RNC Capital Management LLC Has $3.20 Million Stake in Alphabet Inc. $GOOGL

RNC Capital Management LLC trimmed its stake in Alphabet Inc. (NASDAQ:GOOGL) by 0.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 20,669 shares of the information services provider’s stock after selling 149 shares during the period. RNC Capital Management LLC’s holdings in Alphabet were worth $3,196,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of GOOGL. Guardian Wealth Management Inc. grew its position in Alphabet by 242.9% in the 1st quarter. Guardian Wealth Management Inc. now owns 168 shares of the information services provider’s stock worth $26,000 after purchasing an additional 119 shares during the last quarter. von Borstel & Associates Inc. acquired a new stake in shares of Alphabet during the 1st quarter valued at about $28,000. IMA Advisory Services Inc. acquired a new stake in shares of Alphabet during the 1st quarter valued at about $28,000. NBZ Investment Advisors LLC boosted its position in shares of Alphabet by 85.7% during the 1st quarter. NBZ Investment Advisors LLC now owns 195 shares of the information services provider’s stock valued at $30,000 after acquiring an additional 90 shares in the last quarter. Finally, Financial Gravity Asset Management Inc. acquired a new stake in shares of Alphabet during the 1st quarter valued at about $39,000. 40.03% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Alphabet

In other Alphabet news, CEO Sundar Pichai sold 32,500 shares of the business’s stock in a transaction dated Wednesday, August 20th. The shares were sold at an average price of $199.92, for a total value of $6,497,400.00. Following the completion of the transaction, the chief executive officer directly owned 2,462,392 shares of the company’s stock, valued at approximately $492,281,408.64. The trade was a 1.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director John L. Hennessy sold 1,000 shares of the business’s stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $200.00, for a total transaction of $200,000.00. Following the completion of the transaction, the director directly owned 6,916 shares of the company’s stock, valued at approximately $1,383,200. This represents a 12.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 254,710 shares of company stock valued at $49,208,380. Insiders own 11.55% of the company’s stock.

Alphabet Trading Up 1.2%

Shares of NASDAQ GOOGL opened at $235.00 on Monday. Alphabet Inc. has a 1-year low of $140.53 and a 1-year high of $235.76. The company has a market cap of $2.84 trillion, a PE ratio of 25.03, a P/E/G ratio of 1.58 and a beta of 1.01. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07. The company has a 50-day moving average of $195.79 and a two-hundred day moving average of $175.35.

Alphabet (NASDAQ:GOOGL) last announced its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, topping analysts’ consensus estimates of $2.15 by $0.16. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The company had revenue of $96.43 billion during the quarter, compared to the consensus estimate of $93.60 billion. As a group, equities analysts expect that Alphabet Inc. will post 8.9 earnings per share for the current fiscal year.

Alphabet Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Monday, September 8th will be paid a $0.21 dividend. The ex-dividend date of this dividend is Monday, September 8th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.4%. Alphabet’s payout ratio is currently 8.95%.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on GOOGL. Sanford C. Bernstein lifted their target price on shares of Alphabet from $185.00 to $195.00 and gave the company a “market perform” rating in a research report on Tuesday, July 22nd. Westpark Capital lifted their target price on shares of Alphabet from $210.00 to $220.00 and gave the company a “buy” rating in a research report on Thursday, July 24th. Citigroup reiterated an “outperform” rating on shares of Alphabet in a research report on Wednesday. Piper Sandler boosted their price target on shares of Alphabet from $195.00 to $220.00 and gave the company an “overweight” rating in a research report on Thursday, July 24th. Finally, KeyCorp boosted their price target on shares of Alphabet from $230.00 to $265.00 and gave the company an “overweight” rating in a research report on Wednesday, September 3rd. Four investment analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $222.33.

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.