Peddock Capital Advisors LLC Cuts Position in Alphabet Inc. (NASDAQ:GOOG)

Peddock Capital Advisors LLC decreased its position in Alphabet Inc. (NASDAQ:GOOG) by 11.2% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,272 shares of the information services provider’s stock after selling 789 shares during the quarter. Peddock Capital Advisors LLC’s holdings in Alphabet were worth $1,150,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Objectivity Squared LLC grew its stake in shares of Alphabet by 7.3% in the second quarter. Objectivity Squared LLC now owns 15,975 shares of the information services provider’s stock worth $2,963,000 after acquiring an additional 1,088 shares in the last quarter. Foster Victor Wealth Advisors LLC grew its stake in shares of Alphabet by 18.3% in the second quarter. Foster Victor Wealth Advisors LLC now owns 7,699 shares of the information services provider’s stock worth $1,428,000 after acquiring an additional 1,193 shares in the last quarter. Timber Creek Capital Management LLC grew its stake in shares of Alphabet by 0.3% in the second quarter. Timber Creek Capital Management LLC now owns 66,140 shares of the information services provider’s stock worth $12,131,000 after acquiring an additional 199 shares in the last quarter. Brookstone Capital Management grew its stake in shares of Alphabet by 7.4% in the second quarter. Brookstone Capital Management now owns 54,495 shares of the information services provider’s stock worth $9,952,000 after acquiring an additional 3,753 shares in the last quarter. Finally, Blue Trust Inc. grew its stake in shares of Alphabet by 8.5% in the second quarter. Blue Trust Inc. now owns 20,626 shares of the information services provider’s stock worth $3,783,000 after acquiring an additional 1,621 shares in the last quarter. Hedge funds and other institutional investors own 27.26% of the company’s stock.

Alphabet Stock Performance

NASDAQ GOOG traded up $1.57 during trading hours on Friday, hitting $164.74. The company had a trading volume of 16,853,137 shares, compared to its average volume of 20,481,816. 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 1-year low of $121.46 and a 1-year high of $193.31. The company has a market cap of $2.04 trillion, a PE ratio of 25.27, a price-to-earnings-growth ratio of 1.28 and a beta of 1.05. The business has a 50 day moving average of $177.37 and a 200-day moving average of $163.80.

Alphabet (NASDAQ:GOOG) last released its quarterly earnings data on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share (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 during the quarter, compared to the consensus estimate of $84.22 billion. During the same quarter in the prior year, the firm posted $1.44 earnings per share. Alphabet’s revenue for the quarter was up 13.6% on a year-over-year basis. As a group, equities research analysts expect that Alphabet Inc. will post 7.62 EPS for the current year.

Alphabet Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Monday, September 9th will be issued a $0.20 dividend. The ex-dividend date is Monday, September 9th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.49%. Alphabet’s payout ratio is 12.27%.

Insider Activity

In other news, CAO Amie Thuener O’toole sold 682 shares of the company’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $173.86, for a total value of $118,572.52. Following the completion of the sale, the chief accounting officer now directly owns 29,966 shares of the company’s stock, valued at $5,209,888.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, SVP Prabhakar Raghavan sold 34,257 shares of the stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $162.60, for a total transaction of $5,570,188.20. Following the completion of the transaction, the senior vice president now directly owns 312,210 shares of the company’s stock, valued at $50,765,346. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Amie Thuener O’toole sold 682 shares of the stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $173.86, for a total transaction of $118,572.52. Following the transaction, the chief accounting officer now directly owns 29,966 shares of the company’s stock, valued at $5,209,888.76. The disclosure for this sale can be found here. Over the last three months, insiders sold 155,865 shares of company stock valued at $27,137,693. Insiders own 12.99% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. Wolfe Research upgraded shares of Alphabet to a “strong-buy” rating in a research note on Tuesday, July 16th. TD Cowen boosted their target price on shares of Alphabet from $200.00 to $220.00 and gave the stock a “buy” rating in a research note on Wednesday, July 10th. Rosenblatt Securities downgraded shares of Alphabet from a “buy” rating to a “neutral” rating and set a $181.00 target price for the company. in a research note on Friday, June 28th. Finally, Oppenheimer boosted their target price on shares of Alphabet from $205.00 to $210.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 24th. One investment analyst has rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Alphabet presently has a consensus rating of “Buy” and a consensus target price of $182.86.

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.