Cary Street Partners Financial LLC Purchases 3,127 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Cary Street Partners Financial LLC lifted its position in shares of Alphabet Inc. (NASDAQ:GOOGL) by 2.0% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 159,869 shares of the information services provider’s stock after acquiring an additional 3,127 shares during the quarter. Alphabet makes up 0.8% of Cary Street Partners Financial LLC’s investment portfolio, making the stock its 25th largest position. Cary Street Partners Financial LLC’s holdings in Alphabet were worth $24,722,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD lifted its holdings in shares of Alphabet by 8.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 98,638,127 shares of the information services provider’s stock worth $18,672,198,000 after acquiring an additional 7,574,417 shares during the last quarter. Capital Research Global Investors lifted its holdings in shares of Alphabet by 16.2% in the 4th quarter. Capital Research Global Investors now owns 72,033,086 shares of the information services provider’s stock worth $13,635,878,000 after acquiring an additional 10,037,685 shares during the last quarter. Northern Trust Corp lifted its holdings in shares of Alphabet by 17.0% in the 4th quarter. Northern Trust Corp now owns 69,616,854 shares of the information services provider’s stock worth $13,178,470,000 after acquiring an additional 10,135,430 shares during the last quarter. Wellington Management Group LLP lifted its holdings in shares of Alphabet by 15.9% in the 4th quarter. Wellington Management Group LLP now owns 66,050,135 shares of the information services provider’s stock worth $12,503,291,000 after acquiring an additional 9,042,271 shares during the last quarter. Finally, Capital International Investors lifted its holdings in shares of Alphabet by 5.7% in the 4th quarter. Capital International Investors now owns 33,183,489 shares of the information services provider’s stock worth $6,281,879,000 after acquiring an additional 1,779,031 shares during the last quarter. Institutional investors own 40.03% of the company’s stock.

Insider Activity at Alphabet

In related news, CEO Sundar Pichai sold 32,500 shares of Alphabet stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $178.52, for a total value 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Kavitark Ram Shriram sold 18,566 shares of Alphabet stock in a transaction on Friday, July 18th. The shares were sold at an average price of $185.76, for a total value of $3,448,820.16. Following the completion of the transaction, the director owned 243,400 shares in the company, valued at $45,213,984. The trade was a 7.09% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 274,219 shares of company stock valued at $49,674,273. 11.55% of the stock is owned by insiders.

Analyst Ratings Changes

GOOGL has been the subject of a number of recent research reports. Citizens Jmp upgraded shares of Alphabet from a “market perform” rating to an “outperform” rating and set a $220.00 price objective for the company in a report on Friday, June 27th. Rosenblatt Securities increased their price objective on Alphabet from $189.00 to $191.00 and gave the company a “neutral” rating in a research note on Thursday, July 24th. Citigroup increased their price objective on Alphabet from $203.00 to $225.00 and gave the company a “buy” rating in a research note on Thursday, July 24th. JPMorgan Chase & Co. increased their price objective on Alphabet from $200.00 to $232.00 and gave the company an “overweight” rating in a research note on Thursday, July 24th. Finally, KeyCorp increased their price objective on Alphabet from $215.00 to $230.00 and gave the company an “overweight” rating in a research note on Thursday, July 24th. Ten research analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and four have issued a strong buy rating to the stock. According to MarketBeat, Alphabet presently has a consensus rating of “Moderate Buy” and an average target price of $211.53.

Alphabet Trading Down 0.2%

Shares of GOOGL opened at $201.00 on Tuesday. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07. The firm’s 50-day moving average is $181.53 and its two-hundred day moving average is $172.81. Alphabet Inc. has a twelve month low of $140.53 and a twelve month high of $207.05. The firm has a market capitalization of $2.43 trillion, a P/E ratio of 21.41, a PEG ratio of 1.36 and a beta of 1.01.

Alphabet (NASDAQ:GOOGL) last posted its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, beating the consensus estimate of $2.15 by $0.16. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The firm had revenue of $96,428,000 billion during the quarter, compared to the consensus estimate of $93.60 billion. On average, research analysts predict that Alphabet Inc. will post 8.9 earnings per share for the current fiscal year.

Alphabet Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Monday, September 8th will be paid a $0.21 dividend. The ex-dividend date of this dividend is Monday, September 8th. This represents a $0.84 annualized dividend and a yield of 0.4%. Alphabet’s payout ratio is presently 8.95%.

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.