Lorne Steinberg Wealth Management Inc. Sells 394 Shares of Alphabet Inc. (NASDAQ:GOOG)

Lorne Steinberg Wealth Management Inc. lowered its stake in shares of Alphabet Inc. (NASDAQ:GOOG) by 10.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,315 shares of the information services provider’s stock after selling 394 shares during the period. Lorne Steinberg Wealth Management Inc.’s holdings in Alphabet were worth $518,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. LSV Asset Management acquired a new stake in shares of Alphabet during the fourth quarter worth about $27,000. Principia Wealth Advisory LLC raised its position in shares of Alphabet by 111.8% during the first quarter. Principia Wealth Advisory LLC now owns 161 shares of the information services provider’s stock worth $26,000 after purchasing an additional 85 shares during the period. WealthTrak Capital Management LLC acquired a new stake in shares of Alphabet during the fourth quarter worth about $38,000. Mountain Hill Investment Partners Corp. acquired a new stake in shares of Alphabet during the fourth quarter worth about $39,000. Finally, Noble Wealth Management PBC acquired a new stake in shares of Alphabet during the fourth quarter worth about $43,000. Institutional investors own 27.26% of the company’s stock.

Insider Activity at Alphabet

In other news, insider John Kent Walker sold 11,764 shares of the business’s stock in a transaction on Thursday, March 27th. The stock was sold at an average price of $166.84, for a total transaction of $1,962,705.76. Following the completion of the transaction, the insider now owns 49,037 shares of the company’s stock, valued at approximately $8,181,333.08. The trade was a 19.35% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Sundar Pichai sold 32,500 shares of the business’s stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $158.56, for a total value of $5,153,200.00. Following the transaction, the chief executive officer now directly owns 2,717,696 shares of the company’s stock, valued at $430,917,877.76. This trade represents a 1.18% decrease in their position. The disclosure for this sale can be found here. Insiders sold 195,570 shares of company stock worth $32,003,532 in the last ninety days. 12.99% of the stock is owned by company insiders.

Alphabet Stock Down 0.6%

NASDAQ:GOOG opened at $175.88 on Monday. The firm has a market capitalization of $2.13 trillion, a price-to-earnings ratio of 21.85, a price-to-earnings-growth ratio of 1.34 and a beta of 1.01. Alphabet Inc. has a twelve month low of $142.66 and a twelve month high of $208.70. The stock’s 50 day moving average price is $164.57 and its two-hundred day moving average price is $176.38. The company has a quick ratio of 1.84, a current ratio of 1.84 and a debt-to-equity ratio of 0.03.

Alphabet (NASDAQ:GOOG) last issued its earnings results on Thursday, April 24th. The information services provider reported $2.81 EPS for the quarter, topping the consensus estimate of $2.02 by $0.79. Alphabet had a return on equity of 32.49% and a net margin of 28.60%. The company had revenue of $90.23 billion during the quarter, compared to the consensus estimate of $89.30 billion. During the same period in the previous year, the company posted $1.89 EPS. The firm’s revenue for the quarter was up 12.0% compared to the same quarter last year. Equities research analysts expect that Alphabet Inc. will post 8.89 earnings per share for the current fiscal year.

Alphabet Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Monday, June 9th will be paid a $0.21 dividend. The ex-dividend date of this dividend is Monday, June 9th. This is an increase from Alphabet’s previous quarterly dividend of $0.20. This represents a $0.84 annualized dividend and a yield of 0.48%. Alphabet’s payout ratio is 9.36%.

Wall Street Analyst Weigh In

A number of research firms have recently commented on GOOG. Oppenheimer raised their price target on Alphabet from $185.00 to $200.00 and gave the stock an “outperform” rating in a research report on Friday, April 25th. Rosenblatt Securities raised Alphabet from a “hold” rating to a “strong-buy” rating in a research report on Friday, April 25th. The Goldman Sachs Group reaffirmed a “buy” rating and set a $220.00 price target on shares of Alphabet in a research report on Monday, June 2nd. Westpark Capital reissued a “buy” rating and issued a $210.00 target price on shares of Alphabet in a research report on Friday, April 25th. Finally, Scotiabank dropped their target price on Alphabet from $232.00 to $200.00 and set a “sector outperform” rating on the stock in a research report on Monday, April 21st. Three research analysts have rated the stock with a sell rating, five have issued a hold rating, fourteen have issued a buy rating and five have assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $204.88.

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.