Passumpsic Savings Bank Acquires New Stake in Alphabet Inc. (NASDAQ:GOOG)

Passumpsic Savings Bank acquired a new stake in Alphabet Inc. (NASDAQ:GOOG) during the third quarter, HoldingsChannel reports. The fund acquired 1,576 shares of the information services provider’s stock, valued at approximately $263,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. FMR LLC grew its position in Alphabet by 5.2% in the 3rd quarter. FMR LLC now owns 114,802,133 shares of the information services provider’s stock valued at $19,193,768,000 after buying an additional 5,655,022 shares during the last quarter. Geode Capital Management LLC grew its position in Alphabet by 0.3% in the 3rd quarter. Geode Capital Management LLC now owns 103,557,486 shares of the information services provider’s stock valued at $17,247,208,000 after buying an additional 259,213 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Alphabet by 10.3% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 33,334,082 shares of the information services provider’s stock valued at $5,573,125,000 after buying an additional 3,113,395 shares during the last quarter. Jennison Associates LLC grew its position in Alphabet by 9.1% in the 3rd quarter. Jennison Associates LLC now owns 15,424,324 shares of the information services provider’s stock valued at $2,578,793,000 after buying an additional 1,291,274 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its position in Alphabet by 4.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 14,657,421 shares of the information services provider’s stock valued at $2,688,743,000 after buying an additional 636,008 shares during the last quarter. 27.26% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have commented on GOOG. Wells Fargo & Company boosted their target price 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. UBS Group boosted their target price on shares of Alphabet from $187.00 to $192.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Jefferies Financial Group boosted their target price on shares of Alphabet from $220.00 to $235.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. JPMorgan Chase & Co. boosted their target price on shares of Alphabet from $208.00 to $212.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Finally, Seaport Res Ptn upgraded shares of Alphabet from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 29th. Five equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $200.56.

Insider Activity

In other news, insider John Kent Walker sold 16,802 shares of the business’s stock in a transaction dated Friday, September 27th. The stock was sold at an average price of $165.47, for a total transaction of $2,780,226.94. Following the completion of the sale, the insider now owns 43,999 shares in the company, valued at approximately $7,280,514.53. The trade was a 27.63 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Kavitark Ram Shriram sold 37,134 shares of the business’s stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $185.02, for a total value of $6,870,532.68. Following the sale, the director now owns 282,832 shares of the company’s stock, valued at $52,329,576.64. The trade was a 11.61 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 197,923 shares of company stock valued at $34,244,676 in the last 90 days. 12.99% of the stock is currently owned by insiders.

Alphabet Trading Down 0.1 %

Shares of GOOG stock opened at $186.40 on Wednesday. The firm has a 50-day moving average price of $171.26 and a 200 day moving average price of $171.73. Alphabet Inc. has a twelve month low of $131.06 and a twelve month high of $193.31. The company has a market capitalization of $2.28 trillion, a price-to-earnings ratio of 24.74, a PEG ratio of 1.23 and a beta of 1.02. 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 quarterly earnings data on Tuesday, October 29th. The information services provider reported $2.12 EPS for the quarter, beating analysts’ consensus estimates of $1.83 by $0.29. Alphabet had a net margin of 27.74% and a return on equity of 31.66%. The company had revenue of $88.27 billion during the quarter, compared to the consensus estimate of $86.39 billion. During the same quarter in the prior year, the company posted $1.55 EPS. The company’s quarterly revenue was up 15.1% compared to the same quarter last year. Research analysts forecast that Alphabet Inc. will post 8.02 earnings per share for the current fiscal year.

Alphabet Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 9th will be paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.43%. The ex-dividend date of this dividend is Monday, December 9th. Alphabet’s dividend payout ratio is currently 10.61%.

Alphabet 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.