Cullinan Associates Inc. Increases Stock Position in Alphabet Inc. (NASDAQ:GOOG)

Cullinan Associates Inc. boosted its holdings in shares of Alphabet Inc. (NASDAQ:GOOG) by 8.4% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 124,621 shares of the information services provider’s stock after acquiring an additional 9,612 shares during the quarter. Alphabet accounts for approximately 1.1% of Cullinan Associates Inc.’s holdings, making the stock its 24th biggest holding. Cullinan Associates Inc.’s holdings in Alphabet were worth $18,975,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Bruce G. Allen Investments LLC purchased a new position in Alphabet in the 4th quarter worth $26,000. Partnership Wealth Management LLC acquired a new position in shares of Alphabet in the fourth quarter valued at about $26,000. Equitec Proprietary Markets LLC purchased a new position in shares of Alphabet in the fourth quarter worth about $28,000. DiNuzzo Private Wealth Inc. acquired a new stake in shares of Alphabet during the fourth quarter worth about $32,000. Finally, Pacific Capital Wealth Advisors Inc. purchased a new stake in Alphabet in the fourth quarter valued at approximately $34,000. Hedge funds and other institutional investors own 27.26% of the company’s stock.

Alphabet Stock Up 1.1 %

Alphabet stock opened at $186.61 on Wednesday. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.15 and a quick ratio of 2.15. The stock has a market capitalization of $2.31 trillion, a PE ratio of 28.62, a price-to-earnings-growth ratio of 1.38 and a beta of 1.05. The business has a 50 day simple moving average of $174.93 and a 200-day simple moving average of $156.20. Alphabet Inc. has a 12 month low of $115.83 and a 12 month high of $187.50.

Alphabet (NASDAQ:GOOG) last posted its quarterly earnings data on Thursday, April 25th. The information services provider reported $1.89 earnings per share for the quarter, topping analysts’ consensus estimates of $1.51 by $0.38. Alphabet had a net margin of 25.90% and a return on equity of 29.52%. The company had revenue of $80.54 billion during the quarter, compared to analysts’ expectations of $78.75 billion. During the same period in the prior year, the business posted $1.17 earnings per share. The firm’s revenue for the quarter was up 15.4% on a year-over-year basis. On average, analysts anticipate that Alphabet Inc. will post 7.6 EPS for the current fiscal year.

Alphabet Dividend Announcement

The company also recently announced a — dividend, which was paid on Monday, June 17th. Stockholders of record on Monday, June 10th were given a $0.20 dividend. The ex-dividend date was Monday, June 10th. Alphabet’s dividend payout ratio (DPR) is presently 12.27%.

Insider Transactions at Alphabet

In other Alphabet news, CAO Amie Thuener O’toole sold 682 shares of the business’s stock in a transaction on Tuesday, July 2nd. The stock was sold at an average price of $183.47, for a total transaction of $125,126.54. Following the transaction, the chief accounting officer now owns 30,650 shares of the company’s stock, valued at $5,623,355.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CAO Amie Thuener O’toole sold 682 shares of the business’s stock in a transaction that occurred on Tuesday, July 2nd. The shares were sold at an average price of $183.47, for a total value of $125,126.54. Following the sale, the chief accounting officer now directly owns 30,650 shares of the company’s stock, valued at approximately $5,623,355.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Sundar Pichai sold 22,500 shares of Alphabet stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $157.41, for a total transaction of $3,541,725.00. Following the completion of the sale, the chief executive officer now owns 2,303,011 shares of the company’s stock, valued at approximately $362,516,961.51. The disclosure for this sale can be found here. Insiders sold 123,788 shares of company stock valued at $21,143,403 over the last 90 days. 12.99% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

GOOG has been the subject of several research reports. Rosenblatt Securities cut shares of Alphabet from a “buy” rating to a “neutral” rating and set a $181.00 price objective for the company. in a research note on Friday, June 28th. Morgan Stanley reaffirmed an “overweight” rating and issued a $165.00 price target on shares of Alphabet in a report on Thursday, April 11th. Stifel Nicolaus lifted their price objective on Alphabet from $154.00 to $174.00 and gave the company a “buy” rating in a research note on Tuesday, April 16th. Finally, Oppenheimer raised their target price on Alphabet from $172.00 to $185.00 and gave the stock an “outperform” rating in a report on Monday, April 8th. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $167.86.

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.