Mogy Joel R Investment Counsel Inc. Has $53.40 Million Position in Alphabet Inc. (NASDAQ:GOOG)

Mogy Joel R Investment Counsel Inc. lowered its holdings in shares of Alphabet Inc. (NASDAQ:GOOG) by 2.1% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 341,799 shares of the information services provider’s stock after selling 7,290 shares during the period. Alphabet accounts for approximately 3.4% of Mogy Joel R Investment Counsel Inc.’s holdings, making the stock its 9th largest position. Mogy Joel R Investment Counsel Inc.’s holdings in Alphabet were worth $53,399,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Norges Bank acquired a new position in Alphabet in the 4th quarter valued at $5,166,070,000. GAMMA Investing LLC raised its position in Alphabet by 18,562.3% during the first quarter. GAMMA Investing LLC now owns 14,323,323 shares of the information services provider’s stock valued at $2,237,733,000 after purchasing an additional 14,246,573 shares in the last quarter. Raymond James Financial Inc. bought a new stake in Alphabet during the fourth quarter worth $1,551,533,000. Northern Trust Corp boosted its holdings in shares of Alphabet by 16.1% in the 4th quarter. Northern Trust Corp now owns 57,098,042 shares of the information services provider’s stock valued at $10,873,751,000 after purchasing an additional 7,917,625 shares in the last quarter. Finally, GQG Partners LLC increased its stake in shares of Alphabet by 181,679.1% in the 4th quarter. GQG Partners LLC now owns 7,225,721 shares of the information services provider’s stock valued at $1,376,066,000 after purchasing an additional 7,221,746 shares during the last quarter. 27.26% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts recently weighed in on GOOG shares. Needham & Company LLC downgraded Alphabet from a “buy” rating to a “cautious” rating in a research report on Friday, May 2nd. Susquehanna reissued a “positive” rating on shares of Alphabet in a report on Friday, May 2nd. The Goldman Sachs Group restated a “buy” rating and issued a $220.00 price target on shares of Alphabet in a research note on Monday, June 2nd. Rosenblatt Securities upgraded shares of Alphabet from a “hold” rating to a “strong-buy” rating in a research report on Friday, April 25th. Finally, JPMorgan Chase & Co. raised their target price on shares of Alphabet from $180.00 to $195.00 and gave the company an “overweight” rating in a research report on Friday, April 25th. Three analysts have rated the stock with a sell rating, five have given a hold rating, fourteen have assigned a buy rating and five have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $204.88.

Insider Buying and Selling

In related news, CEO Sundar Pichai sold 32,500 shares of the firm’s stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $168.71, for a total value of $5,483,075.00. Following the transaction, the chief executive officer now owns 2,587,696 shares of the company’s stock, valued at approximately $436,570,192.16. This trade represents a 1.24% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider John Kent Walker sold 11,764 shares of the firm’s stock in a transaction on Thursday, March 27th. The shares were sold at an average price of $166.84, for a total value of $1,962,705.76. Following the transaction, the insider now owns 49,037 shares in the company, valued at approximately $8,181,333.08. This trade represents a 19.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 195,570 shares of company stock valued at $32,003,532. 12.99% of the stock is owned by company insiders.

Alphabet Trading Down 0.7%

NASDAQ GOOG opened at $178.79 on Thursday. The business’s 50-day moving average price is $163.42 and its two-hundred day moving average price is $176.21. Alphabet Inc. has a 12 month low of $142.66 and a 12 month high of $208.70. The firm has a market capitalization of $2.17 trillion, a PE ratio of 22.21, a price-to-earnings-growth ratio of 1.34 and a beta of 1.01. The company has a current ratio of 1.84, a quick ratio of 1.84 and a debt-to-equity ratio of 0.03.

Alphabet (NASDAQ:GOOG) last issued 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. The business had revenue of $90.23 billion for the quarter, compared to analysts’ expectations of $89.30 billion. Alphabet had a net margin of 28.60% and a return on equity of 32.49%. The business’s quarterly revenue was up 12.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.89 earnings per share. On average, analysts expect that Alphabet Inc. will post 8.89 EPS for the current year.

Alphabet Increases Dividend

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

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.