PFC Capital Group Inc. Sells 1,070 Shares of Alphabet Inc. $GOOG

PFC Capital Group Inc. trimmed its position in Alphabet Inc. (NASDAQ:GOOG) by 7.9% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,487 shares of the information services provider’s stock after selling 1,070 shares during the quarter. Alphabet accounts for 1.0% of PFC Capital Group Inc.’s portfolio, making the stock its 27th largest position. PFC Capital Group Inc.’s holdings in Alphabet were worth $2,215,000 at the end of the most recent reporting period.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Brighton Jones LLC increased 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 purchasing an additional 6,410 shares in the last quarter. Spectrum Wealth Counsel LLC grew its holdings in shares of Alphabet by 4.2% during the first quarter. Spectrum Wealth Counsel LLC now owns 3,754 shares of the information services provider’s stock worth $586,000 after purchasing an additional 150 shares during the last quarter. Providence Wealth Advisors LLC increased its stake in shares of Alphabet by 0.9% in the first quarter. Providence Wealth Advisors LLC now owns 10,197 shares of the information services provider’s stock valued at $1,613,000 after buying an additional 95 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Alphabet by 25.2% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,159,325 shares of the information services provider’s stock valued at $493,581,000 after buying an additional 634,924 shares during the last quarter. Finally, one8zero8 LLC lifted its position in Alphabet by 1.6% during the 1st quarter. one8zero8 LLC now owns 30,659 shares of the information services provider’s stock worth $4,790,000 after buying an additional 496 shares in the last quarter. 27.26% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. BNP Paribas began coverage on shares of Alphabet in a research report on Monday. They issued an “outperform” rating for the company. Sanford C. Bernstein increased their price target on shares of Alphabet from $260.00 to $305.00 and gave the company an “outperform” rating in a research note on Thursday, October 30th. Canaccord Genuity Group restated a “buy” rating and issued a $330.00 price objective on shares of Alphabet in a research report on Thursday, October 30th. Wolfe Research lifted their target price on Alphabet from $290.00 to $350.00 and gave the company an “outperform” rating in a research note on Thursday, October 30th. Finally, BMO Capital Markets restated an “outperform” rating and set a $340.00 target price on shares of Alphabet in a research report on Thursday, October 30th. Seven research analysts have rated the stock with a Strong Buy rating, twenty-eight have assigned a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $324.81.

Insider Activity

In other news, Director Frances Arnold sold 112 shares of Alphabet stock in a transaction that occurred on Thursday, October 30th. The stock was sold at an average price of $291.80, for a total transaction of $32,681.60. Following the completion of the transaction, the director directly owned 18,004 shares in the company, valued at approximately $5,253,567.20. The trade was a 0.62% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Sundar Pichai sold 32,500 shares of the firm’s stock in a transaction on Wednesday, November 19th. The shares were sold at an average price of $296.64, for a total value of $9,640,800.00. Following the sale, the chief executive officer directly owned 2,304,619 shares of the company’s stock, valued at $683,642,180.16. This represents a 1.39% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 227,952 shares of company stock valued at $58,896,009. Company insiders own 12.99% of the company’s stock.

Alphabet Stock Performance

Shares of GOOG opened at $299.65 on Monday. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07. Alphabet Inc. has a 12 month low of $142.66 and a 12 month high of $306.89. The firm has a fifty day simple moving average of $262.98 and a 200 day simple moving average of $214.67. The stock has a market capitalization of $3.62 trillion, a price-to-earnings ratio of 29.55, a PEG ratio of 1.86 and a beta of 1.05.

Alphabet (NASDAQ:GOOG) last posted its quarterly earnings data on Thursday, October 30th. The information services provider reported $2.87 EPS for the quarter, topping analysts’ consensus estimates of $2.29 by $0.58. The company had revenue of $102.35 billion during the quarter, compared to the consensus estimate 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 prior year, the business posted $2.12 EPS. Research analysts forecast that Alphabet Inc. will post 8.89 EPS for the current fiscal year.

Alphabet Announces Dividend

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

Alphabet 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.