Alphabet Inc. $GOOG Stock Position Increased by Davis Selected Advisers

Davis Selected Advisers grew its position in Alphabet Inc. (NASDAQ:GOOG) by 0.6% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 650,390 shares of the information services provider’s stock after purchasing an additional 3,693 shares during the period. Davis Selected Advisers’ holdings in Alphabet were worth $115,373,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the business. RDA Financial Network lifted its position in Alphabet by 5.3% during the 2nd quarter. RDA Financial Network now owns 11,094 shares of the information services provider’s stock valued at $1,968,000 after purchasing an additional 554 shares during the period. Bleakley Financial Group LLC raised its stake in shares of Alphabet by 1.4% during the second quarter. Bleakley Financial Group LLC now owns 170,020 shares of the information services provider’s stock worth $30,160,000 after buying an additional 2,304 shares during the last quarter. Oldfather Financial Services LLC bought a new stake in shares of Alphabet during the second quarter worth approximately $213,000. Tower View Wealth Management LLC lifted its holdings in Alphabet by 6.9% in the second quarter. Tower View Wealth Management LLC now owns 27,644 shares of the information services provider’s stock valued at $4,904,000 after buying an additional 1,776 shares during the period. Finally, Dock Street Asset Management Inc. boosted its stake in Alphabet by 0.8% in the second quarter. Dock Street Asset Management Inc. now owns 234,306 shares of the information services provider’s stock valued at $41,563,000 after acquiring an additional 1,970 shares during the last quarter. Institutional investors own 27.26% of the company’s stock.

Insider Buying and Selling at Alphabet

In related news, Director John L. Hennessy sold 600 shares of the business’s stock in a transaction on Monday, October 13th. The shares were sold at an average price of $242.92, for a total value of $145,752.00. Following the sale, the director directly owned 5,116 shares of the company’s stock, valued at approximately $1,242,778.72. The trade was a 10.50% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Sundar Pichai sold 32,500 shares of the stock in a transaction dated Wednesday, November 5th. The stock was sold at an average price of $283.48, for a total value of $9,213,100.00. Following the transaction, the chief executive officer owned 2,337,119 shares of the company’s stock, valued at approximately $662,526,494.12. This trade represents a 1.37% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 221,796 shares of company stock valued at $53,983,001 over the last quarter. 12.99% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

GOOG has been the subject of several recent research reports. Weiss Ratings reiterated a “buy (b)” rating on shares of Alphabet in a research report on Wednesday, October 8th. Oppenheimer lifted their price objective on Alphabet from $300.00 to $345.00 and gave the stock an “outperform” rating in a research note on Thursday, October 30th. Phillip Securities raised Alphabet from a “moderate buy” rating to a “strong-buy” rating in a research note on Friday, November 7th. KeyCorp restated an “overweight” rating and set a $330.00 target price on shares of Alphabet in a report on Thursday, October 30th. Finally, Jefferies Financial Group upped their price target on Alphabet from $285.00 to $320.00 and gave the company a “buy” rating in a research note on Thursday, October 30th. Six equities research analysts have rated the stock with a Strong Buy rating, twenty-six have issued a Buy rating, four have given a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, Alphabet presently has an average rating of “Moderate Buy” and an average target price of $324.81.

Alphabet Trading Down 0.8%

NASDAQ GOOG opened at $276.98 on Friday. Alphabet Inc. has a one year low of $142.66 and a one year high of $292.36. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90. The firm has a market cap of $3.34 trillion, a P/E ratio of 27.32, a P/E/G ratio of 1.86 and a beta of 1.05. The stock’s 50-day moving average is $257.84 and its 200-day moving average is $209.48.

Alphabet (NASDAQ:GOOG) last issued its quarterly earnings data on Thursday, October 30th. The information services provider reported $2.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.29 by $0.58. Alphabet had a return on equity of 36.08% and a net margin of 32.23%.The business had revenue of $102.35 billion during the quarter, compared to analyst estimates of $99.90 billion. During the same period in the previous year, the firm earned $2.12 EPS. Alphabet’s quarterly revenue was up 15.9% compared to the same quarter last year. Sell-side analysts anticipate that Alphabet Inc. will post 8.89 earnings per share for the current fiscal year.

Alphabet Announces Dividend

The business also recently disclosed 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 of this dividend is Monday, December 8th. This represents a $0.84 annualized dividend and a dividend yield of 0.3%. Alphabet’s dividend payout ratio is currently 8.28%.

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.