Concord Asset Management LLC VA Has $1.24 Million Stake in Alphabet Inc. (NASDAQ:GOOG)

Concord Asset Management LLC VA trimmed its stake in shares of Alphabet Inc. (NASDAQ:GOOG) by 15.9% during the first quarter, HoldingsChannel reports. The fund owned 7,835 shares of the information services provider’s stock after selling 1,485 shares during the period. Concord Asset Management LLC VA’s holdings in Alphabet were worth $1,236,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. LSV Asset Management acquired a new position in Alphabet in the 4th quarter valued at about $27,000. Principia Wealth Advisory LLC boosted its holdings in Alphabet by 111.8% in the 1st quarter. Principia Wealth Advisory LLC now owns 161 shares of the information services provider’s stock valued at $26,000 after purchasing an additional 85 shares during the period. MorganRosel Wealth Management LLC bought a new stake in Alphabet in the 1st quarter valued at about $26,000. WealthTrak Capital Management LLC bought a new stake in Alphabet in the 4th quarter valued at about $38,000. Finally, Mountain Hill Investment Partners Corp. bought a new stake in Alphabet in the 4th quarter valued at about $39,000. 27.26% of the stock is currently owned by institutional investors and hedge funds.

Alphabet Stock Up 0.8%

NASDAQ:GOOG opened at $182.81 on Tuesday. The company has a market cap of $2.22 trillion, a PE ratio of 20.38, a P/E/G ratio of 1.27 and a beta of 1.01. Alphabet Inc. has a twelve month low of $142.66 and a twelve month high of $208.70. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 0.03. The company’s 50 day moving average is $171.84 and its two-hundred day moving average is $174.68.

Alphabet (NASDAQ:GOOG) last announced its quarterly earnings results on Thursday, April 24th. The information services provider reported $2.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.02 by $0.79. The firm had revenue of $90.23 billion for the quarter, compared to the consensus estimate of $89.30 billion. Alphabet had a net margin of 30.86% and a return on equity of 34.54%. The firm’s quarterly revenue was up 12.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.89 earnings per share. Analysts anticipate that Alphabet Inc. will post 8.89 EPS for the current year.

Alphabet Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Monday, June 9th were paid a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 0.46%. The ex-dividend date of this dividend was Monday, June 9th. This is a positive change from Alphabet’s previous quarterly dividend of $0.20. Alphabet’s dividend payout ratio (DPR) is 9.36%.

Wall Street Analyst Weigh In

GOOG has been the subject of a number of recent research reports. Oppenheimer reissued an “outperform” rating and issued a $220.00 price objective (up previously from $200.00) on shares of Alphabet in a report on Wednesday, July 9th. UBS Group restated a “buy” rating on shares of Alphabet in a research report on Wednesday, July 9th. Scotiabank dropped their target price on shares of Alphabet from $232.00 to $200.00 and set a “sector outperform” rating for the company in a research report on Monday, April 21st. Wells Fargo & Company restated an “equal weight” rating on shares of Alphabet in a research report on Wednesday, July 9th. Finally, Rosenblatt Securities upgraded shares of Alphabet from a “hold” rating to a “strong-buy” rating in a research report on Friday, April 25th. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating, eighteen have given a buy rating and six have issued a strong buy rating to the company. According to MarketBeat, Alphabet has an average rating of “Moderate Buy” and an average target price of $207.13.

Insiders Place Their Bets

In other news, Director Kavitark Ram Shriram sold 10,500 shares of the stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $175.00, for a total transaction of $1,837,500.00. Following the sale, the director owned 261,966 shares of the company’s stock, valued at approximately $45,844,050. This represents a 3.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John L. Hennessy sold 600 shares of the firm’s stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $175.00, for a total transaction of $105,000.00. Following the completion of the sale, the director directly owned 6,813 shares in the company, valued at approximately $1,192,275. This trade represents a 8.09% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 215,443 shares of company stock valued at $36,298,548 over the last 90 days. 12.99% of the stock is owned by company insiders.

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.