Alphabet Inc. $GOOG is JPMorgan Chase & Co.’s 9th Largest Position

JPMorgan Chase & Co. trimmed its position in shares of Alphabet Inc. (NASDAQ:GOOG) by 10.4% in the second quarter, Holdings Channel.com reports. The firm owned 91,625,308 shares of the information services provider’s stock after selling 10,607,689 shares during the period. Alphabet comprises approximately 1.1% of JPMorgan Chase & Co.’s investment portfolio, making the stock its 9th largest position. JPMorgan Chase & Co.’s holdings in Alphabet were worth $16,253,414,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Archvest Wealth Advisors Inc. boosted its position in Alphabet by 1.4% in the 2nd quarter. Archvest Wealth Advisors Inc. now owns 4,578 shares of the information services provider’s stock valued at $812,000 after buying an additional 64 shares during the last quarter. DNB Asset Management AS increased its position in shares of Alphabet by 4.9% during the second quarter. DNB Asset Management AS now owns 950,341 shares of the information services provider’s stock worth $168,581,000 after acquiring an additional 44,405 shares during the last quarter. Wealth Advisors of Iowa LLC lifted its stake in shares of Alphabet by 3.6% in the second quarter. Wealth Advisors of Iowa LLC now owns 7,329 shares of the information services provider’s stock worth $1,300,000 after acquiring an additional 252 shares in the last quarter. Swiss National Bank boosted its holdings in Alphabet by 6.6% in the second quarter. Swiss National Bank now owns 14,976,100 shares of the information services provider’s stock valued at $2,656,610,000 after purchasing an additional 928,800 shares during the last quarter. Finally, ABN AMRO Bank N.V. purchased a new position in Alphabet in the second quarter valued at about $66,040,000. Institutional investors and hedge funds own 27.26% of the company’s stock.

Insider Buying and Selling

In other Alphabet news, insider John Kent Walker sold 17,816 shares of the business’s stock in a transaction dated Monday, September 29th. The shares were sold at an average price of $247.42, for a total transaction of $4,408,034.72. Following the completion of the transaction, the insider directly owned 42,985 shares of the company’s stock, valued at $10,635,348.70. The trade was a 29.30% decrease in their position. The transaction 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 firm’s stock in a transaction that occurred on Wednesday, October 15th. The shares were sold at an average price of $250.05, for a total transaction of $694,638.90. Following the completion of the sale, the chief accounting officer owned 14,516 shares in the company, valued at $3,629,725.80. The trade was a 16.06% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 195,452 shares of company stock worth $49,255,209 in the last three months. 12.99% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. JPMorgan Chase & Co. lifted their price objective on Alphabet from $260.00 to $300.00 and gave the stock an “overweight” rating in a report on Monday, October 27th. Robert W. Baird raised their price target on shares of Alphabet from $215.00 to $275.00 and gave the stock an “outperform” rating in a research report on Monday, September 22nd. Loop Capital raised shares of Alphabet from a “hold” rating to a “strong-buy” rating in a report on Tuesday. Piper Sandler increased their price objective on shares of Alphabet from $285.00 to $330.00 and gave the company an “overweight” rating in a research note on Thursday, October 30th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Alphabet in a research report on Wednesday, October 8th. Seven research analysts have rated the stock with a Strong Buy rating, twenty-six have given a Buy rating, four have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Alphabet currently has a consensus rating of “Moderate Buy” and an average price target of $324.81.

Alphabet Stock Performance

Alphabet stock opened at $289.98 on Friday. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90. Alphabet Inc. has a 12 month low of $142.66 and a 12 month high of $306.89. The company has a fifty day moving average price of $261.82 and a two-hundred day moving average price of $212.97. The company has a market cap of $3.50 trillion, a PE ratio of 28.60, a P/E/G ratio of 1.86 and a beta of 1.05.

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

Alphabet Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Monday, December 8th will be given 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 yield of 0.3%. Alphabet’s payout ratio is currently 8.28%.

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.