PNC Financial Services Group Inc. decreased its stake in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 2.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,910,022 shares of the information services provider's stock after selling 77,108 shares during the period. PNC Financial Services Group Inc.'s holdings in Alphabet were worth $486,527,000 as of its most recent SEC filing.
Other hedge funds have also modified their holdings of the company. B. Metzler seel. Sohn & Co. Holding AG acquired a new position in Alphabet in the 3rd quarter worth $51,832,000. Banque Cantonale Vaudoise boosted its holdings in Alphabet by 43.1% in the third quarter. Banque Cantonale Vaudoise now owns 78,320 shares of the information services provider's stock valued at $13,094,000 after purchasing an additional 23,594 shares during the last quarter. SouthState Corp increased its holdings in Alphabet by 1.1% during the 3rd quarter. SouthState Corp now owns 131,361 shares of the information services provider's stock worth $21,962,000 after purchasing an additional 1,427 shares during the last quarter. Vance Wealth Inc. raised its position in shares of Alphabet by 20.8% in the 3rd quarter. Vance Wealth Inc. now owns 3,589 shares of the information services provider's stock valued at $600,000 after purchasing an additional 618 shares in the last quarter. Finally, FWG Holdings LLC grew its position in shares of Alphabet by 1.6% during the third quarter. FWG Holdings LLC now owns 7,469 shares of the information services provider's stock worth $1,257,000 after buying an additional 120 shares in the last quarter. 27.26% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Several research analysts have weighed in on the stock. Barclays raised their price objective on shares of Alphabet from $200.00 to $220.00 and gave the stock an "overweight" rating in a report on Wednesday, October 30th. JPMorgan Chase & Co. lifted their price objective on shares of Alphabet from $208.00 to $212.00 and gave the stock an "overweight" rating in a report on Wednesday, October 30th. Wells Fargo & Company raised their price target on shares of Alphabet from $182.00 to $187.00 and gave the stock an "equal weight" rating in a research report on Wednesday, October 30th. Scotiabank assumed coverage on shares of Alphabet in a research report on Friday, October 11th. They set a "sector outperform" rating and a $212.00 price objective for the company. Finally, Canaccord Genuity Group raised their target price on shares of Alphabet from $220.00 to $225.00 and gave the stock a "buy" rating in a report on Wednesday, October 30th. Five equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $200.56.
Get Our Latest Stock Analysis on GOOG
Insider Buying and Selling at Alphabet
In related news, Director Kavitark Ram Shriram sold 10,500 shares of the company's stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $177.41, for a total value of $1,862,805.00. Following the completion of the sale, the director now owns 319,966 shares in the company, valued at approximately $56,765,168.06. This represents a 3.18 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Amie Thuener O'toole sold 682 shares of Alphabet stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $160.44, for a total transaction of $109,420.08. Following the transaction, the chief accounting officer now owns 32,017 shares in the company, valued at approximately $5,136,807.48. The trade was a 2.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 206,795 shares of company stock valued at $34,471,141. Corporate insiders own 12.99% of the company's stock.
Alphabet Price Performance
Shares of NASDAQ GOOG traded up $2.78 during mid-day trading on Tuesday, reaching $179.58. 15,363,359 shares of the company traded hands, compared to its average volume of 19,560,408. Alphabet Inc. has a fifty-two week low of $129.40 and a fifty-two week high of $193.31. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.95 and a quick ratio of 1.95. The stock has a fifty day simple moving average of $167.56 and a 200-day simple moving average of $171.80. The firm has a market cap of $2.20 trillion, a PE ratio of 23.46, a price-to-earnings-growth ratio of 1.22 and a beta of 1.04.
Alphabet (NASDAQ:GOOG - Get Free Report) last issued its quarterly earnings results on Tuesday, October 29th. The information services provider reported $2.12 earnings per share for the quarter, beating analysts' consensus estimates of $1.83 by $0.29. The company had revenue of $88.27 billion during the quarter, compared to the consensus estimate of $86.39 billion. Alphabet had a net margin of 27.74% and a return on equity of 31.66%. Alphabet's revenue was up 15.1% on a year-over-year basis. During the same period in the prior year, the company earned $1.55 EPS. Equities research analysts anticipate that Alphabet Inc. will post 7.99 EPS for the current fiscal year.
Alphabet Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 9th will be given a $0.20 dividend. The ex-dividend date is Monday, December 9th. This represents a $0.80 annualized dividend and a yield of 0.45%. Alphabet's dividend payout ratio (DPR) is 10.61%.
Alphabet Profile
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Free Report)
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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