Corundum Trust Company INC Buys New Stake in Alphabet Inc. (NASDAQ:GOOG)

Corundum Trust Company INC purchased a new position in shares of Alphabet Inc. (NASDAQ:GOOG) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 6,568 shares of the information services provider’s stock, valued at approximately $1,205,000. Alphabet accounts for about 3.5% of Corundum Trust Company INC’s portfolio, making the stock its 10th biggest position.

Other institutional investors and hedge funds also recently modified their holdings of the company. Meritas Wealth Management LLC lifted its stake in shares of Alphabet by 7.4% in the 2nd quarter. Meritas Wealth Management LLC now owns 1,450 shares of the information services provider’s stock worth $266,000 after acquiring an additional 100 shares during the period. Arcus Capital Partners LLC lifted its position in Alphabet by 44.0% in the second quarter. Arcus Capital Partners LLC now owns 3,270 shares of the information services provider’s stock worth $600,000 after purchasing an additional 999 shares during the period. DT Investment Partners LLC boosted its stake in Alphabet by 8.2% during the 2nd quarter. DT Investment Partners LLC now owns 19,840 shares of the information services provider’s stock valued at $3,639,000 after purchasing an additional 1,500 shares in the last quarter. &PARTNERS raised its stake in shares of Alphabet by 359.6% in the 2nd quarter. &PARTNERS now owns 44,565 shares of the information services provider’s stock worth $8,163,000 after buying an additional 34,868 shares in the last quarter. Finally, Cultivar Capital Inc. acquired a new stake in shares of Alphabet in the second quarter valued at $53,000. Institutional investors own 27.26% of the company’s stock.

Analyst Ratings Changes

GOOG has been the topic of a number of research analyst reports. TD Cowen boosted their price target on shares of Alphabet from $200.00 to $220.00 and gave the stock a “buy” rating in a research report on Wednesday, July 10th. Wolfe Research upgraded shares of Alphabet to a “strong-buy” rating in a report on Tuesday, July 16th. Oppenheimer raised their target price on shares of Alphabet from $205.00 to $210.00 and gave the stock an “outperform” rating in a report on Wednesday, July 24th. Finally, Rosenblatt Securities cut Alphabet from a “buy” rating to a “neutral” rating and set a $181.00 price target on the stock. in a report on Friday, June 28th. One analyst has rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Alphabet has a consensus rating of “Buy” and an average target price of $182.86.

Insider Buying and Selling

In other news, CEO Sundar Pichai sold 22,500 shares of the stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $167.66, for a total value of $3,772,350.00. Following the completion of the transaction, the chief executive officer now owns 2,159,885 shares in the company, valued at approximately $362,126,319.10. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, CEO Sundar Pichai sold 22,500 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $167.66, for a total transaction of $3,772,350.00. Following the completion of the sale, the chief executive officer now owns 2,159,885 shares of the company’s stock, valued at $362,126,319.10. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, SVP Prabhakar Raghavan sold 3,262 shares of the stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $183.99, for a total transaction of $600,175.38. Following the sale, the senior vice president now directly owns 9 shares in the company, valued at approximately $1,655.91. The disclosure for this sale can be found here. Insiders have sold a total of 179,065 shares of company stock valued at $31,025,543 over the last three months. 12.99% of the stock is owned by corporate insiders.

Alphabet Stock Up 1.2 %

Shares of Alphabet stock opened at $167.43 on Friday. Alphabet Inc. has a 12-month low of $121.46 and a 12-month high of $193.31. The company has a quick ratio of 2.08, a current ratio of 2.08 and a debt-to-equity ratio of 0.04. The stock has a 50 day moving average price of $176.34 and a two-hundred day moving average price of $164.50. The stock has a market capitalization of $2.07 trillion, a P/E ratio of 25.68, a PEG ratio of 1.28 and a beta of 1.05.

Alphabet (NASDAQ:GOOG) last issued its quarterly earnings data on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share for the quarter, topping analysts’ consensus estimates of $1.85 by $0.04. The business had revenue of $84.74 billion during the quarter, compared to analysts’ expectations of $84.22 billion. Alphabet had a net margin of 26.70% and a return on equity of 30.49%. Alphabet’s revenue for the quarter was up 13.6% on a year-over-year basis. During the same period in the previous year, the company earned $1.44 earnings per share. Equities analysts expect that Alphabet Inc. will post 7.62 earnings per share for the current year.

Alphabet Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Monday, September 9th will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.48%. The ex-dividend date is Monday, September 9th. Alphabet’s payout ratio is presently 12.27%.

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.