Fort Pitt Capital Group LLC Reduces Stake in Alphabet Inc. (NASDAQ:GOOG)

Fort Pitt Capital Group LLC reduced its position in Alphabet Inc. (NASDAQ:GOOG) by 4.5% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 12,445 shares of the information services provider’s stock after selling 582 shares during the period. Fort Pitt Capital Group LLC’s holdings in Alphabet were worth $2,283,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. International Assets Investment Management LLC bought a new position in Alphabet in the 4th quarter worth $8,232,000. GUNN & Co INVESTMENT MANAGEMENT INC. raised its holdings in Alphabet by 964.3% in the 4th quarter. GUNN & Co INVESTMENT MANAGEMENT INC. now owns 482,698 shares of the information services provider’s stock worth $68,027,000 after purchasing an additional 437,345 shares during the period. Gilbert & Cook Inc. raised its holdings in Alphabet by 15.5% in the 4th quarter. Gilbert & Cook Inc. now owns 29,159 shares of the information services provider’s stock worth $4,109,000 after purchasing an additional 3,924 shares during the period. EWA LLC raised its holdings in Alphabet by 26.8% in the 4th quarter. EWA LLC now owns 4,345 shares of the information services provider’s stock worth $624,000 after purchasing an additional 917 shares during the period. Finally, Intrust Bank NA raised its holdings in Alphabet by 3.5% during the fourth quarter. Intrust Bank NA now owns 54,724 shares of the information services provider’s stock valued at $7,712,000 after acquiring an additional 1,849 shares during the period. 27.26% of the stock is currently owned by hedge funds and other institutional investors.

Alphabet Trading Down 1.1 %

Shares of GOOG stock opened at $164.50 on Thursday. Alphabet Inc. has a 12-month low of $121.46 and a 12-month high of $193.31. The stock has a market capitalization of $2.03 trillion, a price-to-earnings ratio of 25.23, a price-to-earnings-growth ratio of 1.28 and a beta of 1.05. The stock’s 50-day moving average price is $175.92 and its 200-day moving average price is $165.02. The company has a current ratio of 2.08, a quick ratio of 2.08 and a debt-to-equity ratio of 0.04.

Alphabet (NASDAQ:GOOG) last announced its quarterly earnings results on Tuesday, July 23rd. The information services provider reported $1.89 EPS for the quarter, beating analysts’ consensus estimates of $1.85 by $0.04. Alphabet had a net margin of 26.70% and a return on equity of 30.49%. The firm had revenue of $84.74 billion during the quarter, compared to the consensus estimate of $84.22 billion. During the same quarter last year, the firm earned $1.44 EPS. The firm’s revenue for the quarter was up 13.6% compared to the same quarter last year. Equities research analysts predict that Alphabet Inc. will post 7.62 EPS for the current fiscal year.

Alphabet Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Monday, September 9th will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 0.49%. The ex-dividend date is Monday, September 9th. Alphabet’s dividend payout ratio is currently 12.27%.

Analyst Ratings Changes

A number of equities research analysts have commented on GOOG shares. Wolfe Research raised Alphabet to a “strong-buy” rating in a report on Tuesday, July 16th. Rosenblatt Securities cut Alphabet from a “buy” rating to a “neutral” rating and set a $181.00 price target on the stock. in a report on Friday, June 28th. Oppenheimer raised their price target on Alphabet from $205.00 to $210.00 and gave the company an “outperform” rating in a report on Wednesday, July 24th. Finally, TD Cowen raised their price target on Alphabet from $200.00 to $220.00 and gave the company a “buy” rating in a report on Wednesday, July 10th. One research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $182.86.

Insider Activity at Alphabet

In other Alphabet news, CEO Sundar Pichai sold 22,500 shares of the business’s stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $176.58, for a total transaction of $3,973,050.00. Following the completion of the transaction, the chief executive officer now owns 2,235,511 shares in the company, valued at $394,746,532.38. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CAO Amie Thuener O’toole sold 682 shares of Alphabet stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $173.86, for a total transaction of $118,572.52. Following the completion of the sale, the chief accounting officer now directly owns 29,966 shares in the company, valued at $5,209,888.76. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Sundar Pichai sold 22,500 shares of the company’s stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $176.58, for a total transaction of $3,973,050.00. Following the completion of the transaction, the chief executive officer now owns 2,235,511 shares in the company, valued at $394,746,532.38. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 179,065 shares of company stock worth $31,025,543. Company insiders own 12.99% of the company’s stock.

Alphabet Company 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.