Parsons Capital Management Inc. RI Has $28.38 Million Stock Position in Alphabet Inc. (NASDAQ:GOOGL)

Parsons Capital Management Inc. RI cut its position in Alphabet Inc. (NASDAQ:GOOGL) by 0.7% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 183,510 shares of the information services provider’s stock after selling 1,236 shares during the quarter. Alphabet comprises about 1.6% of Parsons Capital Management Inc. RI’s portfolio, making the stock its 9th biggest holding. Parsons Capital Management Inc. RI’s holdings in Alphabet were worth $28,378,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in GOOGL. Compass Planning Associates Inc acquired a new position in Alphabet in the 4th quarter valued at $30,000. PayPay Securities Corp raised its holdings in shares of Alphabet by 36.1% during the 4th quarter. PayPay Securities Corp now owns 245 shares of the information services provider’s stock worth $46,000 after buying an additional 65 shares in the last quarter. Anderson Financial Strategies LLC acquired a new position in shares of Alphabet during the 4th quarter worth $49,000. Navigoe LLC acquired a new position in shares of Alphabet during the 4th quarter worth $51,000. Finally, Prudent Man Investment Management Inc. acquired a new position in shares of Alphabet during the 4th quarter worth $53,000. 40.03% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on GOOGL shares. Susquehanna lowered their price target on Alphabet from $225.00 to $220.00 and set a “positive” rating for the company in a report on Friday, April 25th. Citigroup boosted their price target on Alphabet from $195.00 to $200.00 and gave the stock a “buy” rating in a report on Friday, April 25th. Wedbush set a $190.00 price target on Alphabet and gave the stock an “outperform” rating in a report on Tuesday, April 15th. Sanford C. Bernstein boosted their price target on Alphabet from $165.00 to $185.00 and gave the stock a “market perform” rating in a report on Friday, April 25th. Finally, Wells Fargo & Company boosted their price target on Alphabet from $167.00 to $175.00 and gave the stock an “equal weight” rating in a report on Friday, April 25th. Ten investment analysts have rated the stock with a hold rating, twenty-six have given a buy rating and four have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $199.75.

Alphabet Trading Up 1.4%

Shares of GOOGL stock opened at $178.60 on Wednesday. Alphabet Inc. has a fifty-two week low of $140.53 and a fifty-two week high of $207.05. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.84 and a current ratio of 1.84. The stock has a 50 day simple moving average of $161.08 and a two-hundred day simple moving average of $174.49. The company has a market cap of $2.17 trillion, a P/E ratio of 22.19, a PEG ratio of 1.34 and a beta of 1.01.

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

Alphabet Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Monday, June 9th will be paid a $0.21 dividend. The ex-dividend date of this dividend is Monday, June 9th. This represents a $0.84 annualized dividend and a dividend yield of 0.47%. This is a positive change from Alphabet’s previous quarterly dividend of $0.20. Alphabet’s payout ratio is currently 9.36%.

Insider Activity

In other Alphabet news, CEO Sundar Pichai sold 32,500 shares of the stock in a transaction that occurred on Wednesday, April 2nd. The stock was sold at an average price of $158.56, for a total value of $5,153,200.00. Following the transaction, the chief executive officer now owns 2,717,696 shares in the company, valued at approximately $430,917,877.76. This represents a 1.18% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John L. Hennessy sold 200 shares of the stock in a transaction that occurred on Thursday, March 13th. The stock was sold at an average price of $165.53, for a total value of $33,106.00. Following the completion of the transaction, the director now owns 7,813 shares in the company, valued at approximately $1,293,285.89. The trade was a 2.50% decrease in their position. The disclosure for this sale can be found here. Insiders sold 195,770 shares of company stock worth $32,036,638 in the last quarter. 11.64% of the stock is owned by corporate insiders.

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.