 28.60% and a return on equity of 32.49%. The firm had revenue of $76.49 billion during the quarter, compared to the consensus estimate of $89.30 billion. During the same quarter last year, the firm earned $1.89 EPS. Analysts forecast that Alphabet Inc. will post 8.9 earnings per share for the current fiscal year.

Alphabet Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Monday, June 9th will be issued a $0.21 dividend. This is an increase from Alphabet’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend is Monday, June 9th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.50%. Alphabet’s dividend payout ratio (DPR) is presently 9.36%.

Insider Activity at Alphabet

In related news, Director Kavitark Ram Shriram sold 9,000 shares of the stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $175.00, for a total value of $1,575,000.00. Following the sale, the director now directly owns 255,400 shares of the company’s stock, valued at $44,695,000. This represents a 3.40% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director John L. Hennessy sold 200 shares of the stock in a transaction dated Thursday, March 13th. The stock was sold at an average price of $165.53, for a total transaction of $33,106.00. Following the completion of the sale, the director now directly owns 7,813 shares in the company, valued at $1,293,285.89. This trade represents a 2.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 163,270 shares of company stock valued at $26,553,563. Insiders own 11.64% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Wells Fargo & Company upped their price objective on Alphabet from $167.00 to $175.00 and gave the stock an “equal weight” rating in a research note on Friday, April 25th. Piper Sandler upped their price objective on Alphabet from $185.00 to $195.00 and gave the stock an “overweight” rating in a research note on Friday, April 25th. Westpark Capital restated a “buy” rating and issued a $210.00 price objective on shares of Alphabet in a research note on Thursday, May 8th. KeyCorp upped their price objective on Alphabet from $185.00 to $195.00 and gave the stock an “overweight” rating in a research note on Friday, April 25th. Finally, Susquehanna reduced their price objective on Alphabet from $225.00 to $220.00 and set a “positive” rating for the company in a research note on Friday, April 25th. Ten equities research analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and four have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $199.75.

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.