Polymer Capital Management HK LTD Sells 81,420 Shares of Alphabet Inc. (NASDAQ:GOOG)

Polymer Capital Management HK LTD lowered its stake in shares of Alphabet Inc. (NASDAQ:GOOG) by 70.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 34,100 shares of the information services provider’s stock after selling 81,420 shares during the period. Alphabet accounts for 1.3% of Polymer Capital Management HK LTD’s investment portfolio, making the stock its 17th biggest holding. Polymer Capital Management HK LTD’s holdings in Alphabet were worth $5,701,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently modified their holdings of the stock. Walden Wealth Partners LLC lifted its position in Alphabet by 5.3% in the 2nd quarter. Walden Wealth Partners LLC now owns 18,647 shares of the information services provider’s stock worth $3,420,000 after buying an additional 931 shares during the last quarter. Norman Fields Gottscho Capital Management LLC grew its holdings in shares of Alphabet by 2.8% during the 2nd quarter. Norman Fields Gottscho Capital Management LLC now owns 35,879 shares of the information services provider’s stock valued at $6,912,000 after purchasing an additional 962 shares during the last quarter. Franchise Capital Ltd purchased a new position in Alphabet in the 2nd quarter worth $15,476,000. Warther Private Wealth LLC boosted its position in Alphabet by 36.6% during the second quarter. Warther Private Wealth LLC now owns 6,950 shares of the information services provider’s stock valued at $1,275,000 after buying an additional 1,863 shares during the period. Finally, CX Institutional increased its holdings in shares of Alphabet by 9.2% in the second quarter. CX Institutional now owns 31,944 shares of the information services provider’s stock worth $5,859,000 after buying an additional 2,700 shares during the period. Institutional investors own 27.26% of the company’s stock.

Insider Buying and Selling

In other Alphabet news, CAO Amie Thuener O’toole sold 2,835 shares of the firm’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $151.53, for a total transaction of $429,587.55. Following the completion of the transaction, the chief accounting officer now directly owns 29,182 shares of the company’s stock, valued at approximately $4,421,948.46. This trade represents a 8.85 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider John Kent Walker sold 16,802 shares of the stock in a transaction on 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 $7,280,514.53. The trade was a 27.63 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 163,624 shares of company stock worth $27,803,730 in the last 90 days. 12.99% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several analysts have weighed in on GOOG shares. Barclays boosted their price objective on Alphabet from $200.00 to $220.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. Jefferies Financial Group boosted their price objective on shares of Alphabet from $220.00 to $235.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Oppenheimer increased their target price on shares of Alphabet from $185.00 to $215.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. DA Davidson upgraded Alphabet to a “hold” rating in a report on Tuesday, September 10th. Finally, Cantor Fitzgerald raised shares of Alphabet to a “hold” rating in a research note on Thursday, September 5th. Five investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat, Alphabet has a consensus rating of “Moderate Buy” and a consensus price target of $200.56.

Alphabet Price Performance

NASDAQ:GOOG opened at $173.02 on Wednesday. The firm has a market capitalization of $2.12 trillion, a price-to-earnings ratio of 22.95, a PEG ratio of 1.21 and a beta of 1.02. 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 business has a 50 day simple moving average of $170.37 and a 200-day simple moving average of $171.78. Alphabet Inc. has a 1 year low of $129.40 and a 1 year high of $193.31.

Alphabet (NASDAQ:GOOG) last announced its quarterly earnings data on Tuesday, October 29th. The information services provider reported $2.12 EPS for the quarter, beating the consensus estimate of $1.83 by $0.29. The company had revenue of $88.27 billion for the quarter, compared to the consensus estimate of $86.39 billion. Alphabet had a return on equity of 31.66% and a net margin of 27.74%. Alphabet’s quarterly revenue was up 15.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.55 EPS. Equities analysts forecast that Alphabet Inc. will post 8.02 EPS for the current year.

Alphabet Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 9th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 0.46%. The ex-dividend date of this dividend is Monday, December 9th. Alphabet’s payout ratio is currently 10.61%.

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.