DAVENPORT & Co LLC Has $54.93 Million Holdings in Alphabet Inc. $GOOG

DAVENPORT & Co LLC reduced its holdings in Alphabet Inc. (NASDAQ:GOOG) by 4.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 309,614 shares of the information services provider’s stock after selling 14,746 shares during the quarter. DAVENPORT & Co LLC’s holdings in Alphabet were worth $54,926,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. ACT Advisors LLC. boosted its holdings in shares of Alphabet by 3.5% in the 2nd quarter. ACT Advisors LLC. now owns 1,625 shares of the information services provider’s stock worth $288,000 after acquiring an additional 55 shares in the last quarter. LongView Wealth Management boosted its holdings in shares of Alphabet by 1.1% in the 2nd quarter. LongView Wealth Management now owns 5,126 shares of the information services provider’s stock worth $909,000 after acquiring an additional 56 shares in the last quarter. Kooman & Associates boosted its holdings in shares of Alphabet by 1.4% in the 2nd quarter. Kooman & Associates now owns 4,127 shares of the information services provider’s stock worth $732,000 after acquiring an additional 56 shares in the last quarter. Colton Groome Financial Advisors LLC boosted its holdings in shares of Alphabet by 3.4% in the 2nd quarter. Colton Groome Financial Advisors LLC now owns 1,742 shares of the information services provider’s stock worth $309,000 after acquiring an additional 57 shares in the last quarter. Finally, Brueske Advisory Services LLC boosted its holdings in shares of Alphabet by 2.7% in the 2nd quarter. Brueske Advisory Services LLC now owns 2,194 shares of the information services provider’s stock worth $389,000 after acquiring an additional 58 shares in the last quarter. 27.26% of the stock is owned by institutional investors and hedge funds.

Alphabet Stock Performance

GOOG stock opened at $247.13 on Wednesday. The business’s fifty day moving average is $224.07 and its 200-day moving average is $188.32. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07. The company has a market cap of $2.99 trillion, a P/E ratio of 26.32, a price-to-earnings-growth ratio of 1.70 and a beta of 1.00. Alphabet Inc. has a twelve month low of $142.66 and a twelve month high of $256.70.

Alphabet (NASDAQ:GOOG) last posted its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, beating analysts’ consensus estimates of $2.12 by $0.19. The company had revenue of $96.43 billion for the quarter, compared to the consensus estimate of $93.67 billion. Alphabet had a return on equity of 34.31% and a net margin of 31.12%.The firm’s quarterly revenue was up 13.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.89 EPS. Equities research analysts forecast that Alphabet Inc. will post 8.89 EPS for the current year.

Alphabet Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Monday, September 8th were paid a $0.21 dividend. The ex-dividend date of this dividend was Monday, September 8th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.3%. Alphabet’s dividend payout ratio is 8.95%.

Insider Activity

In related news, insider John Kent Walker sold 23,820 shares of the company’s stock in a transaction on Monday, August 4th. The shares were sold at an average price of $194.70, for a total value of $4,637,754.00. Following the completion of the sale, the insider owned 42,999 shares in the company, valued at $8,371,905.30. This represents a 35.65% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Kavitark Ram Shriram sold 18,566 shares of the company’s stock in a transaction on Friday, July 18th. The shares were sold at an average price of $185.76, for a total transaction of $3,448,820.16. Following the completion of the sale, the director owned 243,400 shares of the company’s stock, valued at approximately $45,213,984. This represents a 7.09% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 276,738 shares of company stock valued at $59,135,475 in the last 90 days. 12.99% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on GOOG shares. Oppenheimer reissued an “outperform” rating and issued a $270.00 target price (up from $235.00) on shares of Alphabet in a report on Wednesday, September 3rd. Barclays restated a “buy” rating on shares of Alphabet in a research report on Wednesday, July 9th. Raymond James Financial restated an “outperform” rating and issued a $210.00 price objective (up previously from $185.00) on shares of Alphabet in a research report on Thursday, July 24th. Piper Sandler restated a “neutral” rating on shares of Alphabet in a research report on Wednesday, July 9th. Finally, Cowen restated a “buy” rating on shares of Alphabet in a research report on Wednesday, July 9th. Five equities research analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating, five have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $235.33.

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.