King Luther Capital Management Corp Sells 15,119 Shares of Alphabet Inc. (NASDAQ:GOOG)

King Luther Capital Management Corp trimmed its position in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 0.6% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,547,580 shares of the information services provider's stock after selling 15,119 shares during the quarter. Alphabet accounts for approximately 1.8% of King Luther Capital Management Corp's investment portfolio, making the stock its 11th largest position. King Luther Capital Management Corp's holdings in Alphabet were worth $425,930,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. Twelve Points Wealth Management LLC raised its position in Alphabet by 0.7% in the 2nd quarter. Twelve Points Wealth Management LLC now owns 7,985 shares of the information services provider's stock valued at $1,465,000 after purchasing an additional 55 shares during the last quarter. PCG Wealth Advisors LLC boosted its holdings in shares of Alphabet by 3.1% in the 2nd quarter. PCG Wealth Advisors LLC now owns 1,880 shares of the information services provider's stock valued at $345,000 after purchasing an additional 57 shares during the last quarter. Investment Advisory Services Inc. TX ADV increased its position in Alphabet by 1.6% during the 2nd 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 in the last quarter. Advisors Management Group Inc. ADV lifted its position in Alphabet by 2.0% during the 2nd quarter. Advisors Management Group Inc. ADV now owns 2,944 shares of the information services provider's stock worth $540,000 after acquiring an additional 58 shares in the last quarter. Finally, Shira Ridge Wealth Management lifted its holdings in Alphabet by 0.4% during the 2nd quarter. Shira Ridge Wealth Management now owns 15,490 shares of the information services provider's stock worth $2,841,000 after buying an additional 60 shares during the last quarter. Institutional investors own 27.26% of the company's stock.

Analyst Upgrades and Downgrades

GOOG has been the topic of a number of analyst reports. Citigroup increased their price objective on shares of Alphabet from $212.00 to $216.00 and gave the stock a "buy" rating in a report on Wednesday, October 30th. Seaport Res Ptn raised Alphabet from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, October 29th. Phillip Securities upgraded Alphabet to a "strong-buy" rating in a report on Friday, November 1st. Cantor Fitzgerald raised Alphabet to a "hold" rating in a research note on Thursday, September 5th. Finally, Pivotal Research increased their price target on Alphabet from $215.00 to $225.00 and gave the stock a "buy" rating in a report on Wednesday, October 30th. Five research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and three have issued a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $200.56.

Alphabet Trading Down 1.3 %

Shares of GOOG stock opened at $177.33 on Thursday. 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 Inc. has a 1 year low of $129.40 and a 1 year high of $193.31. The stock has a market cap of $2.17 trillion, a P/E ratio of 23.52, a price-to-earnings-growth ratio of 1.26 and a beta of 1.04. The stock has a 50 day simple moving average of $168.65 and a 200 day simple moving average of $171.91.

Alphabet (NASDAQ:GOOG - Get Free Report) last released its quarterly earnings data on Tuesday, October 29th. The information services provider reported $2.12 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 net margin of 27.74% and a return on equity of 31.66%. The firm's quarterly revenue was up 15.1% compared to the same quarter last year. During the same period in the prior year, the company earned $1.55 EPS. On average, research analysts predict that Alphabet Inc. will post 7.99 earnings per share for the current fiscal year.

Alphabet Announces Dividend

The company also recently disclosed 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. This represents a $0.80 annualized dividend and a dividend yield of 0.45%. The ex-dividend date of this dividend is Monday, December 9th. Alphabet's dividend payout ratio (DPR) is presently 10.61%.

Insider Activity

In other news, CEO Sundar Pichai sold 22,500 shares of Alphabet stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $158.68, for a total transaction of $3,570,300.00. Following the sale, the chief executive officer now directly owns 2,137,385 shares in the company, valued at $339,160,251.80. The trade was a 1.04 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Amie Thuener O'toole sold 682 shares of Alphabet stock in a transaction dated 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 sale, the chief accounting officer now directly owns 32,017 shares of the company's stock, valued at approximately $5,136,807.48. This trade represents a 2.09 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 184,295 shares of company stock valued at $30,698,791 in the last ninety days. 12.99% of the stock is owned by company insiders.

About Alphabet

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.

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