Parsons Capital Management Inc. RI Has $9.93 Million Holdings in Alphabet Inc. (NASDAQ:GOOG)

Parsons Capital Management Inc. RI lowered its position in shares of Alphabet Inc. (NASDAQ:GOOG) by 0.8% during the second quarter, HoldingsChannel.com reports. The fund owned 54,159 shares of the information services provider’s stock after selling 433 shares during the quarter. Parsons Capital Management Inc. RI’s holdings in Alphabet were worth $9,934,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. Partnership Wealth Management LLC purchased a new stake in shares of Alphabet during the 4th quarter valued at $26,000. DiNuzzo Private Wealth Inc. bought a new position in shares of Alphabet during the 4th quarter worth $32,000. Pacific Capital Wealth Advisors Inc. bought a new stake in Alphabet in the 4th quarter valued at about $34,000. Richardson Financial Services Inc. purchased a new stake in Alphabet during the fourth quarter valued at about $34,000. Finally, Hoese & Co LLP increased its stake in shares of Alphabet by 62.5% in the second quarter. Hoese & Co LLP now owns 260 shares of the information services provider’s stock worth $45,000 after purchasing an additional 100 shares in the last quarter. 27.26% of the stock is owned by institutional investors.

Insider Transactions at Alphabet

In other Alphabet news, SVP Prabhakar Raghavan sold 3,262 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $183.99, for a total value of $600,175.38. Following the completion of the transaction, the senior vice president now directly owns 9 shares in the company, valued at $1,655.91. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Alphabet news, SVP Prabhakar Raghavan sold 3,262 shares of the stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $183.99, for a total transaction of $600,175.38. Following the completion of the transaction, the senior vice president now owns 9 shares of the company’s stock, valued at approximately $1,655.91. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Amie Thuener O’toole sold 682 shares of the firm’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $173.86, for a total value of $118,572.52. Following the transaction, the chief accounting officer now owns 29,966 shares of the company’s stock, valued at approximately $5,209,888.76. The disclosure for this sale can be found here. Insiders have sold 156,565 shares of company stock valued at $27,253,193 over the last quarter. 12.99% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms have issued reports on GOOG. Oppenheimer increased their target price on Alphabet from $205.00 to $210.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 24th. Wolfe Research upgraded Alphabet to a “strong-buy” rating in a research report on Tuesday, July 16th. Rosenblatt Securities lowered shares of Alphabet from a “buy” rating to a “neutral” rating and set a $181.00 price objective for the company. in a research report on Friday, June 28th. Finally, TD Cowen increased their target price on shares of Alphabet from $200.00 to $220.00 and gave the stock a “buy” rating in a research note on Wednesday, July 10th. One research analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Alphabet currently has an average rating of “Buy” and an average price target of $182.86.

Alphabet Stock Performance

Shares of GOOG opened at $169.17 on Tuesday. Alphabet Inc. has a 12 month low of $121.46 and a 12 month high of $193.31. The business’s fifty day simple moving average is $177.21 and its two-hundred day simple moving average is $164.14. The company has a current ratio of 2.08, a quick ratio of 2.08 and a debt-to-equity ratio of 0.04. The company has a market cap of $2.09 trillion, a price-to-earnings ratio of 25.83, a P/E/G ratio of 1.28 and a beta of 1.05.

Alphabet (NASDAQ:GOOG) last issued its earnings results on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.85 by $0.04. Alphabet had a net margin of 26.70% and a return on equity of 30.49%. The company had revenue of $84.74 billion for the quarter, compared to analysts’ expectations of $84.22 billion. During the same quarter last year, the company posted $1.44 earnings per share. The firm’s quarterly revenue was up 13.6% on a year-over-year basis. Research analysts anticipate that Alphabet Inc. will post 7.62 earnings per share for the current fiscal year.

Alphabet Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Monday, September 9th will be given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 0.47%. The ex-dividend date of this dividend is Monday, September 9th. Alphabet’s payout ratio is 12.27%.

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.