Hanson & Doremus Investment Management Increases Stake in Alphabet Inc. (NASDAQ:GOOG)

Hanson & Doremus Investment Management increased its position in shares of Alphabet Inc. (NASDAQ:GOOG) by 2.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 28,977 shares of the information services provider’s stock after buying an additional 601 shares during the period. Alphabet comprises approximately 0.9% of Hanson & Doremus Investment Management’s holdings, making the stock its 20th largest holding. Hanson & Doremus Investment Management’s holdings in Alphabet were worth $5,315,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. 1620 Investment Advisors Inc. purchased a new position in shares of Alphabet during the second quarter valued at $37,000. Richardson Financial Services Inc. purchased a new position in Alphabet in the fourth quarter valued at about $34,000. Slocum Gordon & Co LLP purchased a new position in Alphabet in the second quarter valued at about $44,000. Hoese & Co LLP grew its stake in Alphabet by 62.5% in the second quarter. Hoese & Co LLP now owns 260 shares of the information services provider’s stock valued at $45,000 after purchasing an additional 100 shares during the last quarter. Finally, Iron Horse Wealth Management LLC purchased a new position in Alphabet in the second quarter valued at about $48,000. Hedge funds and other institutional investors own 27.26% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the company. DA Davidson upgraded Alphabet to a “hold” rating in a research note on Tuesday, September 10th. Oppenheimer lifted their target price on Alphabet from $205.00 to $210.00 and gave the company an “outperform” rating in a research note on Wednesday, July 24th. Wolfe Research upgraded Alphabet to a “strong-buy” rating in a research note on Tuesday, July 16th. Rosenblatt Securities lowered Alphabet from a “buy” rating to a “neutral” rating and set a $181.00 target price on the stock. in a research note on Friday, June 28th. Finally, TD Cowen lifted their target price on Alphabet from $200.00 to $220.00 and gave the company a “buy” rating in a research note on Wednesday, July 10th. Three research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $182.86.

Insider Buying and Selling

In related news, CAO Amie Thuener O’toole sold 2,835 shares of Alphabet stock in a transaction that occurred 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 completion of the transaction, the chief accounting officer now directly owns 29,182 shares in the company, valued at $4,421,948.46. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CAO Amie Thuener O’toole sold 2,835 shares of Alphabet stock in a transaction that occurred 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 completion of the transaction, the chief accounting officer now directly owns 29,182 shares in the company, valued at $4,421,948.46. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, 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 value of $3,442,233.45. Following the transaction, the insider now owns 39,334 shares of the company’s stock, valued at $6,307,206.90. The disclosure for this sale can be found here. Insiders sold 201,867 shares of company stock valued at $34,218,581 over the last quarter. 12.99% of the stock is currently owned by company insiders.

Alphabet Price Performance

Shares of NASDAQ GOOG opened at $158.37 on Monday. 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 company has a market cap of $1.95 trillion, a PE ratio of 24.29, a P/E/G ratio of 1.13 and a beta of 1.04. The business has a 50-day simple moving average of $169.06 and a two-hundred day simple moving average of $166.35. Alphabet Inc. has a fifty-two week low of $121.46 and a fifty-two week high of $193.31.

Alphabet (NASDAQ:GOOG) last released its earnings results on Tuesday, July 23rd. The information services provider reported $1.89 EPS for the quarter, topping 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 during the quarter, compared to the consensus estimate of $84.22 billion. During the same quarter in the previous year, the company posted $1.44 earnings per share. The company’s revenue was up 13.6% compared to the same quarter last year. As a group, equities analysts expect that Alphabet Inc. will post 7.63 EPS for the current fiscal year.

Alphabet Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Monday, September 9th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.51%. The ex-dividend date is Monday, September 9th. Alphabet’s dividend payout ratio (DPR) is 12.27%.

Alphabet 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.