Chapin Davis Inc. Grows Stake in Alphabet Inc. $GOOGL

Chapin Davis Inc. lifted its position in Alphabet Inc. (NASDAQ:GOOGL) by 3.5% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 37,797 shares of the information services provider’s stock after purchasing an additional 1,291 shares during the period. Alphabet accounts for approximately 1.8% of Chapin Davis Inc.’s investment portfolio, making the stock its 11th largest holding. Chapin Davis Inc.’s holdings in Alphabet were worth $6,661,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently bought and sold shares of GOOGL. Nuveen LLC purchased a new position in Alphabet during the first quarter valued at $4,317,606,000. GAMMA Investing LLC lifted its position in Alphabet by 16,993.2% during the first quarter. GAMMA Investing LLC now owns 16,062,457 shares of the information services provider’s stock valued at $2,483,898,000 after purchasing an additional 15,968,487 shares in the last quarter. Vanguard Group Inc. lifted its position in Alphabet by 2.9% during the first quarter. Vanguard Group Inc. now owns 509,826,331 shares of the information services provider’s stock valued at $78,839,544,000 after purchasing an additional 14,307,345 shares in the last quarter. Assenagon Asset Management S.A. lifted its position in Alphabet by 307.6% during the first quarter. Assenagon Asset Management S.A. now owns 10,302,644 shares of the information services provider’s stock valued at $1,593,201,000 after purchasing an additional 7,774,811 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Alphabet by 11.4% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 43,865,520 shares of the information services provider’s stock valued at $6,783,364,000 after purchasing an additional 4,473,901 shares in the last quarter. 40.03% of the stock is currently owned by hedge funds and other institutional investors.

Alphabet Trading Down 1.8%

Shares of GOOGL stock opened at $247.14 on Thursday. Alphabet Inc. has a 12-month low of $140.53 and a 12-month high of $256.00. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07. The stock’s 50-day moving average price is $213.46 and its 200-day moving average price is $181.91. The stock has a market capitalization of $2.99 trillion, a price-to-earnings ratio of 26.32, a price-to-earnings-growth ratio of 1.70 and a beta of 1.01.

Alphabet (NASDAQ:GOOGL) last issued its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.15 by $0.16. Alphabet had a return on equity of 34.31% and a net margin of 31.12%.The firm had revenue of $96.43 billion for the quarter, compared to analysts’ expectations of $93.60 billion. Equities research analysts predict that Alphabet Inc. will post 8.9 EPS for the current fiscal year.

Alphabet Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Monday, September 8th were paid a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 0.3%. The ex-dividend date of this dividend was Monday, September 8th. Alphabet’s payout ratio is presently 8.95%.

Insider Activity at Alphabet

In other Alphabet news, insider John Kent Walker sold 23,820 shares of the business’s stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $194.70, for a total transaction of $4,637,754.00. Following the sale, the insider directly owned 42,999 shares of the company’s stock, valued at $8,371,905.30. The trade was a 35.65% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director John L. Hennessy sold 600 shares of the business’s stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $249.44, for a total value of $149,664.00. Following the sale, the director directly owned 5,716 shares in the company, valued at $1,425,799.04. The trade was a 9.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 258,088 shares of company stock valued at $52,405,304 over the last ninety days. 11.64% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

GOOGL has been the topic of several research analyst reports. DA Davidson boosted their price objective on Alphabet from $180.00 to $190.00 and gave the company a “neutral” rating in a research report on Tuesday, September 2nd. Deutsche Bank Aktiengesellschaft restated a “buy” rating on shares of Alphabet in a research report on Wednesday, September 3rd. Rosenblatt Securities boosted their price objective on Alphabet from $191.00 to $224.00 and gave the company a “neutral” rating in a research report on Wednesday, September 3rd. Tigress Financial boosted their price objective on Alphabet from $240.00 to $280.00 and gave the company a “strong-buy” rating in a research report on Friday, September 5th. Finally, Phillip Securities downgraded Alphabet from a “strong-buy” rating to a “moderate buy” rating in a research report on Monday, September 8th. Three analysts have rated the stock with a Strong Buy rating, thirty-two have issued a Buy rating and ten have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $231.31.

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.