Prudential PLC Has $93.12 Million Stake in Alphabet Inc. (NASDAQ:GOOG)

Prudential PLC lifted its position in Alphabet Inc. (NASDAQ:GOOG) by 1.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 596,057 shares of the information services provider’s stock after purchasing an additional 9,357 shares during the quarter. Alphabet accounts for 0.5% of Prudential PLC’s portfolio, making the stock its 15th largest position. Prudential PLC’s holdings in Alphabet were worth $93,122,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of GOOG. Principia Wealth Advisory LLC raised its stake in shares of Alphabet by 111.8% in the first 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 in the last quarter. MorganRosel Wealth Management LLC acquired a new position in shares of Alphabet in the first quarter valued at $26,000. LSV Asset Management acquired a new position in Alphabet during the fourth quarter worth $27,000. Goodman Advisory Group LLC acquired a new position in Alphabet during the first quarter worth $32,000. Finally, Greykasell Wealth Strategies Inc. acquired a new position in Alphabet during the first quarter worth $32,000. 27.26% of the stock is currently owned by institutional investors and hedge funds.

Alphabet Price Performance

Alphabet stock opened at $201.63 on Tuesday. The business’s 50-day simple moving average is $182.53 and its 200 day simple moving average is $174.34. The stock has a market cap of $2.44 trillion, a price-to-earnings ratio of 21.47, a P/E/G ratio of 1.34 and a beta of 1.02. Alphabet Inc. has a 12-month low of $142.66 and a 12-month high of $208.70. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07.

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

Alphabet Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Monday, September 8th will be issued a dividend of $0.21 per share. The ex-dividend date is Monday, September 8th. This represents a $0.84 dividend on an annualized basis and a yield of 0.4%. Alphabet’s dividend payout ratio (DPR) is 8.95%.

Insiders Place Their Bets

In other Alphabet news, CEO Sundar Pichai sold 32,500 shares of the firm’s stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $178.52, for a total transaction of $5,801,900.00. Following the transaction, the chief executive officer owned 2,559,892 shares in the company, valued at approximately $456,991,919.84. This trade represents a 1.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider John Kent Walker sold 23,820 shares of the firm’s stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $194.70, for a total value of $4,637,754.00. Following the transaction, the insider owned 42,999 shares in the company, valued at approximately $8,371,905.30. This trade represents a 35.65% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 274,219 shares of company stock worth $49,674,273. Insiders own 12.99% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on GOOG shares. Susquehanna reiterated a “positive” rating on shares of Alphabet in a research note on Friday, May 2nd. Westpark Capital reiterated a “buy” rating and set a $210.00 price objective on shares of Alphabet in a research note on Friday, April 25th. Rosenblatt Securities upgraded Alphabet from a “hold” rating to a “strong-buy” rating in a research note on Friday, April 25th. Raymond James Financial reiterated an “outperform” rating and set a $210.00 price objective (up from $185.00) on shares of Alphabet in a research note on Thursday, July 24th. Finally, Citizens Jmp upgraded Alphabet from a “hold” rating to a “strong-buy” rating in a research note on Thursday, June 26th. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating, seventeen have assigned a buy rating and five have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $215.19.

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.