PNC Financial Services Group Inc. Acquires 41,712 Shares of Alphabet Inc. $GOOG

PNC Financial Services Group Inc. lifted its stake in Alphabet Inc. (NASDAQ:GOOG) by 1.5% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,843,415 shares of the information services provider’s stock after acquiring an additional 41,712 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Alphabet were worth $504,393,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the company. Brighton Jones LLC raised its stake in Alphabet by 5.6% in the 4th quarter. Brighton Jones LLC now owns 120,253 shares of the information services provider’s stock worth $22,901,000 after purchasing an additional 6,410 shares in the last quarter. Cable Hill Partners LLC increased its holdings in shares of Alphabet by 6.8% during the first quarter. Cable Hill Partners LLC now owns 9,781 shares of the information services provider’s stock worth $1,574,000 after purchasing an additional 624 shares during the period. Grandfield & Dodd LLC boosted its stake in shares of Alphabet by 7.6% in the first quarter. Grandfield & Dodd LLC now owns 21,498 shares of the information services provider’s stock valued at $3,359,000 after buying an additional 1,518 shares during the period. Welch & Forbes LLC grew its position in Alphabet by 0.7% during the first quarter. Welch & Forbes LLC now owns 1,211,074 shares of the information services provider’s stock worth $189,206,000 after buying an additional 8,617 shares in the last quarter. Finally, FWG Holdings LLC boosted its stake in Alphabet by 6.6% in the first quarter. FWG Holdings LLC now owns 8,069 shares of the information services provider’s stock valued at $1,308,000 after buying an additional 500 shares in the last quarter. Institutional investors and hedge funds own 27.26% of the company’s stock.

Insider Activity

In related news, CEO Sundar Pichai sold 32,500 shares of the stock in a transaction on 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 completion of the sale, the chief executive officer directly owned 2,369,619 shares of the company’s stock, valued at approximately $592,760,192.85. This represents a 1.35% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider John Kent Walker sold 17,816 shares of the company’s stock in a transaction on Monday, September 29th. The stock was sold at an average price of $247.42, for a total transaction of $4,408,034.72. Following the completion of the sale, the insider owned 42,985 shares of the company’s stock, valued at approximately $10,635,348.70. The trade was a 29.30% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 221,796 shares of company stock worth $53,983,001 over the last 90 days. 12.99% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on GOOG. BMO Capital Markets reaffirmed an “outperform” rating and set a $340.00 price target on shares of Alphabet in a report on Thursday, October 30th. Barclays raised their price objective on Alphabet from $250.00 to $315.00 and gave the company an “overweight” rating in a report on Thursday, October 30th. Phillip Securities raised Alphabet from a “moderate buy” rating to a “strong-buy” rating in a report on Friday, November 7th. Cowen reissued a “buy” rating on shares of Alphabet in a research note on Thursday, October 30th. Finally, Raymond James Financial set a $275.00 price objective on Alphabet and gave the company an “outperform” rating in a research note on Friday, October 24th. 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 issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $324.81.

Alphabet Stock Down 1.5%

Alphabet stock opened at $287.43 on Thursday. The company has a market capitalization of $3.47 trillion, a PE ratio of 28.35, a PEG ratio of 1.86 and a beta of 1.05. Alphabet Inc. has a 12-month low of $142.66 and a 12-month high of $292.36. The firm’s fifty day moving average is $256.07 and its 200 day moving average is $208.20. 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 released its quarterly earnings data on Wednesday, October 29th. The information services provider reported $2.87 earnings per share (EPS) for the quarter, topping 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 company had revenue of $102.35 billion for the quarter, compared to analysts’ expectations of $99.90 billion. During the same quarter in the prior year, the firm earned $2.12 EPS. The business’s revenue was up 15.9% on a year-over-year basis. As a group, sell-side analysts predict that Alphabet Inc. will post 8.89 EPS for the current fiscal year.

Alphabet Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Monday, December 8th will be given a $0.21 dividend. The ex-dividend date of this dividend is Monday, December 8th. This represents a $0.84 annualized dividend and a yield of 0.3%. Alphabet’s dividend payout ratio (DPR) is presently 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.