31,340 Alphabet Inc. $GOOG Shares Sold by Cornerstone Advisors LLC

Cornerstone Advisors LLC reduced its holdings in shares of Alphabet Inc. (NASDAQ:GOOG) by 5.7% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 517,082 shares of the information services provider’s stock after selling 31,340 shares during the quarter. Alphabet makes up 5.9% of Cornerstone Advisors LLC’s investment portfolio, making the stock its 3rd biggest holding. Cornerstone Advisors LLC’s holdings in Alphabet were worth $176,191,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the business. BlackRock Inc. lifted its stake in Alphabet by 1.4% during the second quarter. BlackRock Inc. now owns 369,922,502 shares of the information services provider’s stock worth $130,704,718,000 after purchasing an additional 5,164,200 shares during the last quarter. State Street Corp boosted its holdings in Alphabet by 2.8% in the second quarter. State Street Corp now owns 190,923,442 shares of the information services provider’s stock valued at $67,458,980,000 after purchasing an additional 5,208,690 shares in the last quarter. Amundi boosted its holdings in Alphabet by 22.9% in the first quarter. Amundi now owns 21,922,379 shares of the information services provider’s stock valued at $6,288,654,000 after purchasing an additional 4,083,758 shares in the last quarter. Deutsche Bank AG increased its stake in Alphabet by 5.6% in the second quarter. Deutsche Bank AG now owns 17,313,729 shares of the information services provider’s stock valued at $6,117,460,000 after purchasing an additional 913,666 shares during the last quarter. Finally, Wellington Management Group LLP increased its stake in Alphabet by 24.9% in the second quarter. Wellington Management Group LLP now owns 17,209,454 shares of the information services provider’s stock valued at $6,080,616,000 after purchasing an additional 3,432,287 shares during the last quarter. 27.26% of the stock is owned by institutional investors and hedge funds.

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Alphabet Stock Performance

Shares of GOOG opened at $292.52 on Friday. The company has a 50-day simple moving average of $325.11 and a 200-day simple moving average of $335.97. The company has a quick ratio of 2.69, a current ratio of 2.79 and a debt-to-equity ratio of 0.19. The company has a market capitalization of $3.60 trillion, a PE ratio of 15.27, a P/E/G ratio of 0.90 and a beta of 1.21. Alphabet Inc. has a 52-week low of $271.41 and a 52-week high of $404.47.

Alphabet (NASDAQ:GOOG) last released its quarterly earnings data on Thursday, October 29th. The information services provider reported $2.12 EPS for the quarter, missing analysts’ consensus estimates of $3.01 by ($0.89). The company had revenue of $127.58 billion for the quarter, compared to analysts’ expectations of $127.97 billion. Alphabet had a return on equity of 43.33% and a net margin of 50.03%. The firm’s quarterly revenue was up 24.7% on a year-over-year basis. During the same period in the prior year, the firm posted $2.87 EPS. Equities research analysts predict that Alphabet Inc. will post 19.74 earnings per share for the current fiscal year.

Alphabet Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 14th. Stockholders of record on Monday, December 7th will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date is Monday, December 7th. Alphabet’s dividend payout ratio (DPR) is presently 4.59%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Tigress Financial raised their price objective on shares of Alphabet from $415.00 to $485.00 and gave the stock a “strong-buy” rating in a report on Friday, September 18th. Moffett Nathanson lowered their target price on shares of Alphabet from $380.00 to $370.00 and set a “buy” rating for the company in a report on Wednesday, September 16th. Zacks Research downgraded shares of Alphabet from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, August 5th. Scotiabank reiterated a “sector outperform” rating and set a $375.00 price target (down from $450.00) on shares of Alphabet in a research note on Thursday, October 29th. Finally, Stifel Nicolaus set a $485.00 price target on shares of Alphabet in a research report on Thursday, October 8th. Six research analysts have rated the stock with a Strong Buy rating, thirty-five have assigned a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Alphabet has a consensus rating of “Moderate Buy” and a consensus target price of $413.38.

Insider Activity

In other news, Director Frances Arnold sold 83 shares of the business’s stock in a transaction that occurred on Wednesday, September 30th. The stock was sold at an average price of $340.45, for a total transaction of $28,257.35. Following the sale, the director owned 19,076 shares of the company’s stock, valued at $6,494,424.20. The trade was a 0.43% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last three months, insiders have sold 247 shares of company stock worth $79,238. 12.99% of the stock is currently owned by company insiders.

Alphabet Profile

Alphabet is a technology holding company whose primary business is Google. Founded in 1998 by Larry Page and Sergey Brin, Google became part of Alphabet when the company adopted a holding-company structure in 2015. Sundar Pichai leads Alphabet and Google as chief executive officer. Google offers internet search, online advertising, cloud computing, and software and hardware products. Its services and products include Google Search, YouTube, Android, Chrome, Google Maps, Google Play, and Google Cloud.