Granite Bay Wealth Management LLC Buys 432 Shares of Alphabet Inc. (NASDAQ:GOOG)

Granite Bay Wealth Management LLC raised its holdings in shares of Alphabet Inc. (NASDAQ:GOOG) by 1.2% during the first quarter, according to its most recent filing with the SEC. The firm owned 35,324 shares of the information services provider’s stock after purchasing an additional 432 shares during the period. Alphabet accounts for about 1.9% of Granite Bay Wealth Management LLC’s portfolio, making the stock its 20th largest position. Granite Bay Wealth Management LLC’s holdings in Alphabet were worth $5,519,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the business. Sterling Financial Planning Inc. grew its holdings in Alphabet by 2.6% in the fourth quarter. Sterling Financial Planning Inc. now owns 1,941 shares of the information services provider’s stock valued at $370,000 after purchasing an additional 50 shares during the period. Arlington Trust Co LLC grew its holdings in Alphabet by 0.4% in the fourth quarter. Arlington Trust Co LLC now owns 14,423 shares of the information services provider’s stock valued at $2,747,000 after purchasing an additional 52 shares during the period. Ethos Financial Group LLC grew its holdings in Alphabet by 0.7% in the fourth quarter. Ethos Financial Group LLC now owns 7,300 shares of the information services provider’s stock valued at $1,395,000 after purchasing an additional 53 shares during the period. Hutchinson Capital Management CA grew its holdings in Alphabet by 1.5% in the fourth quarter. Hutchinson Capital Management CA now owns 3,555 shares of the information services provider’s stock valued at $677,000 after purchasing an additional 54 shares during the period. Finally, Tempus Wealth Planning LLC grew its holdings in Alphabet by 1.7% in the fourth quarter. Tempus Wealth Planning LLC now owns 3,337 shares of the information services provider’s stock valued at $636,000 after purchasing an additional 55 shares during the period. Hedge funds and other institutional investors own 27.26% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on GOOG. Susquehanna restated a “positive” rating on shares of Alphabet in a report on Friday, May 2nd. The Goldman Sachs Group restated a “buy” rating and issued a $220.00 target price on shares of Alphabet in a report on Monday. KeyCorp lowered their target price on shares of Alphabet from $202.00 to $185.00 and set an “overweight” rating for the company in a report on Wednesday, April 9th. UBS Group decreased their price objective on shares of Alphabet from $209.00 to $173.00 and set a “neutral” rating for the company in a research note on Friday, April 11th. Finally, Morgan Stanley reiterated an “overweight” rating on shares of Alphabet in a research note on Wednesday, February 5th. Three research analysts have rated the stock with a sell rating, five have issued a hold rating, fourteen have given a buy rating and five have assigned a strong buy rating to the company. Based on data from MarketBeat, Alphabet has a consensus rating of “Moderate Buy” and an average target price of $204.88.

Insider Buying and Selling at Alphabet

In other Alphabet news, Director Kavitark Ram Shriram sold 10,500 shares of the stock in a transaction on Thursday, May 22nd. The shares were sold at an average price of $175.00, for a total transaction of $1,837,500.00. Following the transaction, the director now directly owns 261,966 shares in the company, valued at $45,844,050. This represents a 3.85% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider John Kent Walker sold 11,764 shares of the stock in a transaction on Thursday, March 27th. The shares were sold at an average price of $166.84, for a total transaction of $1,962,705.76. Following the transaction, the insider now owns 49,037 shares in the company, valued at $8,181,333.08. This trade represents a 19.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 163,270 shares of company stock worth $26,553,563 in the last ninety days. 12.99% of the stock is owned by insiders.

Alphabet Price Performance

Shares of GOOG stock opened at $167.71 on Wednesday. The company has a market capitalization of $2.04 trillion, a PE ratio of 20.83, a price-to-earnings-growth ratio of 1.34 and a beta of 1.01. The firm has a fifty day simple moving average of $161.02 and a 200-day simple moving average of $176.18. The company has a current ratio of 1.84, a quick ratio of 1.84 and a debt-to-equity ratio of 0.03. Alphabet Inc. has a twelve month low of $142.66 and a twelve month high of $208.70.

Alphabet (NASDAQ:GOOG) last announced its earnings results on Thursday, April 24th. The information services provider reported $2.81 earnings per share for the quarter, beating the consensus estimate of $2.02 by $0.79. The business had revenue of $90.23 billion during the quarter, compared to the consensus estimate of $89.30 billion. Alphabet had a net margin of 28.60% and a return on equity of 32.49%. The business’s quarterly revenue was up 12.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.89 earnings per share. Equities research analysts anticipate that Alphabet Inc. will post 8.89 earnings per share for the current fiscal year.

Alphabet Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Monday, June 9th will be paid a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 0.50%. This is an increase from Alphabet’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend is Monday, June 9th. Alphabet’s dividend payout ratio is 9.36%.

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.