Denver PWM LLC Lowers Stock Holdings in Alphabet Inc. (NASDAQ:GOOG)

Denver PWM LLC reduced its stake in Alphabet Inc. (NASDAQ:GOOG) by 30.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,493 shares of the information services provider’s stock after selling 649 shares during the quarter. Denver PWM LLC’s holdings in Alphabet were worth $250,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Weiss Asset Management LP acquired a new stake in shares of Alphabet in the 3rd quarter valued at approximately $25,000. Safe Harbor Fiduciary LLC acquired a new stake in shares of Alphabet in the 3rd quarter valued at approximately $33,000. Abich Financial Wealth Management LLC lifted its holdings in shares of Alphabet by 9,200.0% in the 2nd quarter. Abich Financial Wealth Management LLC now owns 186 shares of the information services provider’s stock valued at $34,000 after buying an additional 184 shares during the period. 1620 Investment Advisors Inc. acquired a new stake in shares of Alphabet in the 2nd quarter valued at approximately $37,000. Finally, HWG Holdings LP acquired a new stake in shares of Alphabet in the 2nd quarter valued at approximately $40,000. 27.26% of the stock is currently owned by hedge funds and other institutional investors.

Alphabet Stock Performance

Alphabet stock opened at $193.63 on Friday. The firm has a market capitalization of $2.37 trillion, a P/E ratio of 25.68, a PEG ratio of 1.38 and a beta of 1.02. The stock has a fifty day moving average price of $172.74 and a 200 day moving average price of $172.12. Alphabet Inc. has a 52 week low of $131.06 and a 52 week high of $196.89. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 0.04.

Alphabet (NASDAQ:GOOG) last announced its quarterly earnings results on Tuesday, October 29th. The information services provider reported $2.12 EPS for the quarter, topping 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 return on equity of 31.66% and a net margin of 27.74%. The firm’s revenue was up 15.1% on a year-over-year basis. During the same period in the prior year, the firm posted $1.55 earnings per share. Equities research analysts anticipate that Alphabet Inc. will post 8.02 earnings per share for the current year.

Alphabet Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 9th will be paid a dividend of $0.20 per share. The ex-dividend date is Monday, December 9th. This represents a $0.80 annualized dividend and a yield of 0.41%. Alphabet’s dividend payout ratio is presently 10.61%.

Insider Activity

In related news, CEO Sundar Pichai sold 22,500 shares of the stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $160.63, for a total value of $3,614,175.00. Following the completion of the transaction, the chief executive officer now owns 2,114,885 shares of the company’s stock, valued at approximately $339,713,977.55. This represents a 1.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Kavitark Ram Shriram sold 37,134 shares of the stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $185.02, for a total value of $6,870,532.68. Following the transaction, the director now directly owns 282,832 shares in the company, valued at approximately $52,329,576.64. This represents a 11.61 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 197,123 shares of company stock worth $34,121,676. 12.99% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research firms have recently commented on GOOG. JPMorgan Chase & Co. raised their price target on Alphabet from $208.00 to $212.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Seaport Res Ptn raised Alphabet from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 29th. Wells Fargo & Company lifted their price objective on Alphabet from $182.00 to $187.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 30th. Citigroup lifted their price objective on Alphabet from $212.00 to $216.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Finally, Oppenheimer lifted their price objective on Alphabet from $185.00 to $215.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. Five equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $200.56.

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.