HB Wealth Management LLC raised its stake in Alphabet Inc. (NASDAQ:GOOG – Free Report) by 63.9% in the 1st quarter, Holdings Channel.com reports. The institutional investor owned 346,371 shares of the information services provider’s stock after buying an additional 134,999 shares during the period. HB Wealth Management LLC’s holdings in Alphabet were worth $54,114,000 at the end of the most recent quarter.
Several other large investors also recently added to or reduced their stakes in GOOG. GAMMA Investing LLC boosted its position in Alphabet by 18,562.3% in the 1st quarter. GAMMA Investing LLC now owns 14,323,323 shares of the information services provider’s stock valued at $2,237,733,000 after buying an additional 14,246,573 shares during the period. Northern Trust Corp increased its position in Alphabet by 16.1% during the 4th quarter. Northern Trust Corp now owns 57,098,042 shares of the information services provider’s stock valued at $10,873,751,000 after purchasing an additional 7,917,625 shares during the period. Capital International Investors increased its position in Alphabet by 6.7% during the 4th quarter. Capital International Investors now owns 91,236,069 shares of the information services provider’s stock valued at $17,376,706,000 after purchasing an additional 5,758,244 shares during the period. Sanders Capital LLC increased its position in Alphabet by 14.5% during the 4th quarter. Sanders Capital LLC now owns 33,504,543 shares of the information services provider’s stock valued at $6,380,605,000 after purchasing an additional 4,247,379 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Alphabet during the 4th quarter valued at about $786,942,000. 27.26% of the stock is owned by hedge funds and other institutional investors.
Insider Transactions at Alphabet
In other news, CEO Sundar Pichai sold 32,500 shares of the company’s stock in a transaction dated Wednesday, July 16th. The stock was sold at an average price of $184.38, for a total value of $5,992,350.00. Following the sale, the chief executive officer owned 2,527,392 shares in the company, valued at $466,000,536.96. This represents a 1.27% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Kavitark Ram Shriram sold 18,566 shares of the company’s stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $185.76, for a total value of $3,448,820.16. Following the completion of the sale, the director owned 243,400 shares in the company, valued at $45,213,984. The trade was a 7.09% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 249,409 shares of company stock worth $43,523,710 over the last quarter. 12.99% of the stock is currently owned by insiders.
Alphabet Price Performance
Alphabet (NASDAQ:GOOG – Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, beating the consensus estimate of $2.12 by $0.19. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The company had revenue of $96.43 billion for the quarter, compared to analyst estimates of $93.67 billion. During the same period in the prior year, the company earned $1.89 earnings per share. The firm’s revenue was up 13.8% on a year-over-year basis. On average, sell-side analysts expect that Alphabet Inc. will post 8.89 earnings per share for the current year.
Alphabet Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Monday, September 8th will be paid a $0.21 dividend. The ex-dividend date of this dividend is Monday, September 8th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.43%. Alphabet’s payout ratio is 8.95%.
Analyst Ratings Changes
A number of research analysts have commented on the stock. Roth Capital reissued a “buy” rating on shares of Alphabet in a research report on Wednesday, July 9th. Cowen reissued a “buy” rating on shares of Alphabet in a research report on Wednesday, July 9th. Barclays reissued a “buy” rating on shares of Alphabet in a research report on Wednesday, July 9th. Tigress Financial reissued a “strong-buy” rating on shares of Alphabet in a research report on Friday, May 2nd. Finally, Rosenblatt Securities raised shares of Alphabet from a “hold” rating to a “strong-buy” rating in a research report on Friday, April 25th. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, seventeen have given a buy rating and five have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $215.19.
View Our Latest Analysis on Alphabet
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.
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