W.G. Shaheen & Associates DBA Whitney & Co Raises Stock Position in Alphabet Inc. (NASDAQ:GOOG)

W.G. Shaheen & Associates DBA Whitney & Co boosted its holdings in shares of Alphabet Inc. (NASDAQ:GOOG) by 0.1% during the 3rd quarter, Holdings Channel.com reports. The fund owned 140,122 shares of the information services provider’s stock after purchasing an additional 169 shares during the period. Alphabet comprises approximately 2.5% of W.G. Shaheen & Associates DBA Whitney & Co’s investment portfolio, making the stock its 7th biggest position. W.G. Shaheen & Associates DBA Whitney & Co’s holdings in Alphabet were worth $23,427,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in GOOG. Twelve Points Wealth Management LLC lifted its position in Alphabet by 0.7% in the second quarter. Twelve Points Wealth Management LLC now owns 7,985 shares of the information services provider’s stock worth $1,465,000 after purchasing an additional 55 shares during the period. PCG Wealth Advisors LLC lifted its position in Alphabet by 3.1% in the second quarter. PCG Wealth Advisors LLC now owns 1,880 shares of the information services provider’s stock worth $345,000 after purchasing an additional 57 shares during the period. Investment Advisory Services Inc. TX ADV lifted its position in Alphabet by 1.6% in the second quarter. Investment Advisory Services Inc. TX ADV now owns 3,636 shares of the information services provider’s stock worth $667,000 after purchasing an additional 57 shares during the period. Advisors Management Group Inc. ADV lifted its position in Alphabet by 2.0% in the second quarter. Advisors Management Group Inc. ADV now owns 2,944 shares of the information services provider’s stock worth $540,000 after purchasing an additional 58 shares during the period. Finally, Shira Ridge Wealth Management lifted its position in Alphabet by 0.4% in the second quarter. Shira Ridge Wealth Management now owns 15,490 shares of the information services provider’s stock worth $2,841,000 after purchasing an additional 60 shares during the period. Institutional investors own 27.26% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on GOOG shares. Phillip Securities raised Alphabet to a “strong-buy” rating in a report on Friday, November 1st. Barclays lifted their price objective on Alphabet from $200.00 to $220.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Cantor Fitzgerald raised Alphabet to a “hold” rating in a report on Thursday, September 5th. Scotiabank started coverage on Alphabet in a report on Friday, October 11th. They set a “sector outperform” rating and a $212.00 price objective for the company. Finally, JPMorgan Chase & Co. lifted their price objective on Alphabet from $208.00 to $212.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Five analysts have rated the stock with a hold rating, thirteen have given a buy rating and three have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $200.56.

Alphabet Price Performance

Alphabet stock opened at $176.80 on Tuesday. The firm has a market capitalization of $2.16 trillion, a P/E ratio of 23.45, a PEG ratio of 1.22 and a beta of 1.04. Alphabet Inc. has a 1 year low of $129.40 and a 1 year high of $193.31. The business has a 50-day moving average of $167.56 and a 200-day moving average of $171.80. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 0.04.

Alphabet (NASDAQ:GOOG) last posted its earnings results on Tuesday, October 29th. The information services provider reported $2.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.83 by $0.29. The company had revenue of $88.27 billion during the quarter, compared to analyst estimates of $86.39 billion. Alphabet had a return on equity of 31.66% and a net margin of 27.74%. The company’s revenue for the quarter was up 15.1% compared to the same quarter last year. During the same period in the previous year, the company earned $1.55 EPS. On average, equities analysts anticipate that Alphabet Inc. will post 7.99 EPS for the current year.

Alphabet Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 9th will be given a dividend of $0.20 per share. The ex-dividend date is Monday, December 9th. This represents a $0.80 annualized dividend and a dividend yield of 0.45%. Alphabet’s payout ratio is currently 10.61%.

Insider Activity at Alphabet

In related news, CAO Amie Thuener O’toole sold 682 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $160.44, for a total value of $109,420.08. Following the completion of the transaction, the chief accounting officer now directly owns 32,017 shares in the company, valued at approximately $5,136,807.48. The trade was a 2.09 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Frances Arnold sold 441 shares of the business’s stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $171.06, for a total value of $75,437.46. Following the completion of the transaction, the director now owns 16,490 shares of the company’s stock, valued at $2,820,779.40. This represents a 2.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 206,795 shares of company stock worth $34,471,141. 12.99% of the stock is owned by company insiders.

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.