Pennsylvania Capital Management Inc. ADV Cuts Stake in Alphabet Inc. (NASDAQ:GOOG)

Pennsylvania Capital Management Inc. ADV lowered its holdings in shares of Alphabet Inc. (NASDAQ:GOOG) by 2.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,446 shares of the information services provider’s stock after selling 233 shares during the quarter. Alphabet makes up 0.5% of Pennsylvania Capital Management Inc. ADV’s portfolio, making the stock its 29th biggest holding. Pennsylvania Capital Management Inc. ADV’s holdings in Alphabet were worth $1,476,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in GOOG. Cassaday & Co Wealth Management LLC grew its holdings in Alphabet by 9.3% during the 4th quarter. Cassaday & Co Wealth Management LLC now owns 28,044 shares of the information services provider’s stock valued at $5,341,000 after buying an additional 2,390 shares in the last quarter. LaFleur & Godfrey LLC grew its holdings in Alphabet by 1.2% during the 4th quarter. LaFleur & Godfrey LLC now owns 31,967 shares of the information services provider’s stock valued at $6,088,000 after buying an additional 380 shares in the last quarter. Brighton Jones LLC grew its holdings in Alphabet by 5.6% during the 4th quarter. Brighton Jones LLC now owns 120,253 shares of the information services provider’s stock valued at $22,901,000 after buying an additional 6,410 shares in the last quarter. Union Bancaire Privee UBP SA purchased a new position in Alphabet during the 4th quarter valued at approximately $204,262,000. Finally, Ascent Wealth Partners LLC grew its holdings in Alphabet by 246.2% during the 4th quarter. Ascent Wealth Partners LLC now owns 5,698 shares of the information services provider’s stock valued at $1,085,000 after buying an additional 4,052 shares in the last quarter. Hedge funds and other institutional investors own 27.26% of the company’s stock.

Insider Buying and Selling at Alphabet

In related news, Director John L. Hennessy sold 200 shares of the firm’s stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $161.90, for a total transaction of $32,380.00. Following the sale, the director now owns 7,613 shares of the company’s stock, valued at $1,232,544.70. This trade represents a 2.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider John Kent Walker sold 11,764 shares of the business’s stock in a transaction dated Thursday, March 27th. The stock was sold at an average price of $166.84, for a total transaction of $1,962,705.76. Following the completion of the transaction, the insider now owns 49,037 shares of the company’s stock, valued at $8,181,333.08. This represents a 19.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 228,070 shares of company stock valued at $37,745,632 in the last ninety days. Corporate insiders own 12.99% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Scotiabank cut their price target on Alphabet from $232.00 to $200.00 and set a “sector outperform” rating for the company in a report on Monday, April 21st. Needham & Company LLC cut Alphabet from a “buy” rating to a “cautious” rating in a report on Friday, May 2nd. The Goldman Sachs Group reiterated a “buy” rating and issued a $220.00 target price on shares of Alphabet in a report on Monday, June 2nd. Westpark Capital reiterated a “buy” rating and issued a $210.00 target price on shares of Alphabet in a report on Friday, April 25th. Finally, UBS Group dropped their target price on Alphabet from $209.00 to $173.00 and set a “neutral” rating for the company in a report on Friday, April 11th. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating, fourteen have assigned a buy rating and five have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $204.88.

Alphabet Trading Down 3.6%

Shares of NASDAQ GOOG opened at $167.73 on Monday. The company has a quick ratio of 1.77, a current ratio of 1.77 and a debt-to-equity ratio of 0.03. The business has a fifty day simple moving average of $166.31 and a two-hundred day simple moving average of $176.41. The firm has a market cap of $2.04 trillion, a PE ratio of 18.70, a price-to-earnings-growth ratio of 1.18 and a beta of 1.01. Alphabet Inc. has a twelve month low of $142.66 and a twelve month high of $208.70.

Alphabet (NASDAQ:GOOG) last issued its earnings results on Thursday, April 24th. The information services provider reported $2.81 earnings per share for the quarter, beating analysts’ consensus estimates of $2.02 by $0.79. The business had revenue of $90.23 billion during the quarter, compared to analyst estimates of $89.30 billion. Alphabet had a return on equity of 34.54% and a net margin of 30.86%. Alphabet’s revenue was up 12.0% on a year-over-year basis. During the same period in the previous year, the company posted $1.89 EPS. Analysts expect that Alphabet Inc. will post 8.89 earnings per share for the current fiscal year.

Alphabet Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Monday, June 9th were given a dividend of $0.21 per share. The ex-dividend date of this dividend was Monday, June 9th. This is a positive change from Alphabet’s previous quarterly dividend of $0.20. This represents a $0.84 dividend on an annualized basis and a yield of 0.50%. Alphabet’s payout ratio is 9.36%.

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.