Price T Rowe Associates Inc. MD Reduces Stock Holdings in Alphabet Inc. $GOOG

Price T Rowe Associates Inc. MD lessened its holdings in Alphabet Inc. (NASDAQ:GOOG) by 2.9% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 77,465,777 shares of the information services provider’s stock after selling 2,321,073 shares during the quarter. Alphabet comprises 1.5% of Price T Rowe Associates Inc. MD’s portfolio, making the stock its 9th largest position. Price T Rowe Associates Inc. MD’s holdings in Alphabet were worth $12,102,480,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Principia Wealth Advisory LLC grew its stake in shares of Alphabet by 111.8% in the 1st quarter. Principia Wealth Advisory LLC now owns 161 shares of the information services provider’s stock worth $26,000 after buying an additional 85 shares during the last quarter. MorganRosel Wealth Management LLC purchased a new position in Alphabet during the first quarter valued at $26,000. Greykasell Wealth Strategies Inc. bought a new stake in Alphabet in the first quarter worth $32,000. Goodman Advisory Group LLC purchased a new stake in shares of Alphabet in the first quarter worth $32,000. Finally, Elevate Wealth Advisory Inc. bought a new position in shares of Alphabet during the first quarter valued at $34,000. 27.26% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Alphabet

In other Alphabet news, CEO Sundar Pichai sold 32,500 shares of the business’s stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $178.52, for a total transaction of $5,801,900.00. Following the completion of the sale, the chief executive officer directly owned 2,559,892 shares in the company, valued at $456,991,919.84. The trade was a 1.25% 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 1,000 shares of the company’s stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $200.00, for a total transaction of $200,000.00. Following the sale, the director directly owned 6,916 shares of the company’s stock, valued at $1,383,200. The trade was a 12.63% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 222,219 shares of company stock worth $40,725,772 in the last ninety days. Insiders own 12.99% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. Scotiabank increased their price objective on shares of Alphabet from $200.00 to $240.00 and gave the company a “sector outperform” rating in a research report on Tuesday, July 22nd. Citizens Jmp raised shares of Alphabet from a “hold” rating to a “strong-buy” rating in a research report on Thursday, June 26th. Cowen reaffirmed a “buy” rating on shares of Alphabet in a research report on Wednesday, July 9th. Needham & Company LLC downgraded Alphabet from a “buy” rating to a “cautious” rating in a research note on Friday, May 2nd. Finally, Tigress Financial reissued a “strong-buy” rating on shares of Alphabet in a report on Friday, May 2nd. Five equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, six have given a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $215.19.

Alphabet Stock Down 1.1%

Shares of Alphabet stock opened at $200.19 on Thursday. Alphabet Inc. has a twelve month low of $142.66 and a twelve month high of $208.70. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07. The company’s 50 day moving average is $186.62 and its 200 day moving average is $174.88. The company has a market cap of $2.42 trillion, a price-to-earnings ratio of 21.32, a price-to-earnings-growth ratio of 1.37 and a beta of 1.02.

Alphabet (NASDAQ:GOOG) last posted its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, topping analysts’ consensus estimates of $2.12 by $0.19. The business had revenue of $96.43 billion during the quarter, compared to the consensus estimate of $93.67 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The firm’s revenue was up 13.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.89 EPS. Research analysts anticipate that Alphabet Inc. will post 8.89 EPS for the current year.

Alphabet Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Monday, September 8th will be given a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date is Monday, September 8th. Alphabet’s dividend payout ratio is 8.95%.

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.