Connecticut Wealth Management LLC Reduces Stock Holdings in Alphabet Inc. (NASDAQ:GOOG)

Connecticut Wealth Management LLC cut its position in Alphabet Inc. (NASDAQ:GOOG) by 5.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 29,266 shares of the information services provider’s stock after selling 1,843 shares during the quarter. Connecticut Wealth Management LLC’s holdings in Alphabet were worth $5,368,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. JPMorgan Chase & Co. grew its stake in Alphabet by 19.7% in the 1st quarter. JPMorgan Chase & Co. now owns 84,171,721 shares of the information services provider’s stock valued at $12,815,986,000 after buying an additional 13,876,534 shares in the last quarter. Swedbank AB purchased a new position in shares of Alphabet in the first quarter valued at $1,378,708,000. Capital International Investors grew its position in shares of Alphabet by 9.3% in the first quarter. Capital International Investors now owns 87,716,562 shares of the information services provider’s stock valued at $13,355,724,000 after purchasing an additional 7,470,042 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of Alphabet by 51.8% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 6,416,150 shares of the information services provider’s stock valued at $976,923,000 after purchasing an additional 2,190,795 shares during the period. Finally, Vima LLC lifted its holdings in Alphabet by 178,253.1% during the 1st quarter. Vima LLC now owns 2,001,122 shares of the information services provider’s stock worth $304,691,000 after purchasing an additional 2,000,000 shares in the last quarter. Hedge funds and other institutional investors own 27.26% of the company’s stock.

Analyst Upgrades and Downgrades

GOOG has been the topic of several analyst reports. Cantor Fitzgerald upgraded Alphabet to a “hold” rating in a research report on Thursday, September 5th. TD Cowen upped their target price on shares of Alphabet from $200.00 to $220.00 and gave the stock a “buy” rating in a report on Wednesday, July 10th. Wolfe Research raised shares of Alphabet to a “strong-buy” rating in a report on Tuesday, July 16th. DA Davidson raised shares of Alphabet to a “hold” rating in a report on Tuesday, September 10th. Finally, Oppenheimer lifted their price objective on Alphabet from $205.00 to $210.00 and gave the company an “outperform” rating in a research note on Wednesday, July 24th. Three analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $182.86.

Alphabet Stock Up 0.9 %

Shares of NASDAQ:GOOG opened at $164.64 on Friday. The firm has a market capitalization of $2.03 trillion, a PE ratio of 25.25, a price-to-earnings-growth ratio of 1.13 and a beta of 1.04. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.08 and a current ratio of 2.08. Alphabet Inc. has a 52-week low of $121.46 and a 52-week high of $193.31. The firm has a fifty day moving average of $166.26 and a 200 day moving average of $166.79.

Alphabet (NASDAQ:GOOG) last posted 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. The firm had revenue of $84.74 billion during the quarter, compared to analysts’ expectations of $84.22 billion. Alphabet had a return on equity of 30.49% and a net margin of 26.70%. The company’s revenue for the quarter was up 13.6% compared to the same quarter last year. During the same period in the prior year, the business earned $1.44 EPS. As a group, research analysts anticipate that Alphabet Inc. will post 7.63 EPS for the current fiscal year.

Alphabet Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Monday, September 9th were issued a $0.20 dividend. The ex-dividend date was Monday, September 9th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.49%. Alphabet’s payout ratio is 12.27%.

Insider Activity

In related news, CAO Amie Thuener O’toole sold 682 shares of Alphabet stock in a transaction on Tuesday, July 2nd. The shares were sold at an average price of $183.47, for a total value of $125,126.54. Following the transaction, the chief accounting officer now owns 30,650 shares in the company, valued at approximately $5,623,355.50. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Alphabet news, CAO Amie Thuener O’toole sold 682 shares of Alphabet stock in a transaction that occurred on Tuesday, July 2nd. The stock was sold at an average price of $183.47, for a total value of $125,126.54. Following the transaction, the chief accounting officer now directly owns 30,650 shares of the company’s stock, valued at approximately $5,623,355.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Sundar Pichai sold 22,500 shares of the stock in a transaction that occurred on Wednesday, July 3rd. The shares were sold at an average price of $186.74, for a total value of $4,201,650.00. Following the sale, the chief executive officer now directly owns 2,227,385 shares of the company’s stock, valued at approximately $415,941,874.90. The disclosure for this sale can be found here. In the last 90 days, insiders sold 202,667 shares of company stock valued at $33,964,256. Corporate insiders own 12.99% of the company’s stock.

Alphabet Company 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.