Chaney Capital Management Inc. Lowers Stock Holdings in Alphabet Inc. $GOOG

Chaney Capital Management Inc. reduced its holdings in Alphabet Inc. (NASDAQ:GOOG) by 42.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,766 shares of the information services provider’s stock after selling 2,020 shares during the period. Alphabet comprises 0.2% of Chaney Capital Management Inc.’s holdings, making the stock its 22nd largest position. Chaney Capital Management Inc.’s holdings in Alphabet were worth $491,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the business. Spectrum Wealth Advisory Group LLC grew its stake in Alphabet by 4.2% in the 2nd quarter. Spectrum Wealth Advisory Group LLC now owns 5,574 shares of the information services provider’s stock valued at $989,000 after acquiring an additional 224 shares during the period. RiverFront Investment Group LLC lifted its holdings in Alphabet by 65.1% during the second quarter. RiverFront Investment Group LLC now owns 475,706 shares of the information services provider’s stock valued at $84,386,000 after purchasing an additional 187,520 shares in the last quarter. Edmond DE Rothschild Holding S.A. grew its position in shares of Alphabet by 4.1% in the second quarter. Edmond DE Rothschild Holding S.A. now owns 262,356 shares of the information services provider’s stock valued at $46,539,000 after purchasing an additional 10,302 shares during the period. Aviso Financial Inc. increased its stake in shares of Alphabet by 3.1% during the second quarter. Aviso Financial Inc. now owns 375,342 shares of the information services provider’s stock worth $66,582,000 after purchasing an additional 11,157 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC raised its position in shares of Alphabet by 3.9% during the 2nd quarter. Steward Partners Investment Advisory LLC now owns 417,092 shares of the information services provider’s stock worth $73,988,000 after purchasing an additional 15,829 shares during the last quarter. 27.26% of the stock is owned by institutional investors and hedge funds.

Alphabet Stock Performance

Shares of Alphabet stock opened at $318.47 on Tuesday. The business’s 50 day moving average price is $264.32 and its 200 day moving average price is $215.82. The company has a market cap of $3.84 trillion, a price-to-earnings ratio of 31.41, a PEG ratio of 1.86 and a beta of 1.05. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90. Alphabet Inc. has a one year low of $142.66 and a one year high of $319.80.

Alphabet (NASDAQ:GOOG) last issued its earnings results on Thursday, October 30th. The information services provider reported $2.87 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.29 by $0.58. The business had revenue of $102.35 billion during the quarter, compared to the consensus estimate of $99.90 billion. Alphabet had a return on equity of 36.08% and a net margin of 32.23%.The company’s revenue for the quarter was up 15.9% on a year-over-year basis. During the same period last year, the company earned $2.12 EPS. On average, research analysts predict that Alphabet Inc. will post 8.89 EPS for the current year.

Alphabet Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Monday, December 8th will be issued a dividend of $0.21 per share. The ex-dividend date is Monday, December 8th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.3%. Alphabet’s dividend payout ratio (DPR) is currently 8.28%.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on GOOG shares. Hsbc Global Res upgraded Alphabet to a “strong-buy” rating in a report on Tuesday, October 7th. Piper Sandler lifted their price target on Alphabet from $285.00 to $330.00 and gave the stock an “overweight” rating in a research note on Thursday, October 30th. Rosenblatt Securities set a $279.00 price target on Alphabet in a research report on Thursday, October 30th. BMO Capital Markets reissued an “outperform” rating and issued a $340.00 price objective on shares of Alphabet in a research note on Thursday, October 30th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Alphabet from $260.00 to $300.00 and gave the stock an “overweight” rating in a research note on Monday, October 27th. Seven research analysts have rated the stock with a Strong Buy rating, twenty-eight have given a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Buy” and an average target price of $324.81.

Insider Activity

In other news, Director John L. Hennessy sold 600 shares of the company’s stock in a transaction on Thursday, November 13th. The stock was sold at an average price of $280.06, for a total value of $168,036.00. Following the transaction, the director owned 4,516 shares of the company’s stock, valued at $1,264,750.96. This represents a 11.73% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Amie Thuener O’toole sold 2,778 shares of the stock in a transaction on Monday, November 17th. The stock was sold at an average price of $288.26, for a total value of $800,786.28. Following the transaction, the chief accounting officer owned 11,739 shares of the company’s stock, valued at approximately $3,383,884.14. This represents a 19.14% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 227,952 shares of company stock worth $58,896,009 in the last 90 days. 12.99% 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.