Alphabet Inc. (NASDAQ:GOOG) is Pettee Investors Inc.’s 6th Largest Position

Pettee Investors Inc. grew its holdings in shares of Alphabet Inc. (NASDAQ:GOOG) by 6.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 23,630 shares of the information services provider’s stock after buying an additional 1,462 shares during the quarter. Alphabet accounts for about 2.3% of Pettee Investors Inc.’s investment portfolio, making the stock its 6th largest holding. Pettee Investors Inc.’s holdings in Alphabet were worth $4,500,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. M. Kulyk & Associates LLC boosted its stake in shares of Alphabet by 0.9% during the 4th quarter. M. Kulyk & Associates LLC now owns 6,445 shares of the information services provider’s stock valued at $1,227,000 after buying an additional 56 shares during the last quarter. Jackson Hole Capital Partners LLC boosted its stake in shares of Alphabet by 2.5% during the 4th quarter. Jackson Hole Capital Partners LLC now owns 91,481 shares of the information services provider’s stock valued at $17,422,000 after buying an additional 2,232 shares during the last quarter. Horan Securities Inc. boosted its stake in shares of Alphabet by 3.4% during the 4th quarter. Horan Securities Inc. now owns 2,414 shares of the information services provider’s stock valued at $460,000 after buying an additional 79 shares during the last quarter. OFI Invest Asset Management purchased a new position in shares of Alphabet during the 4th quarter valued at approximately $17,239,000. Finally, Coordinated Financial Services Inc. bought a new position in Alphabet during the fourth quarter worth $252,000. 27.26% of the stock is currently owned by hedge funds and other institutional investors.

Alphabet Price Performance

Shares of GOOG opened at $175.75 on Monday. The firm has a market capitalization of $2.14 trillion, a price-to-earnings ratio of 21.83, a price-to-earnings-growth ratio of 1.34 and a beta of 1.03. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.84 and a current ratio of 1.84. Alphabet Inc. has a one year low of $134.80 and a one year high of $208.70. The stock’s fifty day moving average is $189.85 and its 200-day moving average is $178.07.

Alphabet (NASDAQ:GOOG) last issued its quarterly earnings results on Tuesday, February 4th. The information services provider reported $2.15 EPS for the quarter, beating analysts’ consensus estimates of $2.12 by $0.03. Alphabet had a return on equity of 32.49% and a net margin of 28.60%. Equities analysts anticipate that Alphabet Inc. will post 8.89 EPS for the current year.

Alphabet Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Monday, March 10th will be paid a dividend of $0.20 per share. The ex-dividend date is Monday, March 10th. This represents a $0.80 annualized dividend and a yield of 0.46%. Alphabet’s dividend payout ratio is currently 9.94%.

Insider Activity at Alphabet

In related news, CAO Amie Thuener O’toole sold 1,374 shares of the firm’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $173.47, for a total transaction of $238,347.78. Following the completion of the transaction, the chief accounting officer now owns 15,024 shares of the company’s stock, valued at $2,606,213.28. This trade represents a 8.38 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director John L. Hennessy sold 1,500 shares of the firm’s stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $194.22, for a total value of $291,330.00. Following the transaction, the director now directly owns 23,324 shares of the company’s stock, valued at $4,529,987.28. This represents a 6.04 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 134,316 shares of company stock valued at $25,062,887 over the last 90 days. 12.99% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages recently issued reports on GOOG. Wedbush restated an “outperform” rating and set a $220.00 price objective on shares of Alphabet in a research note on Thursday, January 30th. Needham & Company LLC restated a “buy” rating on shares of Alphabet in a research note on Wednesday, February 5th. The Goldman Sachs Group restated a “buy” rating on shares of Alphabet in a research note on Wednesday, February 5th. Morgan Stanley restated an “overweight” rating on shares of Alphabet in a research note on Wednesday, February 5th. Finally, Scotiabank raised their price objective on Alphabet from $212.00 to $240.00 and gave the stock a “sector outperform” rating in a research note on Friday, January 24th. One research analyst has rated the stock with a sell rating, six have given a hold rating, fourteen have assigned a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $209.13.

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.