Chevy Chase Trust Holdings LLC Decreases Stake in Alphabet Inc. (NASDAQ:GOOG)

Chevy Chase Trust Holdings LLC cut its stake in shares of Alphabet Inc. (NASDAQ:GOOG) by 1.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,771,279 shares of the information services provider’s stock after selling 64,824 shares during the quarter. Alphabet accounts for about 1.9% of Chevy Chase Trust Holdings LLC’s portfolio, making the stock its 8th largest position. Chevy Chase Trust Holdings LLC’s holdings in Alphabet were worth $574,215,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Wellington Shields Capital Management LLC lifted its position in shares of Alphabet by 0.3% in the 1st quarter. Wellington Shields Capital Management LLC now owns 138,008 shares of the information services provider’s stock worth $21,013,000 after purchasing an additional 467 shares during the period. Wellington Shields & Co. LLC raised its stake in shares of Alphabet by 0.3% in the first quarter. Wellington Shields & Co. LLC now owns 32,781 shares of the information services provider’s stock worth $4,991,000 after purchasing an additional 97 shares during the last quarter. AA Financial Advisors LLC bought a new position in shares of Alphabet in the first quarter valued at approximately $957,000. Pictet North America Advisors SA boosted its position in shares of Alphabet by 35.0% during the first quarter. Pictet North America Advisors SA now owns 31,991 shares of the information services provider’s stock valued at $4,871,000 after buying an additional 8,290 shares during the last quarter. Finally, Central Pacific Bank Trust Division bought a new stake in Alphabet during the first quarter worth $9,579,000. 27.26% of the stock is owned by institutional investors.

Alphabet Stock Performance

NASDAQ GOOG traded up $2.46 during trading on Wednesday, hitting $192.90. 5,655,038 shares of the company’s stock traded hands, compared to its average volume of 20,740,041. The stock has a market capitalization of $2.38 trillion, a price-to-earnings ratio of 29.37, a PEG ratio of 1.43 and a beta of 1.05. Alphabet Inc. has a 12-month low of $115.83 and a 12-month high of $192.94. The company has a debt-to-equity ratio of 0.05, a quick ratio of 2.15 and a current ratio of 2.15. The business has a 50 day moving average of $177.92 and a 200-day moving average of $158.32.

Alphabet (NASDAQ:GOOG) last released its quarterly earnings data on Thursday, April 25th. The information services provider reported $1.89 EPS for the quarter, beating the consensus estimate of $1.51 by $0.38. The business had revenue of $80.54 billion for the quarter, compared to the consensus estimate of $78.75 billion. Alphabet had a net margin of 25.90% and a return on equity of 29.52%. The company’s revenue was up 15.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.17 earnings per share. As a group, equities research analysts anticipate that Alphabet Inc. will post 7.6 earnings per share for the current fiscal year.

Alphabet Dividend Announcement

The company also recently declared a — dividend, which was paid on Monday, June 17th. Stockholders of record on Monday, June 10th were issued a $0.20 dividend. The ex-dividend date was Monday, June 10th. Alphabet’s payout ratio is 12.27%.

Wall Street Analyst Weigh In

GOOG has been the subject of several recent analyst reports. 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 research note on Wednesday. Morgan Stanley reiterated an “overweight” rating and issued a $165.00 target price on shares of Alphabet in a research note on Thursday, April 11th. Rosenblatt Securities lowered shares of Alphabet from a “buy” rating to a “neutral” rating and set a $181.00 target price for the company. in a research note on Friday, June 28th. Stifel Nicolaus boosted their price target on shares of Alphabet from $154.00 to $174.00 and gave the stock a “buy” rating in a report on Tuesday, April 16th. Finally, Oppenheimer boosted their price target on shares of Alphabet from $172.00 to $185.00 and gave the stock an “outperform” rating in a report on Monday, April 8th. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $174.38.

Insider Transactions at Alphabet

In other news, CAO Amie Thuener O’toole sold 682 shares of the stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $166.67, for a total value of $113,668.94. Following the sale, the chief accounting officer now directly owns 29,284 shares of the company’s stock, valued at $4,880,764.28. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, CAO Amie Thuener O’toole sold 682 shares of the company’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $166.67, for a total value of $113,668.94. Following the transaction, the chief accounting officer now directly owns 29,284 shares in the company, valued at $4,880,764.28. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Sundar Pichai sold 22,500 shares of the company’s stock in a transaction that occurred on Wednesday, April 17th. The stock was sold at an average price of $157.41, for a total transaction of $3,541,725.00. Following the completion of the transaction, the chief executive officer now owns 2,303,011 shares in the company, valued at $362,516,961.51. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 146,288 shares of company stock valued at $25,345,053. 12.99% of the stock is currently owned by corporate insiders.

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.