DRH Investments Inc. Reduces Stake in Alphabet Inc. (NASDAQ:GOOG)

DRH Investments Inc. lowered its holdings in Alphabet Inc. (NASDAQ:GOOG) by 10.0% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 93,239 shares of the information services provider’s stock after selling 10,312 shares during the quarter. Alphabet makes up 18.5% of DRH Investments Inc.’s portfolio, making the stock its biggest position. DRH Investments Inc.’s holdings in Alphabet were worth $17,102,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Thrivent Financial for Lutherans lifted its stake in shares of Alphabet by 3.9% during the 2nd quarter. Thrivent Financial for Lutherans now owns 5,053,888 shares of the information services provider’s stock worth $927,000,000 after purchasing an additional 189,067 shares during the last quarter. Sei Investments Co. grew its stake in Alphabet by 6.4% in the second quarter. Sei Investments Co. now owns 3,101,712 shares of the information services provider’s stock valued at $568,915,000 after purchasing an additional 186,120 shares during the last quarter. MAS Advisors LLC bought a new position in Alphabet in the second quarter worth about $224,000. Ranch Capital Advisors Inc. lifted its position in shares of Alphabet by 67.7% during the second quarter. Ranch Capital Advisors Inc. now owns 2,259 shares of the information services provider’s stock valued at $414,000 after buying an additional 912 shares during the last quarter. Finally, AE Wealth Management LLC lifted its position in shares of Alphabet by 19.4% during the second quarter. AE Wealth Management LLC now owns 95,295 shares of the information services provider’s stock valued at $17,479,000 after buying an additional 15,496 shares during the last quarter. Hedge funds and other institutional investors own 27.26% of the company’s stock.

Alphabet Stock Performance

Shares of GOOG opened at $164.64 on Friday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.08 and a current ratio of 2.08. The stock has a 50-day moving average of $166.26 and a two-hundred day moving average of $166.79. The stock has a market cap of $2.03 trillion, a P/E ratio of 25.25, a P/E/G ratio of 1.13 and a beta of 1.04. Alphabet Inc. has a one year low of $121.46 and a one year high of $193.31.

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

Alphabet Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Monday, September 9th were paid 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 currently 12.27%.

Insider Buying and Selling

In other Alphabet news, CAO Amie Thuener O’toole sold 2,835 shares of the company’s 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 sale, the chief accounting officer now directly owns 29,182 shares of the company’s stock, valued at $4,421,948.46. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, insider John Kent Walker sold 21,467 shares of Alphabet stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $160.35, for a total transaction of $3,442,233.45. Following the completion of the transaction, the insider now directly owns 39,334 shares of the company’s stock, valued at approximately $6,307,206.90. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO Amie Thuener O’toole sold 2,835 shares of the stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $151.53, for a total transaction of $429,587.55. Following the sale, the chief accounting officer now directly owns 29,182 shares in the company, valued at $4,421,948.46. The disclosure for this sale can be found here. Insiders sold a total of 202,667 shares of company stock valued at $33,964,256 over the last 90 days. Insiders own 12.99% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently commented on GOOG shares. Oppenheimer boosted their price objective on shares of Alphabet from $205.00 to $210.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 24th. Rosenblatt Securities downgraded Alphabet from a “buy” rating to a “neutral” rating and set a $181.00 price target on the stock. in a research report on Friday, June 28th. Wolfe Research raised Alphabet to a “strong-buy” rating in a research report on Tuesday, July 16th. TD Cowen boosted their target price on Alphabet from $200.00 to $220.00 and gave the stock a “buy” rating in a research note on Wednesday, July 10th. Finally, Cantor Fitzgerald upgraded Alphabet to a “hold” rating in a research note on Thursday, September 5th. Three analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $182.86.

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.