Trust Point Inc. Has $5.95 Million Position in Alphabet Inc. (NASDAQ:GOOGL)

Trust Point Inc. trimmed its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL) by 27.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 38,450 shares of the information services provider’s stock after selling 14,488 shares during the period. Alphabet comprises 0.5% of Trust Point Inc.’s holdings, making the stock its 24th largest position. Trust Point Inc.’s holdings in Alphabet were worth $5,946,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of GOOGL. FMR LLC raised its holdings in shares of Alphabet by 9.8% in the 4th quarter. FMR LLC now owns 248,416,916 shares of the information services provider’s stock valued at $47,025,322,000 after purchasing an additional 22,100,902 shares during the period. Norges Bank bought a new position in Alphabet during the fourth quarter worth about $24,383,677,000. Price T Rowe Associates Inc. MD increased its position in Alphabet by 8.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 98,638,127 shares of the information services provider’s stock worth $18,672,198,000 after buying an additional 7,574,417 shares during the last quarter. Capital Research Global Investors raised its stake in Alphabet by 16.2% in the fourth quarter. Capital Research Global Investors now owns 72,033,086 shares of the information services provider’s stock valued at $13,635,878,000 after buying an additional 10,037,685 shares during the period. Finally, Northern Trust Corp lifted its position in shares of Alphabet by 17.0% in the fourth quarter. Northern Trust Corp now owns 69,616,854 shares of the information services provider’s stock valued at $13,178,470,000 after buying an additional 10,135,430 shares during the last quarter. Institutional investors own 40.03% of the company’s stock.

Alphabet Price Performance

Alphabet stock opened at $175.95 on Wednesday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.77 and a current ratio of 1.77. Alphabet Inc. has a 52 week low of $140.53 and a 52 week high of $207.05. The stock has a market capitalization of $2.14 trillion, a P/E ratio of 19.62, a price-to-earnings-growth ratio of 1.13 and a beta of 1.01. The stock has a fifty day moving average of $163.88 and a 200-day moving average of $174.74.

Alphabet (NASDAQ:GOOGL) last issued its earnings results on Thursday, April 24th. The information services provider reported $2.81 EPS for the quarter, topping the consensus estimate of $2.02 by $0.79. The firm had revenue of $76.49 billion during the quarter, compared to the consensus estimate of $89.30 billion. Alphabet had a return on equity of 34.54% and a net margin of 30.86%. During the same quarter in the previous year, the firm earned $1.89 earnings per share. On average, sell-side analysts expect that Alphabet Inc. will post 8.9 earnings per share for the current fiscal year.

Alphabet Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Monday, June 9th were paid a $0.21 dividend. This is an increase from Alphabet’s previous quarterly dividend of $0.20. The ex-dividend date was Monday, June 9th. This represents a $0.84 annualized dividend and a yield of 0.48%. Alphabet’s dividend payout ratio is presently 9.36%.

Insider Buying and Selling at Alphabet

In other Alphabet news, insider John Kent Walker sold 11,764 shares of the stock in a transaction dated Thursday, March 27th. The stock was sold at an average price of $166.84, for a total value of $1,962,705.76. Following the completion of the transaction, the insider now directly owns 49,037 shares in the company, valued at approximately $8,181,333.08. This trade represents a 19.35% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John L. Hennessy sold 200 shares of the business’s stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $161.90, for a total value of $32,380.00. Following the sale, the director now owns 7,613 shares in the company, valued at approximately $1,232,544.70. This trade represents a 2.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 195,570 shares of company stock worth $32,003,532 over the last quarter. Corporate insiders own 11.55% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. Bank of America boosted their target price on Alphabet from $185.00 to $200.00 and gave the stock a “buy” rating in a report on Friday, April 25th. BMO Capital Markets reissued an “outperform” rating and issued a $200.00 price objective (down from $230.00) on shares of Alphabet in a research report on Thursday, April 17th. Stifel Nicolaus reduced their target price on shares of Alphabet from $225.00 to $192.00 and set a “buy” rating for the company in a report on Wednesday, April 23rd. Rosenblatt Securities reissued a “neutral” rating and issued a $189.00 price target on shares of Alphabet in a report on Wednesday, May 21st. Finally, JPMorgan Chase & Co. cut their price objective on shares of Alphabet from $220.00 to $180.00 and set an “overweight” rating for the company in a research report on Tuesday, April 8th. Ten research analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and four have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $199.75.

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.