QRG Capital Management Inc. Sells 84,093 Shares of Alphabet Inc. (NASDAQ:GOOG)

QRG Capital Management Inc. trimmed its position in shares of Alphabet Inc. (NASDAQ:GOOG) by 8.8% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 873,442 shares of the information services provider’s stock after selling 84,093 shares during the quarter. Alphabet accounts for 1.4% of QRG Capital Management Inc.’s investment portfolio, making the stock its 9th largest holding. QRG Capital Management Inc.’s holdings in Alphabet were worth $136,458,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Principia Wealth Advisory LLC grew its holdings in 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 buying an additional 85 shares in the last quarter. LSV Asset Management bought a new stake in Alphabet during the fourth quarter worth $27,000. WealthTrak Capital Management LLC bought a new stake in Alphabet during the fourth quarter worth $38,000. Mountain Hill Investment Partners Corp. bought a new stake in Alphabet during the fourth quarter worth $39,000. Finally, Noble Wealth Management PBC bought a new stake in Alphabet during the fourth quarter worth $43,000. 27.26% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CEO Sundar Pichai sold 32,500 shares of the stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $168.71, for a total transaction of $5,483,075.00. Following the sale, the chief executive officer now owns 2,587,696 shares of the company’s stock, valued at approximately $436,570,192.16. This represents a 1.24% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director John L. Hennessy sold 200 shares of the stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $161.90, for a total value of $32,380.00. Following the sale, the director now directly owns 7,613 shares in the company, valued at $1,232,544.70. This trade represents a 2.56% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 195,570 shares of company stock valued at $32,003,532. Corporate insiders own 12.99% of the company’s stock.

Wall Street Analysts Forecast Growth

GOOG has been the subject of several recent research reports. Tigress Financial reiterated a “strong-buy” rating on shares of Alphabet in a report on Friday, May 2nd. The Goldman Sachs Group reiterated a “buy” rating and set a $220.00 price target on shares of Alphabet in a report on Monday, June 2nd. Needham & Company LLC downgraded Alphabet from a “buy” rating to a “cautious” rating in a report on Friday, May 2nd. Oppenheimer upped their price objective on Alphabet from $185.00 to $200.00 and gave the company an “outperform” rating in a research note on Friday, April 25th. Finally, JPMorgan Chase & Co. upped their price objective on Alphabet from $180.00 to $195.00 and gave the company an “overweight” rating in a research note on Friday, April 25th. Three analysts have rated the stock with a sell rating, five have issued a hold rating, fourteen have assigned a buy rating and five have given a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $204.88.

Alphabet Stock Up 1.2%

Shares of NASDAQ GOOG opened at $177.94 on Tuesday. Alphabet Inc. has a one year low of $142.66 and a one year high of $208.70. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.84 and a quick ratio of 1.84. The business’s fifty day moving average price is $165.19 and its 200-day moving average price is $176.43. The stock has a market capitalization of $2.16 trillion, a PE ratio of 22.10, a P/E/G ratio of 1.34 and a beta of 1.01.

Alphabet (NASDAQ:GOOG) last issued its quarterly earnings data on Thursday, April 24th. The information services provider reported $2.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.02 by $0.79. The business had revenue of $90.23 billion for the quarter, compared to analysts’ expectations of $89.30 billion. Alphabet had a return on equity of 32.49% and a net margin of 28.60%. The firm’s quarterly revenue was up 12.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.89 EPS. On average, equities research analysts anticipate that Alphabet Inc. will post 8.89 EPS for the current year.

Alphabet Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Monday, June 9th were issued a dividend of $0.21 per share. This is a boost from Alphabet’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend was Monday, June 9th. This represents a $0.84 dividend on an annualized basis and a yield of 0.47%. Alphabet’s dividend payout ratio is 9.36%.

Alphabet 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.