Alphabet Inc. $GOOGL is Hutchinson Capital Management CA’s 5th Largest Position

Hutchinson Capital Management CA cut its position in Alphabet Inc. (NASDAQ:GOOGL) by 1.7% during the second quarter, HoldingsChannel reports. The firm owned 142,465 shares of the information services provider’s stock after selling 2,426 shares during the quarter. Alphabet accounts for 4.6% of Hutchinson Capital Management CA’s holdings, making the stock its 5th biggest position. Hutchinson Capital Management CA’s holdings in Alphabet were worth $25,107,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of GOOGL. Coign Capital Advisors LLC lifted its holdings in Alphabet by 9.7% during the 2nd quarter. Coign Capital Advisors LLC now owns 1,747 shares of the information services provider’s stock worth $308,000 after buying an additional 155 shares during the last quarter. KLCM Advisors Inc. raised its position in shares of Alphabet by 2.3% during the 2nd quarter. KLCM Advisors Inc. now owns 14,775 shares of the information services provider’s stock worth $2,604,000 after acquiring an additional 326 shares in the last quarter. AdvisorShares Investments LLC purchased a new stake in Alphabet during the second quarter worth approximately $476,000. Adell Harriman & Carpenter Inc. boosted its holdings in Alphabet by 0.4% in the second quarter. Adell Harriman & Carpenter Inc. now owns 153,619 shares of the information services provider’s stock valued at $27,072,000 after purchasing an additional 675 shares in the last quarter. Finally, Impact Partnership Wealth LLC increased its stake in Alphabet by 15.0% in the second quarter. Impact Partnership Wealth LLC now owns 8,050 shares of the information services provider’s stock valued at $1,419,000 after purchasing an additional 1,048 shares during the last quarter. 40.03% of the stock is currently owned by institutional investors and hedge funds.

Alphabet Stock Up 0.4%

GOOGL opened at $291.31 on Wednesday. Alphabet Inc. has a 52 week low of $140.53 and a 52 week high of $291.92. The business has a 50 day moving average price of $254.37 and a two-hundred day moving average price of $206.73. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07. The company has a market cap of $3.52 trillion, a PE ratio of 28.73, a P/E/G ratio of 1.86 and a beta of 1.05.

Alphabet (NASDAQ:GOOGL) last released its earnings results on Wednesday, October 29th. The information services provider reported $2.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.29 by $0.58. Alphabet had a return on equity of 36.08% and a net margin of 32.23%.The business had revenue of $102.35 billion for the quarter, compared to analyst estimates of $99.90 billion. As a group, research analysts anticipate that Alphabet Inc. will post 8.9 EPS for the current year.

Alphabet Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Monday, December 8th will be paid a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 0.3%. The ex-dividend date of this dividend is Monday, December 8th. Alphabet’s payout ratio is currently 8.28%.

Insiders Place Their Bets

In other news, CEO Sundar Pichai sold 32,500 shares of the business’s stock in a transaction dated Wednesday, September 3rd. The shares were sold at an average price of $229.73, for a total transaction of $7,466,225.00. Following the transaction, the chief executive officer directly owned 2,429,892 shares in the company, valued at $558,219,089.16. The trade was a 1.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider John Kent Walker sold 17,816 shares of the stock in a transaction dated Monday, September 29th. The stock was sold at an average price of $247.42, for a total transaction of $4,408,034.72. Following the transaction, the insider directly owned 42,985 shares of the company’s stock, valued at $10,635,348.70. This represents a 29.30% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 221,796 shares of company stock worth $53,983,001. 11.64% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on GOOGL. CICC Research upped their target price on shares of Alphabet from $240.00 to $303.00 and gave the company an “outperform” rating in a report on Friday, October 31st. Wedbush restated an “outperform” rating and issued a $320.00 price objective (up previously from $245.00) on shares of Alphabet in a research note on Thursday, October 30th. Morgan Stanley raised their price objective on Alphabet from $270.00 to $330.00 and gave the stock an “overweight” rating in a report on Thursday, October 30th. Melius Research boosted their target price on Alphabet from $220.00 to $255.00 in a report on Thursday, September 25th. Finally, HSBC raised their price target on Alphabet from $295.00 to $335.00 and gave the stock a “buy” rating in a research note on Thursday, October 30th. Three analysts have rated the stock with a Strong Buy rating, thirty-eight have issued a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $304.10.

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.