Alphabet Inc. (NASDAQ:GOOG) Shares Sold by Sterneck Capital Management LLC

Sterneck Capital Management LLC decreased its holdings in shares of Alphabet Inc. (NASDAQ:GOOG) by 2.7% in the 2nd quarter, Holdings Channel.com reports. The fund owned 23,867 shares of the information services provider’s stock after selling 674 shares during the quarter. Alphabet makes up about 2.5% of Sterneck Capital Management LLC’s holdings, making the stock its 10th biggest holding. Sterneck Capital Management LLC’s holdings in Alphabet were worth $4,378,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in GOOG. Partnership Wealth Management LLC acquired a new stake in shares of Alphabet in the fourth quarter valued at $26,000. DiNuzzo Private Wealth Inc. acquired a new stake in shares of Alphabet in the fourth quarter valued at $32,000. Pacific Capital Wealth Advisors Inc. acquired a new stake in shares of Alphabet in the fourth quarter valued at $34,000. Richardson Financial Services Inc. acquired a new stake in shares of Alphabet in the fourth quarter valued at $34,000. Finally, 1620 Investment Advisors Inc. acquired a new stake in shares of Alphabet in the second quarter valued at $37,000. Institutional investors and hedge funds own 27.26% of the company’s stock.

Insiders Place Their Bets

In other Alphabet news, CAO Amie Thuener O’toole sold 682 shares of Alphabet stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $173.86, for a total transaction of $118,572.52. Following the completion of the sale, the chief accounting officer now directly owns 29,966 shares of the company’s stock, valued at approximately $5,209,888.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Sundar Pichai sold 22,500 shares of the business’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $167.66, for a total value of $3,772,350.00. Following the completion of the sale, the chief executive officer now directly owns 2,159,885 shares of the company’s stock, valued at approximately $362,126,319.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Amie Thuener O’toole sold 682 shares of the business’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $173.86, for a total value of $118,572.52. Following the completion of the sale, the chief accounting officer now directly owns 29,966 shares of the company’s stock, valued at $5,209,888.76. The disclosure for this sale can be found here. Insiders sold 179,065 shares of company stock valued at $31,025,543 in the last ninety days. Insiders own 12.99% of the company’s stock.

Alphabet Stock Down 1.1 %

NASDAQ:GOOG traded down $1.88 during midday trading on Wednesday, reaching $164.50. The company had a trading volume of 15,177,795 shares, compared to its average volume of 20,189,111. The firm has a market capitalization of $2.03 trillion, a price-to-earnings ratio of 25.23, a PEG ratio of 1.28 and a beta of 1.05. The company has a current ratio of 2.08, a quick ratio of 2.08 and a debt-to-equity ratio of 0.04. The stock’s fifty day simple moving average is $175.92 and its 200-day simple moving average is $165.02. Alphabet Inc. has a 12-month low of $121.46 and a 12-month high of $193.31.

Alphabet (NASDAQ:GOOG) last announced its quarterly earnings results on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.85 by $0.04. The company had revenue of $84.74 billion during the quarter, compared to the consensus estimate of $84.22 billion. Alphabet had a return on equity of 30.49% and a net margin of 26.70%. Alphabet’s revenue for the quarter was up 13.6% on a year-over-year basis. During the same period in the previous year, the business earned $1.44 EPS. On average, sell-side analysts anticipate that Alphabet Inc. will post 7.62 earnings per share for the current fiscal year.

Alphabet Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Monday, September 9th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 0.49%. The ex-dividend date is Monday, September 9th. Alphabet’s dividend payout ratio (DPR) is 12.27%.

Wall Street Analyst Weigh In

GOOG has been the subject of a number of research reports. Wolfe Research raised Alphabet to a “strong-buy” rating in a research note on Tuesday, July 16th. Oppenheimer lifted their target price on Alphabet from $205.00 to $210.00 and gave the company an “outperform” rating in a report on Wednesday, July 24th. Rosenblatt Securities lowered Alphabet from a “buy” rating to a “neutral” rating and set a $181.00 target price for the company. in a report on Friday, June 28th. Finally, TD Cowen lifted their target price on Alphabet from $200.00 to $220.00 and gave the company a “buy” rating in a report on Wednesday, July 10th. One analyst has rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $182.86.

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.