Alphabet Inc. (NASDAQ:GOOG) Shares Sold by Covey Capital Advisors LLC

Covey Capital Advisors LLC reduced its position in shares of Alphabet Inc. (NASDAQ:GOOG) by 3.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 28,367 shares of the information services provider’s stock after selling 906 shares during the period. Alphabet makes up about 5.2% of Covey Capital Advisors LLC’s investment portfolio, making the stock its 6th largest position. Covey Capital Advisors LLC’s holdings in Alphabet were worth $4,743,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the business. Quent Capital LLC boosted its position in shares of Alphabet by 5.8% in the 1st quarter. Quent Capital LLC now owns 32,706 shares of the information services provider’s stock valued at $4,980,000 after purchasing an additional 1,798 shares during the period. Boston Partners increased its position in shares of Alphabet by 21.2% in the first quarter. Boston Partners now owns 32,381 shares of the information services provider’s stock worth $4,930,000 after acquiring an additional 5,662 shares in the last quarter. Pathway Financial Advisers LLC acquired a new stake in shares of Alphabet during the first quarter valued at approximately $557,000. Westwood Holdings Group Inc. lifted its position in shares of Alphabet by 7.0% in the 1st quarter. Westwood Holdings Group Inc. now owns 212,491 shares of the information services provider’s stock valued at $32,354,000 after acquiring an additional 13,884 shares in the last quarter. Finally, Hamilton Wealth LLC boosted its stake in Alphabet by 22.6% in the 1st quarter. Hamilton Wealth LLC now owns 32,532 shares of the information services provider’s stock worth $4,953,000 after purchasing an additional 5,988 shares during the period. 27.26% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Alphabet news, insider John Kent Walker sold 21,467 shares of Alphabet stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $160.35, for a total value of $3,442,233.45. Following the transaction, the insider now directly owns 39,334 shares of the company’s stock, valued at $6,307,206.90. The trade was a 35.31 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Frances Arnold sold 441 shares of the stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $171.06, for a total value of $75,437.46. Following the completion of the sale, the director now directly owns 16,490 shares of the company’s stock, valued at $2,820,779.40. This represents a 2.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 206,795 shares of company stock valued at $34,673,866. Insiders own 12.99% of the company’s stock.

Alphabet Stock Up 0.1 %

Shares of Alphabet stock opened at $170.82 on Friday. Alphabet Inc. has a 12-month low of $129.40 and a 12-month high of $193.31. The company has a quick ratio of 1.95, a current ratio of 1.95 and a debt-to-equity ratio of 0.04. The stock has a 50 day moving average price of $169.86 and a two-hundred day moving average price of $171.84. The stock has a market capitalization of $2.09 trillion, a P/E ratio of 22.66, a PEG ratio of 1.19 and a beta of 1.04.

Alphabet (NASDAQ:GOOG) last posted its quarterly earnings data on Tuesday, October 29th. The information services provider reported $2.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.83 by $0.29. The business had revenue of $88.27 billion during the quarter, compared to the consensus estimate of $86.39 billion. Alphabet had a net margin of 27.74% and a return on equity of 31.66%. Alphabet’s quarterly revenue was up 15.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.55 EPS. Equities analysts expect that Alphabet Inc. will post 8.02 earnings per share for the current year.

Alphabet Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 9th will be paid a $0.20 dividend. The ex-dividend date is Monday, December 9th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.47%. Alphabet’s payout ratio is presently 10.61%.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on GOOG. Scotiabank initiated coverage on Alphabet in a report on Friday, October 11th. They issued a “sector outperform” rating and a $212.00 target price for the company. Seaport Res Ptn raised Alphabet from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 29th. JPMorgan Chase & Co. lifted their target price on Alphabet from $208.00 to $212.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Phillip Securities raised shares of Alphabet to a “strong-buy” rating in a research report on Friday, November 1st. Finally, Citigroup boosted their price objective on shares of Alphabet from $212.00 to $216.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Five 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’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target 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.