Allen Investment Management LLC Sells 5,999 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Allen Investment Management LLC cut its stake in Alphabet Inc. (NASDAQ:GOOGL) by 5.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 110,473 shares of the information services provider’s stock after selling 5,999 shares during the quarter. Allen Investment Management LLC’s holdings in Alphabet were worth $20,123,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Nebula Research & Development LLC acquired a new position in shares of Alphabet in the 4th quarter valued at approximately $787,000. New Hampshire Trust boosted its holdings in shares of Alphabet by 2.7% in the second quarter. New Hampshire Trust now owns 43,714 shares of the information services provider’s stock valued at $7,963,000 after buying an additional 1,132 shares during the period. Berkshire Money Management Inc. bought a new stake in shares of Alphabet during the first quarter worth $359,000. Schneider Downs Wealth Management Advisors LP lifted its position in Alphabet by 58.4% in the 1st quarter. Schneider Downs Wealth Management Advisors LP now owns 6,374 shares of the information services provider’s stock valued at $962,000 after acquiring an additional 2,351 shares in the last quarter. Finally, American International Group Inc. boosted its stake in Alphabet by 11.5% in the 4th quarter. American International Group Inc. now owns 1,951,860 shares of the information services provider’s stock worth $272,655,000 after purchasing an additional 200,891 shares during the period. 40.03% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Alphabet news, Director John L. Hennessy sold 700 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $165.00, for a total value of $115,500.00. Following the completion of the transaction, the director now directly owns 27,824 shares in the company, valued at approximately $4,590,960. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Alphabet news, Director John L. Hennessy sold 700 shares of the stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $165.00, for a total transaction of $115,500.00. Following the completion of the transaction, the director now owns 27,824 shares in the company, valued at $4,590,960. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Amie Thuener O’toole sold 682 shares of the stock in a transaction dated Tuesday, July 2nd. The stock was sold at an average price of $183.47, for a total transaction of $125,126.54. Following the completion of the sale, the chief accounting officer now directly owns 30,650 shares in the company, valued at $5,623,355.50. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 180,867 shares of company stock worth $29,878,106. 11.55% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. JPMorgan Chase & Co. upped their target price on Alphabet from $200.00 to $208.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. Rosenblatt Securities reissued a “neutral” rating and issued a $181.00 target price on shares of Alphabet in a research note on Wednesday, July 24th. DA Davidson started coverage on shares of Alphabet in a research note on Tuesday, September 10th. They issued a “neutral” rating and a $170.00 price target for the company. Citigroup boosted their price objective on shares of Alphabet from $190.00 to $212.00 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Finally, Wells Fargo & Company raised their target price on shares of Alphabet from $187.00 to $190.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 24th. Eight analysts have rated the stock with a hold rating, twenty-eight have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $201.35.

Alphabet Price Performance

Shares of NASDAQ:GOOGL opened at $163.95 on Friday. The business has a fifty day moving average price of $163.11 and a 200-day moving average price of $166.11. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.08 and a quick ratio of 2.08. The company has a market capitalization of $2.03 trillion, a PE ratio of 25.15, a PEG ratio of 1.21 and a beta of 1.04. Alphabet Inc. has a 1-year low of $120.21 and a 1-year high of $191.75.

Alphabet (NASDAQ:GOOGL) last released its quarterly earnings data on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share for the quarter, beating the consensus estimate of $1.85 by $0.04. The firm had revenue of $84.74 billion during the quarter, compared to analysts’ expectations of $70.60 billion. Alphabet had a net margin of 26.70% and a return on equity of 30.49%. During the same period in the previous year, the company earned $1.44 earnings per share. As a group, equities analysts expect that Alphabet Inc. will post 7.63 EPS for the current fiscal year.

Alphabet Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Monday, September 9th were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.49%. The ex-dividend date of this dividend was Monday, September 9th. Alphabet’s dividend payout ratio (DPR) is 12.27%.

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.