Cypress Capital Group Sells 543 Shares of Alphabet Inc. (NASDAQ:GOOG)

Cypress Capital Group cut its stake in shares of Alphabet Inc. (NASDAQ:GOOG) by 1.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 43,094 shares of the information services provider’s stock after selling 543 shares during the period. Alphabet makes up approximately 0.9% of Cypress Capital Group’s investment portfolio, making the stock its 25th largest holding. Cypress Capital Group’s holdings in Alphabet were worth $7,904,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in GOOG. International Assets Investment Management LLC bought a new position in shares of Alphabet during the 4th quarter valued at about $8,232,000. GUNN & Co INVESTMENT MANAGEMENT INC. raised its holdings in shares of Alphabet by 964.3% during the fourth quarter. GUNN & Co INVESTMENT MANAGEMENT INC. now owns 482,698 shares of the information services provider’s stock worth $68,027,000 after acquiring an additional 437,345 shares during the period. KFA Private Wealth Group LLC lifted its position in Alphabet by 6.9% in the 4th quarter. KFA Private Wealth Group LLC now owns 6,258 shares of the information services provider’s stock valued at $882,000 after acquiring an additional 405 shares in the last quarter. Alesco Advisors LLC boosted its stake in Alphabet by 12.2% in the 4th quarter. Alesco Advisors LLC now owns 2,756 shares of the information services provider’s stock worth $388,000 after purchasing an additional 300 shares during the period. Finally, Spinnaker Trust raised its stake in shares of Alphabet by 2.1% in the 4th quarter. Spinnaker Trust now owns 110,841 shares of the information services provider’s stock valued at $15,621,000 after purchasing an additional 2,278 shares during the period. Institutional investors own 27.26% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on GOOG shares. TD Cowen lifted their target price on Alphabet from $200.00 to $220.00 and gave the company a “buy” rating in a research report on Wednesday, July 10th. Oppenheimer upped their target price on Alphabet from $205.00 to $210.00 and gave the stock an “outperform” rating in a report on Wednesday, July 24th. Wolfe Research upgraded Alphabet to a “strong-buy” rating in a research note on Tuesday, July 16th. Finally, Rosenblatt Securities cut shares of Alphabet from a “buy” rating to a “neutral” rating and set a $181.00 target price for the company. in a research note on Friday, June 28th. One investment analyst has rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $182.86.

Insider Buying and Selling at Alphabet

In other news, CEO Sundar Pichai sold 22,500 shares of the stock in a transaction dated Wednesday, July 3rd. The shares were sold at an average price of $186.74, for a total value of $4,201,650.00. Following the completion of the transaction, the chief executive officer now owns 2,227,385 shares of the company’s stock, valued at $415,941,874.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO Sundar Pichai sold 22,500 shares of the firm’s stock in a transaction on Wednesday, July 3rd. The stock was sold at an average price of $186.74, for a total transaction of $4,201,650.00. Following the sale, the chief executive officer now owns 2,227,385 shares of the company’s stock, valued at approximately $415,941,874.90. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director John L. Hennessy sold 700 shares of the business’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $165.00, for a total value of $115,500.00. Following the sale, the director now owns 29,324 shares in the company, valued at approximately $4,838,460. The disclosure for this sale can be found here. Insiders have sold a total of 179,065 shares of company stock worth $31,025,543 over the last 90 days. Insiders own 12.99% of the company’s stock.

Alphabet Stock Performance

Shares of Alphabet stock traded down $0.32 on Monday, hitting $167.11. The stock had a trading volume of 2,308,151 shares, compared to its average volume of 20,200,316. The stock has a market cap of $2.07 trillion, a price-to-earnings ratio of 25.68, a price-to-earnings-growth ratio of 1.28 and a beta of 1.05. The business’s 50 day moving average is $176.34 and its two-hundred day moving average is $164.76. The company has a quick ratio of 2.08, a current ratio of 2.08 and a debt-to-equity ratio of 0.04. Alphabet Inc. has a twelve month low of $121.46 and a twelve month high of $193.31.

Alphabet (NASDAQ:GOOG) last issued its quarterly earnings results on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 quarter in the prior year, the business posted $1.44 earnings per share. The firm’s quarterly revenue was up 13.6% compared to the same quarter last year. Analysts forecast that Alphabet Inc. will post 7.62 EPS for the current year.

Alphabet Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Monday, September 9th will be paid a $0.20 dividend. The ex-dividend date of this dividend is Monday, September 9th. This represents a $0.80 annualized dividend and a dividend yield of 0.48%. Alphabet’s 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.