Invesco LLC Lowers Holdings in Alphabet Inc. (NASDAQ:GOOG)

Invesco LLC cut its holdings in Alphabet Inc. (NASDAQ:GOOG) by 1.4% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 112,488 shares of the information services provider’s stock after selling 1,652 shares during the period. Alphabet accounts for 7.5% of Invesco LLC’s investment portfolio, making the stock its biggest position. Invesco LLC’s holdings in Alphabet were worth $18,807,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the business. Abich Financial Wealth Management LLC grew its stake in Alphabet by 9,200.0% during the second quarter. Abich Financial Wealth Management LLC now owns 186 shares of the information services provider’s stock valued at $34,000 after acquiring an additional 184 shares in the last quarter. 1620 Investment Advisors Inc. purchased a new position in shares of Alphabet during the 2nd quarter valued at $37,000. HWG Holdings LP purchased a new position in shares of Alphabet during the 2nd quarter valued at $40,000. Slocum Gordon & Co LLP bought a new position in shares of Alphabet in the second quarter worth $44,000. Finally, Hoese & Co LLP boosted its stake in Alphabet by 62.5% during the second quarter. Hoese & Co LLP now owns 260 shares of the information services provider’s stock valued at $45,000 after buying an additional 100 shares during the period. 27.26% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, CEO Sundar Pichai sold 22,500 shares of the stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $162.35, for a total value of $3,652,875.00. Following the completion of the transaction, the chief executive officer now directly owns 2,182,385 shares of the company’s stock, valued at $354,310,204.75. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, CEO Sundar Pichai sold 22,500 shares of the company’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $162.35, for a total value of $3,652,875.00. Following the sale, the chief executive officer now directly owns 2,182,385 shares of the company’s stock, valued at $354,310,204.75. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Prabhakar Raghavan sold 34,257 shares of the firm’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $162.60, for a total value of $5,570,188.20. Following the transaction, the senior vice president now directly owns 312,210 shares of the company’s stock, valued at $50,765,346. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 230,244 shares of company stock valued at $37,776,954. Corporate insiders own 12.99% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. JPMorgan Chase & Co. lifted their price target on Alphabet from $208.00 to $212.00 and gave the company an “overweight” rating in a research report on Wednesday. Barclays boosted their price target on shares of Alphabet from $200.00 to $220.00 and gave the stock an “overweight” rating in a research note on Wednesday. UBS Group raised their price objective on shares of Alphabet from $187.00 to $192.00 and gave the company a “neutral” rating in a research report on Wednesday. Citigroup upped their target price on shares of Alphabet from $212.00 to $216.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, Canaccord Genuity Group raised their price target on Alphabet from $220.00 to $225.00 and gave the company a “buy” rating in a research report on Wednesday. Five investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Alphabet currently has a consensus rating of “Moderate Buy” and an average price target of $200.56.

Alphabet Stock Performance

Alphabet stock opened at $172.65 on Friday. The company has a current ratio of 1.95, a quick ratio of 2.08 and a debt-to-equity ratio of 0.04. The firm has a market cap of $2.13 trillion, a P/E ratio of 22.90, a P/E/G ratio of 1.24 and a beta of 1.04. Alphabet Inc. has a 1-year low of $128.11 and a 1-year high of $193.31. The firm has a 50-day moving average of $163.81 and a 200-day moving average of $170.53.

Alphabet (NASDAQ:GOOG) last released its quarterly earnings data on Tuesday, October 29th. The information services provider reported $2.12 earnings per share for the quarter, topping the consensus estimate of $1.83 by $0.29. The business had revenue of $88.27 billion during the quarter, compared to analysts’ expectations of $86.39 billion. Alphabet had a return on equity of 31.66% and a net margin of 27.74%. The business’s revenue was up 15.1% on a year-over-year basis. During the same quarter last year, the business posted $1.55 EPS. Sell-side analysts expect that Alphabet Inc. will post 7.89 EPS for the current year.

Alphabet Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 9th will be issued a $0.20 dividend. The ex-dividend date of this dividend is Monday, December 9th. This represents a $0.80 annualized dividend and a yield of 0.46%. Alphabet’s dividend payout ratio (DPR) is presently 10.61%.

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.