Alpha Omega Wealth Management LLC Cuts Position in Alphabet Inc. (NASDAQ:GOOG)

Alpha Omega Wealth Management LLC trimmed its position in shares of Alphabet Inc. (NASDAQ:GOOG) by 0.7% during the 3rd quarter, Holdings Channel reports. The fund owned 16,708 shares of the information services provider’s stock after selling 122 shares during the period. Alpha Omega Wealth Management LLC’s holdings in Alphabet were worth $2,793,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Farmers Trust Co. increased its stake in Alphabet by 17.0% during the third quarter. Farmers Trust Co. now owns 2,872 shares of the information services provider’s stock worth $480,000 after acquiring an additional 418 shares during the last quarter. Marotta Asset Management increased its position in Alphabet by 44.4% during the third quarter. Marotta Asset Management now owns 1,821 shares of the information services provider’s stock valued at $304,000 after acquiring an additional 560 shares during the last quarter. Meritas Wealth Management LLC lifted its holdings in shares of Alphabet by 4.6% in the 3rd quarter. Meritas Wealth Management LLC now owns 1,516 shares of the information services provider’s stock worth $253,000 after acquiring an additional 66 shares during the last quarter. Unique Wealth LLC lifted its stake in Alphabet by 2.3% in the third quarter. Unique Wealth LLC now owns 3,375 shares of the information services provider’s stock worth $564,000 after purchasing an additional 76 shares during the last quarter. Finally, Czech National Bank boosted its position in shares of Alphabet by 5.1% during the third quarter. Czech National Bank now owns 978,396 shares of the information services provider’s stock valued at $163,578,000 after buying an additional 47,171 shares during the period. 27.26% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on GOOG. Cantor Fitzgerald upgraded Alphabet to a “hold” rating in a research report on Thursday, September 5th. Rosenblatt Securities downgraded shares of Alphabet from a “buy” rating to a “neutral” rating and set a $181.00 price target for the company. in a research note on Friday, June 28th. TD Cowen increased their price objective on Alphabet from $200.00 to $220.00 and gave the stock a “buy” rating in a research note on Wednesday, July 10th. Oppenheimer reduced their price objective on Alphabet from $210.00 to $185.00 and set an “outperform” rating on the stock in a report on Wednesday, September 25th. Finally, Pivotal Research began coverage on Alphabet in a report on Tuesday. They issued a “buy” rating and a $215.00 target price for the company. Three investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $183.75.

Alphabet Stock Down 0.1 %

Shares of NASDAQ GOOG opened at $167.21 on Friday. Alphabet Inc. has a 12-month low of $121.46 and a 12-month high of $193.31. The stock’s fifty day simple moving average is $163.53 and its two-hundred day simple moving average is $168.49. The stock has a market capitalization of $2.07 trillion, a PE ratio of 25.65, a price-to-earnings-growth ratio of 1.21 and a beta of 1.04. 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 issued its quarterly earnings data on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share for the quarter, beating analysts’ consensus estimates of $1.85 by $0.04. The company had revenue of $84.74 billion for the quarter, compared to the consensus estimate of $84.22 billion. Alphabet had a return on equity of 30.49% and a net margin of 26.70%. The firm’s revenue for the quarter was up 13.6% compared to the same quarter last year. During the same quarter last year, the company earned $1.44 earnings per share. As a group, analysts expect that Alphabet Inc. will post 7.63 EPS for the current fiscal year.

Alphabet Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Monday, September 9th were paid a dividend of $0.20 per share. The ex-dividend date was Monday, September 9th. This represents a $0.80 annualized dividend and a dividend yield of 0.48%. Alphabet’s dividend payout ratio (DPR) is presently 12.27%.

Insider Activity at Alphabet

In other Alphabet news, CAO Amie Thuener O’toole sold 1,367 shares of Alphabet stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $168.84, for a total value of $230,804.28. Following the transaction, the chief accounting officer now directly owns 29,183 shares of the company’s stock, valued at $4,927,257.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Alphabet news, Director John L. Hennessy sold 1,500 shares of the firm’s stock in a transaction dated Friday, July 12th. The stock was sold at an average price of $185.85, for a total value of $278,775.00. Following the completion of the sale, the director now owns 30,824 shares of the company’s stock, valued at $5,728,640.40. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CAO Amie Thuener O’toole sold 1,367 shares of the business’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $168.84, for a total transaction of $230,804.28. Following the sale, the chief accounting officer now directly owns 29,183 shares in the company, valued at approximately $4,927,257.72. The disclosure for this sale can be found here. Insiders sold 217,592 shares of company stock valued at $35,922,911 over the last 90 days. Insiders own 12.99% of the company’s stock.

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.