Principal Street Partners LLC Has $8.48 Million Holdings in Alphabet Inc. (NASDAQ:GOOGL)

Principal Street Partners LLC cut its stake in shares of Alphabet Inc. (NASDAQ:GOOGL) by 46.2% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 44,801 shares of the information services provider’s stock after selling 38,548 shares during the period. Alphabet comprises approximately 1.7% of Principal Street Partners LLC’s investment portfolio, making the stock its 10th largest holding. Principal Street Partners LLC’s holdings in Alphabet were worth $8,481,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently bought and sold shares of GOOGL. Bennett Selby Investments LP raised its holdings in Alphabet by 4.0% during the fourth quarter. Bennett Selby Investments LP now owns 1,354 shares of the information services provider’s stock worth $256,000 after purchasing an additional 52 shares in the last quarter. Macroview Investment Management LLC increased its position in shares of Alphabet by 4.2% during the 4th quarter. Macroview Investment Management LLC now owns 1,293 shares of the information services provider’s stock valued at $245,000 after purchasing an additional 52 shares during the period. Cornerstone Planning Group LLC increased its position in shares of Alphabet by 2.3% during the 4th quarter. Cornerstone Planning Group LLC now owns 2,381 shares of the information services provider’s stock valued at $457,000 after purchasing an additional 53 shares during the period. Addison Advisors LLC raised its stake in shares of Alphabet by 0.7% in the 4th quarter. Addison Advisors LLC now owns 7,527 shares of the information services provider’s stock worth $1,425,000 after buying an additional 53 shares in the last quarter. Finally, Burt Wealth Advisors lifted its holdings in shares of Alphabet by 1.0% in the fourth quarter. Burt Wealth Advisors now owns 5,307 shares of the information services provider’s stock valued at $1,005,000 after buying an additional 54 shares during the period. 40.03% of the stock is owned by hedge funds and other institutional investors.

Alphabet Stock Performance

Shares of NASDAQ GOOGL opened at $166.54 on Tuesday. The firm has a market capitalization of $2.02 trillion, a price-to-earnings ratio of 20.69, a PEG ratio of 1.34 and a beta of 1.01. Alphabet Inc. has a one year low of $140.53 and a one year high of $207.05. The business has a fifty day simple moving average of $158.20 and a 200 day simple moving average of $175.00. The company has a current ratio of 1.84, a quick ratio of 1.84 and a debt-to-equity ratio of 0.03.

Alphabet (NASDAQ:GOOGL) last posted its earnings results on Thursday, April 24th. The information services provider reported $2.81 earnings per share for the quarter, beating analysts’ consensus estimates of $2.02 by $0.79. The business had revenue of $76.49 billion for the quarter, compared to analysts’ expectations of $89.30 billion. Alphabet had a net margin of 28.60% and a return on equity of 32.49%. During the same quarter in the previous year, the firm posted $1.89 earnings per share. Sell-side analysts expect that Alphabet Inc. will post 8.9 EPS for the current year.

Alphabet Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Monday, June 9th will be given a dividend of $0.21 per share. The ex-dividend date of this dividend is Monday, June 9th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.50%. This is a boost from Alphabet’s previous quarterly dividend of $0.20. Alphabet’s dividend payout ratio (DPR) is 9.36%.

Insider Activity at Alphabet

In other news, insider Ruth Porat sold 17,690 shares of the stock in a transaction on Friday, February 21st. The stock was sold at an average price of $183.48, for a total transaction of $3,245,761.20. Following the sale, the insider now owns 1,449,286 shares in the company, valued at approximately $265,914,995.28. This represents a 1.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Amie Thuener O’toole sold 1,374 shares of Alphabet stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $173.47, for a total value of $238,347.78. Following the completion of the transaction, the chief accounting officer now directly owns 15,024 shares of the company’s stock, valued at $2,606,213.28. This represents a 8.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 129,744 shares of company stock valued at $20,968,366 in the last ninety days. Insiders own 11.64% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have issued reports on GOOGL shares. DZ Bank lowered shares of Alphabet from a “buy” rating to a “hold” rating and set a $198.00 price target on the stock. in a research report on Thursday, February 6th. Jefferies Financial Group reduced their price objective on Alphabet from $235.00 to $200.00 and set a “buy” rating for the company in a research note on Monday, March 31st. Needham & Company LLC reaffirmed a “buy” rating and issued a $178.00 price objective on shares of Alphabet in a research note on Friday, April 25th. Stifel Nicolaus dropped their price target on Alphabet from $225.00 to $192.00 and set a “buy” rating on the stock in a research report on Wednesday, April 23rd. Finally, Mizuho reduced their price objective on Alphabet from $230.00 to $205.00 and set an “outperform” rating for the company in a research note on Wednesday, April 9th. Ten equities research analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and four have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $199.75.

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.