Toronto Dominion Bank Cuts Position in Alphabet Inc. (NASDAQ:GOOG)

Toronto Dominion Bank reduced its stake in shares of Alphabet Inc. (NASDAQ:GOOG) by 34.6% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,269,788 shares of the information services provider’s stock after selling 1,198,676 shares during the quarter. Alphabet makes up 0.7% of Toronto Dominion Bank’s holdings, making the stock its 25th largest position. Toronto Dominion Bank’s holdings in Alphabet were worth $379,486,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently added to or reduced their stakes in the company. Key Client Fiduciary Advisors LLC raised its stake in Alphabet by 16.3% in the second quarter. Key Client Fiduciary Advisors LLC now owns 3,795 shares of the information services provider’s stock valued at $696,000 after buying an additional 531 shares during the last quarter. Envestnet Portfolio Solutions Inc. boosted its stake in Alphabet by 4.8% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 262,152 shares of the information services provider’s stock worth $48,084,000 after purchasing an additional 11,958 shares in the last quarter. Cottonwood Capital Advisors LLC boosted its stake in Alphabet by 10.4% in the 2nd quarter. Cottonwood Capital Advisors LLC now owns 2,593 shares of the information services provider’s stock worth $494,000 after purchasing an additional 245 shares in the last quarter. Capital Advisors Wealth Management LLC increased its stake in Alphabet by 1.9% during the 2nd quarter. Capital Advisors Wealth Management LLC now owns 5,940 shares of the information services provider’s stock valued at $1,089,000 after purchasing an additional 109 shares in the last quarter. Finally, Oak Ridge Investments LLC lifted its stake in shares of Alphabet by 4.9% during the second quarter. Oak Ridge Investments LLC now owns 196,365 shares of the information services provider’s stock worth $36,017,000 after buying an additional 9,136 shares during the period. Institutional investors own 27.26% of the company’s stock.

Alphabet Stock Performance

NASDAQ GOOG opened at $186.53 on Wednesday. Alphabet Inc. has a fifty-two week low of $131.06 and a fifty-two week high of $193.31. The firm has a market capitalization of $2.28 trillion, a P/E ratio of 24.74, a price-to-earnings-growth ratio of 1.23 and a beta of 1.02. The stock’s fifty day moving average is $171.26 and its two-hundred day moving average is $171.73. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.95 and a current ratio of 1.95.

Alphabet (NASDAQ:GOOG) last released 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. Alphabet had a net margin of 27.74% and a return on equity of 31.66%. The firm had revenue of $88.27 billion during the quarter, compared to analysts’ expectations of $86.39 billion. During the same period last year, the business earned $1.55 earnings per share. Alphabet’s revenue was up 15.1% compared to the same quarter last year. On average, research analysts anticipate that Alphabet Inc. will post 8.02 earnings per share for the current year.

Alphabet Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 9th will be given a $0.20 dividend. The ex-dividend date of this dividend is Monday, December 9th. This represents a $0.80 dividend on an annualized basis and a yield of 0.43%. Alphabet’s payout ratio is currently 10.61%.

Analyst Ratings Changes

Several analysts have recently commented on GOOG shares. DA Davidson raised shares of Alphabet to a “hold” rating in a report on Tuesday, September 10th. Scotiabank began coverage on Alphabet in a research note on Friday, October 11th. They issued a “sector outperform” rating and a $212.00 target price on the stock. Jefferies Financial Group lifted their price target on Alphabet from $220.00 to $235.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Phillip Securities raised shares of Alphabet to a “strong-buy” rating in a research note on Friday, November 1st. Finally, JPMorgan Chase & Co. boosted their target price on shares of Alphabet from $208.00 to $212.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Five equities 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 stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $200.56.

Insiders Place Their Bets

In other Alphabet news, Director John L. Hennessy sold 800 shares of Alphabet stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $153.75, for a total value of $123,000.00. Following the completion of the transaction, the director now directly owns 28,524 shares of the company’s stock, valued at $4,385,565. The trade was a 2.73 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Amie Thuener O’toole sold 1,367 shares of the business’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $168.84, for a total transaction of $230,804.28. Following the sale, the chief accounting officer now owns 29,183 shares in the company, valued at $4,927,257.72. This trade represents a 4.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 197,923 shares of company stock valued at $34,244,676 over the last 90 days. 12.99% of the stock is owned by company insiders.

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.