Alphabet Inc. (NASDAQ:GOOG) Stake Reduced by ProVise Management Group LLC

ProVise Management Group LLC cut its stake in Alphabet Inc. (NASDAQ:GOOG) by 2.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 163,467 shares of the information services provider’s stock after selling 4,764 shares during the quarter. Alphabet comprises about 2.7% of ProVise Management Group LLC’s investment portfolio, making the stock its 3rd biggest position. ProVise Management Group LLC’s holdings in Alphabet were worth $31,131,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in GOOG. Weiss Asset Management LP acquired a new stake in shares of Alphabet during the third quarter valued at about $25,000. Fiduciary Advisors Inc. acquired a new stake in shares of Alphabet during the fourth quarter valued at about $27,000. Safe Harbor Fiduciary LLC acquired a new stake in shares of Alphabet during the third quarter valued at about $33,000. Noble Wealth Management PBC acquired a new stake in shares of Alphabet during the fourth quarter valued at about $43,000. Finally, FPC Investment Advisory Inc. grew its stake in shares of Alphabet by 287.9% during the fourth quarter. FPC Investment Advisory Inc. now owns 225 shares of the information services provider’s stock valued at $46,000 after acquiring an additional 167 shares in the last quarter. 27.26% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Kavitark Ram Shriram sold 29,066 shares of the business’s stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $184.89, for a total transaction of $5,374,012.74. Following the sale, the director now owns 272,466 shares of the company’s stock, valued at $50,376,238.74. The trade was a 9.64 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Ruth Porat sold 17,690 shares of the business’s stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $183.48, for a total value of $3,245,761.20. Following the sale, the insider now directly owns 1,449,286 shares in the company, valued at approximately $265,914,995.28. The trade was a 1.21 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 93,048 shares of company stock valued at $17,374,274. Insiders own 12.99% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on GOOG. The Goldman Sachs Group restated a “buy” rating on shares of Alphabet in a research note on Wednesday, February 5th. Wedbush reiterated an “outperform” rating and issued a $220.00 price target on shares of Alphabet in a research note on Thursday, January 30th. Scotiabank lifted their price target on Alphabet from $212.00 to $240.00 and gave the stock a “sector outperform” rating in a research note on Friday, January 24th. Oppenheimer lifted their price target on Alphabet from $215.00 to $225.00 and gave the stock an “outperform” rating in a research note on Thursday, January 30th. Finally, Citizens Jmp downgraded Alphabet from a “strong-buy” rating to a “hold” rating in a research note on Thursday, January 2nd. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, fourteen have given a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $209.13.

Alphabet Stock Performance

Shares of GOOG stock opened at $162.67 on Wednesday. The company has a quick ratio of 1.84, a current ratio of 1.84 and a debt-to-equity ratio of 0.03. The business has a 50 day moving average of $186.10 and a two-hundred day moving average of $178.10. Alphabet Inc. has a 52 week low of $147.01 and a 52 week high of $208.70. The company has a market cap of $1.98 trillion, a P/E ratio of 20.21, a PEG ratio of 1.34 and a beta of 1.03.

Alphabet (NASDAQ:GOOG) last released its quarterly earnings results on Tuesday, February 4th. The information services provider reported $2.15 earnings per share for the quarter, beating analysts’ consensus estimates of $2.12 by $0.03. Alphabet had a return on equity of 32.49% and a net margin of 28.60%. As a group, analysts anticipate that Alphabet Inc. will post 8.89 EPS for the current year.

Alphabet Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Monday, March 10th were issued a dividend of $0.20 per share. The ex-dividend date was Monday, March 10th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.49%. Alphabet’s dividend payout ratio (DPR) is presently 9.94%.

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.