Mechanics Bank Trust Department Has $5.27 Million Holdings in Alphabet Inc. (NASDAQ:GOOG)

Mechanics Bank Trust Department decreased its position in Alphabet Inc. (NASDAQ:GOOG) by 2.9% during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 28,735 shares of the information services provider’s stock after selling 856 shares during the period. Mechanics Bank Trust Department’s holdings in Alphabet were worth $5,271,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. TFC Financial Management Inc. lifted its position in shares of Alphabet by 2.3% during the 4th quarter. TFC Financial Management Inc. now owns 6,095 shares of the information services provider’s stock worth $859,000 after buying an additional 135 shares during the last quarter. Meeder Asset Management Inc. increased its position in Alphabet by 6.4% in the 4th quarter. Meeder Asset Management Inc. now owns 302,707 shares of the information services provider’s stock valued at $42,660,000 after buying an additional 18,238 shares in the last quarter. Hazlett Burt & Watson Inc. raised its stake in Alphabet by 7.5% during the 4th quarter. Hazlett Burt & Watson Inc. now owns 7,074 shares of the information services provider’s stock worth $994,000 after buying an additional 493 shares during the period. Investment Partners Asset Management Inc. bought a new stake in shares of Alphabet during the fourth quarter valued at approximately $1,232,000. Finally, Manchester Financial Inc. raised its position in shares of Alphabet by 3.6% during the fourth quarter. Manchester Financial Inc. now owns 2,124 shares of the information services provider’s stock worth $299,000 after purchasing an additional 74 shares during the period. Institutional investors and hedge funds own 27.26% of the company’s stock.

Alphabet Stock Up 0.9 %

Alphabet stock traded up $1.55 during mid-day trading on Friday, reaching $165.39. 13,549,230 shares of the company were exchanged, compared to its average volume of 20,609,316. The business has a fifty day moving average of $178.60 and a 200 day moving average of $163.51. Alphabet Inc. has a 12-month low of $121.46 and a 12-month high of $193.31. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.08 and a current ratio of 2.08. The firm has a market cap of $2.04 trillion, a P/E ratio of 25.37, a PEG ratio of 1.28 and a beta of 1.05.

Alphabet (NASDAQ:GOOG) last posted its earnings results on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.85 by $0.04. Alphabet had a net margin of 26.70% and a return on equity of 30.49%. The firm had revenue of $84.74 billion during the quarter, compared to analysts’ expectations of $84.22 billion. During the same period in the previous year, the business posted $1.44 EPS. The business’s revenue was up 13.6% compared to the same quarter last year. Research analysts anticipate that Alphabet Inc. will post 7.62 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, September 16th. Investors of record on Monday, September 9th will be given a dividend of $0.20 per share. The ex-dividend date is Monday, September 9th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.48%. Alphabet’s payout ratio is currently 12.27%.

Insider Activity at Alphabet

In other news, CEO Sundar Pichai sold 22,500 shares of the company’s stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $173.22, for a total value of $3,897,450.00. Following the completion of the transaction, the chief executive officer now owns 2,258,011 shares in the company, valued at approximately $391,132,665.42. The sale was disclosed in a document filed with the SEC, which is available at this link. In related news, CAO Amie Thuener O’toole sold 682 shares of the 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 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 filing with the SEC, which is available through this hyperlink. Also, CEO Sundar Pichai sold 22,500 shares of the company’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $173.22, for a total transaction of $3,897,450.00. Following the completion of the transaction, the chief executive officer now owns 2,258,011 shares in the company, valued at $391,132,665.42. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 144,808 shares of company stock worth $25,586,650. 12.99% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the company. Wolfe Research upgraded 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. Stifel Nicolaus increased their target price on shares of Alphabet from $154.00 to $174.00 and gave the stock a “buy” rating in a research note on Tuesday, April 16th. Rosenblatt Securities lowered shares of Alphabet from a “buy” rating to a “neutral” rating and set a $181.00 price target for the company. in a research report on Friday, June 28th. Finally, TD Cowen boosted their target price on Alphabet from $200.00 to $220.00 and gave the stock a “buy” rating in a research report on Wednesday, July 10th. One research analyst has rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Alphabet has a consensus rating of “Buy” and an average target price of $182.86.

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.