Primecap Management Co. CA Sells 147,540 Shares of Alphabet Inc. (NASDAQ:GOOG)

Primecap Management Co. CA cut its holdings in Alphabet Inc. (NASDAQ:GOOG) by 1.2% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 12,527,940 shares of the information services provider’s stock after selling 147,540 shares during the period. Alphabet accounts for 1.7% of Primecap Management Co. CA’s investment portfolio, making the stock its 15th largest holding. Primecap Management Co. CA’s holdings in Alphabet were worth $2,297,875,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. GDS Wealth Management lifted its stake in Alphabet by 8.0% in the 2nd quarter. GDS Wealth Management now owns 1,693 shares of the information services provider’s stock worth $311,000 after purchasing an additional 125 shares in the last quarter. Excalibur Management Corp lifted its stake in Alphabet by 17.0% in the 2nd quarter. Excalibur Management Corp now owns 2,827 shares of the information services provider’s stock worth $519,000 after purchasing an additional 411 shares in the last quarter. Lmcg Investments LLC lifted its stake in Alphabet by 0.6% in the 2nd quarter. Lmcg Investments LLC now owns 135,514 shares of the information services provider’s stock worth $24,856,000 after purchasing an additional 806 shares in the last quarter. Luts & Greenleigh Group Inc. purchased a new stake in Alphabet in the 2nd quarter worth approximately $840,000. Finally, WealthPLAN Partners LLC lifted its stake in Alphabet by 14.4% in the 2nd quarter. WealthPLAN Partners LLC now owns 61,367 shares of the information services provider’s stock worth $11,256,000 after purchasing an additional 7,722 shares in the last quarter. 27.26% of the stock is owned by institutional investors.

Analysts Set New Price Targets

GOOG has been the topic of several recent analyst reports. Wolfe Research upgraded shares of Alphabet to a “strong-buy” rating in a research note on Tuesday, July 16th. TD Cowen raised their price objective on shares of Alphabet from $200.00 to $220.00 and gave the company a “buy” rating in a research report on Wednesday, July 10th. Cantor Fitzgerald upgraded shares of Alphabet to a “hold” rating in a research report on Thursday, September 5th. DA Davidson upgraded shares of Alphabet to a “hold” rating in a research report on Tuesday, September 10th. Finally, Rosenblatt Securities cut shares of Alphabet from a “buy” rating to a “neutral” rating and set a $181.00 price objective on the stock. in a research report on Friday, June 28th. Three equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Alphabet currently has a consensus rating of “Moderate Buy” and an average price target of $182.86.

Insider Activity at Alphabet

In other Alphabet news, CEO Sundar Pichai sold 22,500 shares of the firm’s stock in a transaction on Wednesday, July 3rd. The shares were sold at an average price of $186.74, for a total value of $4,201,650.00. Following the sale, the chief executive officer now owns 2,227,385 shares of the company’s stock, valued at approximately $415,941,874.90. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Alphabet news, SVP Prabhakar Raghavan sold 3,262 shares of the firm’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $183.99, for a total value of $600,175.38. Following the sale, the senior vice president now owns 9 shares of the company’s stock, valued at approximately $1,655.91. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Sundar Pichai sold 22,500 shares of the firm’s stock in a transaction on Wednesday, July 3rd. The stock was sold at an average price of $186.74, for a total transaction of $4,201,650.00. Following the completion of the sale, the chief executive officer now directly owns 2,227,385 shares in the company, valued at approximately $415,941,874.90. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 202,667 shares of company stock valued at $34,341,581. Insiders own 12.99% of the company’s stock.

Alphabet Price Performance

GOOG stock opened at $160.28 on Wednesday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.08 and a current ratio of 2.08. Alphabet Inc. has a 52 week low of $121.46 and a 52 week high of $193.31. The firm’s fifty day moving average is $167.82 and its 200 day moving average is $166.64. The firm has a market cap of $1.98 trillion, a P/E ratio of 24.58, a P/E/G ratio of 1.13 and a beta of 1.04.

Alphabet (NASDAQ:GOOG) last released its earnings results on Tuesday, July 23rd. The information services provider reported $1.89 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 company had revenue of $84.74 billion for the quarter, compared to analyst estimates of $84.22 billion. During the same quarter last year, the firm earned $1.44 EPS. The firm’s quarterly revenue was up 13.6% compared to the same quarter last year. Research analysts predict that Alphabet Inc. will post 7.63 earnings per share for the current year.

Alphabet Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Monday, September 9th were issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 0.50%. The ex-dividend date was Monday, September 9th. Alphabet’s dividend payout ratio is currently 12.27%.

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.