Bridge Creek Capital Management LLC Decreases Stock Position in Alphabet Inc. (NASDAQ:GOOG)

Bridge Creek Capital Management LLC reduced its stake in shares of Alphabet Inc. (NASDAQ:GOOG) by 1.2% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 49,135 shares of the information services provider’s stock after selling 580 shares during the period. Alphabet makes up 2.9% of Bridge Creek Capital Management LLC’s investment portfolio, making the stock its 5th biggest position. Bridge Creek Capital Management LLC’s holdings in Alphabet were worth $9,357,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in GOOG. Accelerate Investment Advisors LLC lifted its position in Alphabet by 8.2% in the fourth quarter. Accelerate Investment Advisors LLC now owns 3,011 shares of the information services provider’s stock valued at $573,000 after purchasing an additional 229 shares during the last quarter. Cooper Financial Group increased its stake in shares of Alphabet by 5.4% in the fourth quarter. Cooper Financial Group now owns 28,879 shares of the information services provider’s stock worth $5,500,000 after buying an additional 1,476 shares during the period. Future Financial Wealth Managment LLC raised its stake in shares of Alphabet by 6.7% during the fourth quarter. Future Financial Wealth Managment LLC now owns 11,565 shares of the information services provider’s stock valued at $2,202,000 after acquiring an additional 725 shares during the last quarter. Cadent Capital Advisors LLC boosted its holdings in shares of Alphabet by 7.9% during the fourth quarter. Cadent Capital Advisors LLC now owns 4,185 shares of the information services provider’s stock worth $797,000 after purchasing an additional 306 shares during the period. Finally, Wedmont Private Capital grew its position in shares of Alphabet by 6.1% in the 4th quarter. Wedmont Private Capital now owns 88,841 shares of the information services provider’s stock worth $17,161,000 after buying an additional 5,079 shares during the last quarter. 27.26% of the stock is currently owned by hedge funds and other institutional investors.

Alphabet Stock Performance

GOOG traded down $1.20 during midday trading on Monday, hitting $191.97. 8,335,281 shares of the company traded hands, compared to its average volume of 15,722,723. The company’s 50-day moving average is $184.12 and its 200 day moving average is $174.45. Alphabet Inc. has a 52 week low of $131.55 and a 52 week high of $202.88. The firm has a market capitalization of $2.35 trillion, a PE ratio of 25.46, a price-to-earnings-growth ratio of 1.34 and a beta of 0.99. The company has a quick ratio of 1.95, a current ratio of 1.95 and a debt-to-equity ratio of 0.04.

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

Alphabet Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Monday, December 9th were given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 0.42%. The ex-dividend date was Monday, December 9th. Alphabet’s payout ratio is 10.61%.

Insider Transactions at Alphabet

In related news, Director Frances Arnold sold 441 shares of the stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $171.06, for a total transaction of $75,437.46. Following the completion of the transaction, the director now directly owns 16,490 shares of the company’s stock, valued at approximately $2,820,779.40. This represents a 2.60 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Sundar Pichai sold 22,500 shares of Alphabet stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $166.30, for a total value of $3,741,750.00. Following the completion of the sale, the chief executive officer now directly owns 2,106,806 shares in the company, valued at approximately $350,361,837.80. The trade was a 1.06 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 154,387 shares of company stock valued at $27,748,931 over the last three months. Corporate insiders own 12.99% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on GOOG. Barclays raised their target price on shares of Alphabet from $200.00 to $220.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Wells Fargo & Company lifted their price objective on Alphabet from $182.00 to $187.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 30th. Oppenheimer increased their target price on Alphabet from $185.00 to $215.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. UBS Group lifted their price target on Alphabet from $187.00 to $192.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Finally, Seaport Res Ptn upgraded Alphabet from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 29th. Six analysts have rated the stock with a hold rating, thirteen have given a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $200.56.

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.