Prio Wealth Limited Partnership Has $144.25 Million Position in Alphabet Inc. (NASDAQ:GOOG)

Prio Wealth Limited Partnership lowered its position in shares of Alphabet Inc. (NASDAQ:GOOG) by 9.3% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 786,439 shares of the information services provider’s stock after selling 80,187 shares during the period. Alphabet comprises about 4.3% of Prio Wealth Limited Partnership’s portfolio, making the stock its 5th biggest position. Prio Wealth Limited Partnership’s holdings in Alphabet were worth $144,249,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Cannon Financial Strategists Inc. bought a new position in shares of Alphabet during the second quarter valued at $268,000. Brightwater Advisory LLC acquired a new stake in Alphabet in the second quarter valued at $444,000. Heritage Wealth Management Inc. bought a new position in Alphabet during the 2nd quarter worth $1,730,000. Lazari Capital Management Inc. acquired a new position in Alphabet during the 2nd quarter worth about $488,000. Finally, Sanctuary Advisors LLC bought a new stake in shares of Alphabet in the 2nd quarter valued at about $69,741,000. Institutional investors and hedge funds own 27.26% of the company’s stock.

Alphabet Stock Up 0.7 %

Shares of NASDAQ GOOG opened at $168.42 on Wednesday. The company has a quick ratio of 2.08, a current ratio of 2.08 and a debt-to-equity ratio of 0.04. The firm has a market cap of $2.08 trillion, a PE ratio of 25.83, a P/E/G ratio of 1.21 and a beta of 1.04. The company’s fifty day simple moving average is $163.71 and its 200 day simple moving average is $168.51. Alphabet Inc. has a 12-month low of $121.46 and a 12-month high of $193.31.

Alphabet (NASDAQ:GOOG) last released its quarterly earnings data on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.85 by $0.04. Alphabet had a net margin of 26.70% and a return on equity of 30.49%. The company had revenue of $84.74 billion for the quarter, compared to analysts’ expectations of $84.22 billion. During the same quarter in the prior year, the firm earned $1.44 EPS. The business’s revenue was up 13.6% on a year-over-year basis. As a group, sell-side analysts forecast that Alphabet Inc. will post 7.63 earnings per share for the current fiscal year.

Alphabet Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Monday, September 9th were issued a dividend of $0.20 per share. The ex-dividend date of this dividend was Monday, September 9th. This represents a $0.80 annualized dividend and a dividend yield of 0.48%. Alphabet’s dividend payout ratio is 12.27%.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. Oppenheimer lowered their price objective on Alphabet from $210.00 to $185.00 and set an “outperform” rating for the company in a research report on Wednesday, September 25th. TD Cowen boosted their price target on shares of Alphabet from $200.00 to $220.00 and gave the stock a “buy” rating in a research report on Wednesday, July 10th. Rosenblatt Securities cut shares of Alphabet from a “buy” rating to a “neutral” rating and set a $181.00 price objective for the company. in a research report on Friday, June 28th. DA Davidson raised shares of Alphabet to a “hold” rating in a research note on Tuesday, September 10th. Finally, Cantor Fitzgerald raised shares of Alphabet to a “hold” rating in a research report on Thursday, September 5th. Three analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Alphabet currently has an average rating of “Moderate Buy” and an average price target of $183.75.

Insider Transactions at Alphabet

In related news, CAO Amie Thuener O’toole sold 2,835 shares of Alphabet stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $151.53, for a total value of $429,587.55. Following the completion of the sale, the chief accounting officer now owns 29,182 shares of the company’s stock, valued at approximately $4,421,948.46. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Alphabet news, CAO Amie Thuener O’toole sold 2,835 shares of Alphabet stock in a transaction dated Tuesday, September 10th. The stock was 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 owns 29,182 shares in the company, valued at approximately $4,421,948.46. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Prabhakar Raghavan sold 34,257 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $162.60, for a total value of $5,570,188.20. Following the sale, the senior vice president now directly owns 312,210 shares of the company’s stock, valued at $50,765,346. The disclosure for this sale can be found here. Insiders have sold 193,725 shares of company stock valued at $31,933,031 over the last ninety days. 12.99% of the stock is owned by company insiders.

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.