Peddock Capital Advisors LLC Reduces Stake in Alphabet Inc. (NASDAQ:GOOG)

Peddock Capital Advisors LLC lowered its position in Alphabet Inc. (NASDAQ:GOOG) by 11.2% in the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 6,272 shares of the information services provider’s stock after selling 789 shares during the period. Peddock Capital Advisors LLC’s holdings in Alphabet were worth $1,150,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Partnership Wealth Management LLC bought a new position in shares of Alphabet in the 4th quarter worth approximately $26,000. DiNuzzo Private Wealth Inc. bought a new position in shares of Alphabet in the 4th quarter worth approximately $32,000. Richardson Financial Services Inc. bought a new position in shares of Alphabet in the 4th quarter worth approximately $34,000. Pacific Capital Wealth Advisors Inc. bought a new position in shares of Alphabet in the 4th quarter worth approximately $34,000. Finally, Hoese & Co LLP raised its position in shares of Alphabet by 62.5% in the 2nd quarter. Hoese & Co LLP now owns 260 shares of the information services provider’s stock worth $45,000 after acquiring an additional 100 shares in the last quarter. Institutional investors own 27.26% of the company’s stock.

Wall Street Analysts Forecast Growth

GOOG has been the subject of several research reports. TD Cowen increased their target price on Alphabet from $200.00 to $220.00 and gave the stock a “buy” rating in a research report on Wednesday, July 10th. Wolfe Research raised Alphabet to a “strong-buy” rating in a research report on Tuesday, July 16th. Oppenheimer raised their price objective on Alphabet from $205.00 to $210.00 and gave the company an “outperform” rating in a research report on Wednesday, July 24th. Finally, Rosenblatt Securities lowered Alphabet from a “buy” rating to a “neutral” rating and set a $181.00 price objective for the company. in a research report on Friday, June 28th. One equities research analyst has rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $182.86.

Insider Buying and Selling at Alphabet

In other news, CAO Amie Thuener O’toole sold 682 shares of the firm’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $173.86, for a total value of $118,572.52. Following the transaction, the chief accounting officer now directly owns 29,966 shares in the company, valued at approximately $5,209,888.76. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other news, CEO Sundar Pichai sold 22,500 shares of the firm’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $162.35, for a total value of $3,652,875.00. Following the transaction, the chief executive officer now directly owns 2,182,385 shares in the company, valued at approximately $354,310,204.75. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CAO Amie Thuener O’toole sold 682 shares of the firm’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $173.86, for a total value of $118,572.52. Following the completion of the transaction, the chief accounting officer now owns 29,966 shares in the company, valued at $5,209,888.76. The disclosure for this sale can be found here. In the last three months, insiders have sold 155,865 shares of company stock worth $27,137,693. Insiders own 12.99% of the company’s stock.

Alphabet Stock Up 1.0 %

GOOG traded up $1.57 during trading on Friday, hitting $164.74. 16,853,137 shares of the company’s stock traded hands, compared to its average volume of 20,481,816. The company’s 50 day simple moving average is $177.37 and its two-hundred day simple moving average is $163.80. The company has a current ratio of 2.08, a quick ratio of 2.08 and a debt-to-equity ratio of 0.04. Alphabet Inc. has a 12-month low of $121.46 and a 12-month high of $193.31. The stock has a market capitalization of $2.04 trillion, a price-to-earnings ratio of 25.27, a PEG ratio of 1.28 and a beta of 1.05.

Alphabet (NASDAQ:GOOG) last issued its earnings results on Tuesday, July 23rd. The information services provider reported $1.89 EPS for the quarter, beating the consensus estimate of $1.85 by $0.04. Alphabet had a return on equity of 30.49% and a net margin of 26.70%. The business had revenue of $84.74 billion for the quarter, compared to the consensus estimate of $84.22 billion. During the same period last year, the business posted $1.44 EPS. The company’s revenue was up 13.6% compared to the same quarter last year. Analysts predict that Alphabet Inc. will post 7.62 earnings per share for the current fiscal year.

Alphabet Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Monday, September 9th will be paid a dividend of $0.20 per share. The ex-dividend date is Monday, September 9th. This represents a $0.80 annualized dividend and a yield of 0.49%. Alphabet’s dividend payout ratio is 12.27%.

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.