ProVise Management Group LLC Sells 1,759 Shares of Alphabet Inc. $GOOGL

ProVise Management Group LLC reduced its position in Alphabet Inc. (NASDAQ:GOOGL) by 2.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 69,771 shares of the information services provider’s stock after selling 1,759 shares during the quarter. ProVise Management Group LLC’s holdings in Alphabet were worth $12,296,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Gimbal Financial increased its stake in Alphabet by 1.9% in the second quarter. Gimbal Financial now owns 2,776 shares of the information services provider’s stock valued at $489,000 after acquiring an additional 53 shares during the period. Missouri Trust & Investment Co boosted its holdings in Alphabet by 0.3% during the second quarter. Missouri Trust & Investment Co now owns 16,916 shares of the information services provider’s stock valued at $2,981,000 after purchasing an additional 55 shares in the last quarter. Silver Coast Investments LLC grew its stake in shares of Alphabet by 1.3% in the 2nd quarter. Silver Coast Investments LLC now owns 4,317 shares of the information services provider’s stock valued at $761,000 after purchasing an additional 55 shares during the period. AM Investment Strategies LLC raised its holdings in shares of Alphabet by 0.9% in the 2nd quarter. AM Investment Strategies LLC now owns 6,477 shares of the information services provider’s stock worth $1,141,000 after buying an additional 57 shares in the last quarter. Finally, Bfsg LLC lifted its position in shares of Alphabet by 0.6% during the 2nd quarter. Bfsg LLC now owns 10,428 shares of the information services provider’s stock worth $1,838,000 after buying an additional 59 shares during the period. Institutional investors and hedge funds own 40.03% of the company’s stock.

Alphabet Trading Down 1.1%

Shares of NASDAQ GOOGL opened at $319.95 on Friday. Alphabet Inc. has a 1-year low of $140.53 and a 1-year high of $328.83. The company has a 50-day moving average of $267.94 and a two-hundred day moving average of $217.64. The company has a market cap of $3.86 trillion, a PE ratio of 31.55, a P/E/G ratio of 1.86 and a beta of 1.05. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07.

Alphabet (NASDAQ:GOOGL) last issued its quarterly earnings results on Wednesday, October 29th. The information services provider reported $2.87 earnings per share for the quarter, beating analysts’ consensus estimates of $2.29 by $0.58. Alphabet had a net margin of 32.23% and a return on equity of 36.08%. The business had revenue of $102.35 billion during the quarter, compared to analyst estimates of $99.90 billion. As a group, equities analysts expect that Alphabet Inc. will post 8.9 earnings per share for the current fiscal year.

Alphabet Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Monday, December 8th will be given a dividend of $0.21 per share. The ex-dividend date is Monday, December 8th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.3%. Alphabet’s payout ratio is presently 8.28%.

Analysts Set New Price Targets

Several analysts recently commented on GOOGL shares. Oppenheimer boosted their price target on Alphabet from $270.00 to $300.00 and gave the company an “outperform” rating in a research note on Monday, October 20th. Evercore ISI upped their target price on shares of Alphabet from $300.00 to $325.00 and gave the stock an “outperform” rating in a report on Thursday, October 30th. DA Davidson reiterated a “neutral” rating and set a $300.00 target price on shares of Alphabet in a research report on Tuesday. Barclays restated an “overweight” rating and issued a $315.00 price target (up from $250.00) on shares of Alphabet in a research report on Thursday, October 30th. Finally, Citizens Jmp raised their price objective on shares of Alphabet from $250.00 to $290.00 and gave the stock an “outperform” rating in a report on Friday, September 19th. Four analysts have rated the stock with a Strong Buy rating, forty-one have assigned a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $307.84.

Insider Activity

In related news, insider John Kent Walker sold 17,816 shares of the firm’s stock in a transaction dated Monday, September 29th. The stock was sold at an average price of $247.42, for a total value of $4,408,034.72. Following the transaction, the insider owned 42,985 shares in the company, valued at $10,635,348.70. This trade represents a 29.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Sundar Pichai sold 32,500 shares of the business’s stock in a transaction dated Wednesday, October 15th. The stock was sold at an average price of $250.15, for a total value of $8,129,875.00. Following the sale, the chief executive officer directly owned 2,369,619 shares of the company’s stock, valued at $592,760,192.85. This represents a 1.35% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 225,072 shares of company stock valued at $58,074,027 over the last 90 days. 11.64% of the stock is owned by company insiders.

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.