Hohimer Wealth Management LLC Lowers Position in Alphabet Inc. (NASDAQ:GOOG)

Hohimer Wealth Management LLC decreased its position in shares of Alphabet Inc. (NASDAQ:GOOG) by 42.0% during the third quarter, according to its most recent filing with the SEC. The firm owned 4,012 shares of the information services provider’s stock after selling 2,909 shares during the period. Hohimer Wealth Management LLC’s holdings in Alphabet were worth $671,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in GOOG. Weiss Asset Management LP purchased a new stake in Alphabet in the third quarter worth about $25,000. Safe Harbor Fiduciary LLC bought a new stake in shares of Alphabet in the 3rd quarter worth approximately $33,000. Abich Financial Wealth Management LLC grew its stake in shares of Alphabet by 9,200.0% in the 2nd quarter. Abich Financial Wealth Management LLC now owns 186 shares of the information services provider’s stock worth $34,000 after buying an additional 184 shares during the last quarter. 1620 Investment Advisors Inc. purchased a new position in Alphabet during the second quarter valued at $37,000. Finally, HWG Holdings LP bought a new stake in Alphabet in the second quarter worth $40,000. Institutional investors own 27.26% of the company’s stock.

Alphabet Price Performance

NASDAQ GOOG opened at $186.53 on Wednesday. The business’s fifty day moving average is $171.26 and its 200 day moving average is $171.73. Alphabet Inc. has a fifty-two week low of $131.06 and a fifty-two week high of $193.31. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.95 and a current ratio of 1.95. The company has a market capitalization of $2.28 trillion, a PE ratio of 24.74, a price-to-earnings-growth ratio of 1.23 and a beta of 1.02.

Alphabet (NASDAQ:GOOG) last posted its quarterly earnings data 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 firm had revenue of $88.27 billion for the quarter, compared to analysts’ expectations of $86.39 billion. Alphabet had a return on equity of 31.66% and a net margin of 27.74%. The business’s quarterly revenue was up 15.1% on a year-over-year basis. During the same period in the previous year, the firm earned $1.55 EPS. Sell-side analysts predict that Alphabet Inc. will post 8.02 earnings per share for the current year.

Alphabet Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 9th will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 0.43%. The ex-dividend date of this dividend is Monday, December 9th. Alphabet’s dividend payout ratio is currently 10.61%.

Insiders Place Their Bets

In other news, Director Kavitark Ram Shriram sold 37,134 shares of the firm’s stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $185.02, for a total transaction of $6,870,532.68. Following the completion of the transaction, the director now owns 282,832 shares in the company, valued at $52,329,576.64. This trade represents a 11.61 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Amie Thuener O’toole sold 1,367 shares of Alphabet stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $168.84, for a total value of $230,804.28. Following the completion of the sale, the chief accounting officer now directly owns 29,183 shares in the company, valued at $4,927,257.72. This trade represents a 4.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 197,923 shares of company stock worth $34,244,676. Corporate insiders own 12.99% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on GOOG. Barclays raised their price target on Alphabet from $200.00 to $220.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Citigroup upped their target price on shares of Alphabet from $212.00 to $216.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Canaccord Genuity Group boosted their price objective on shares of Alphabet from $220.00 to $225.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. DA Davidson upgraded Alphabet to a “hold” rating in a research note on Tuesday, September 10th. Finally, Scotiabank began coverage on Alphabet in a research report on Friday, October 11th. They issued a “sector outperform” rating and a $212.00 target price for the company. Five equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and three have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $200.56.

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.