Pitcairn Co. Sells 5,801 Shares of Alphabet Inc. (NASDAQ:GOOG)

Pitcairn Co. cut its stake in shares of Alphabet Inc. (NASDAQ:GOOG) by 6.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 79,733 shares of the information services provider’s stock after selling 5,801 shares during the quarter. Alphabet makes up about 0.8% of Pitcairn Co.’s portfolio, making the stock its 19th largest position. Pitcairn Co.’s holdings in Alphabet were worth $13,331,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Jennison Associates LLC boosted its stake in Alphabet by 9.1% during the third quarter. Jennison Associates LLC now owns 15,424,324 shares of the information services provider’s stock worth $2,578,793,000 after acquiring an additional 1,291,274 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Alphabet by 4.5% during the second quarter. Dimensional Fund Advisors LP now owns 14,657,421 shares of the information services provider’s stock worth $2,688,743,000 after acquiring an additional 636,008 shares in the last quarter. American Century Companies Inc. boosted its stake in Alphabet by 2.3% during the second quarter. American Century Companies Inc. now owns 12,327,458 shares of the information services provider’s stock worth $2,261,103,000 after acquiring an additional 282,121 shares in the last quarter. Principal Financial Group Inc. boosted its stake in Alphabet by 2.5% during the third quarter. Principal Financial Group Inc. now owns 11,024,276 shares of the information services provider’s stock worth $1,843,149,000 after acquiring an additional 264,962 shares in the last quarter. Finally, National Pension Service boosted its stake in Alphabet by 14.0% during the third quarter. National Pension Service now owns 9,903,537 shares of the information services provider’s stock worth $1,655,772,000 after acquiring an additional 1,218,671 shares in the last quarter. 27.26% of the stock is owned by institutional investors.

Alphabet Price Performance

GOOG opened at $166.57 on Friday. The firm has a market cap of $2.04 trillion, a P/E ratio of 22.09, a PEG ratio of 1.18 and a beta of 1.04. The firm has a 50-day moving average of $169.10 and a 200 day moving average of $171.87. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.95 and a current ratio of 1.95. Alphabet Inc. has a fifty-two week low of $129.40 and a fifty-two week high of $193.31.

Alphabet (NASDAQ:GOOG) last posted its quarterly earnings results on Tuesday, October 29th. The information services provider reported $2.12 earnings per share for the quarter, beating the consensus estimate of $1.83 by $0.29. The company had revenue of $88.27 billion during the quarter, compared to analyst estimates of $86.39 billion. Alphabet had a net margin of 27.74% and a return on equity of 31.66%. The firm’s revenue for the quarter was up 15.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.55 earnings per share. On average, research analysts expect that Alphabet Inc. will post 8.01 EPS for the current year.

Alphabet Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 9th will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Monday, December 9th. This represents a $0.80 dividend on an annualized basis and a yield of 0.48%. Alphabet’s dividend payout ratio is presently 10.61%.

Insiders Place Their Bets

In other Alphabet news, CAO Amie Thuener O’toole sold 2,835 shares of the stock in a transaction dated Tuesday, September 10th. The shares were 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 $4,421,948.46. This trade represents a 8.85 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider John Kent Walker sold 21,467 shares of the firm’s 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 owns 39,334 shares of the company’s stock, valued at $6,307,206.90. This trade represents a 35.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 206,795 shares of company stock worth $34,673,866 over the last quarter. 12.99% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research analysts have weighed in on GOOG shares. Scotiabank started coverage on shares of Alphabet in a report on Friday, October 11th. They set a “sector outperform” rating and a $212.00 price objective on the stock. Barclays upped their price objective on shares of Alphabet from $200.00 to $220.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. Wells Fargo & Company upped their price objective on shares of Alphabet from $182.00 to $187.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 30th. Phillip Securities upgraded shares of Alphabet to a “strong-buy” rating in a report on Friday, November 1st. Finally, Seaport Res Ptn upgraded shares of Alphabet from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 29th. Five investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and three have given a strong buy rating to the company’s stock. According to MarketBeat, Alphabet currently has a consensus rating of “Moderate Buy” and an average target price of $200.56.

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.