Providence Wealth Advisors LLC Has $1.61 Million Holdings in Alphabet Inc. (NASDAQ:GOOG)

Providence Wealth Advisors LLC raised its position in shares of Alphabet Inc. (NASDAQ:GOOG) by 0.9% in the first quarter, according to its most recent filing with the SEC. The firm owned 10,197 shares of the information services provider’s stock after purchasing an additional 95 shares during the quarter. Alphabet makes up approximately 1.2% of Providence Wealth Advisors LLC’s investment portfolio, making the stock its 29th largest holding. Providence Wealth Advisors LLC’s holdings in Alphabet were worth $1,613,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. LSV Asset Management acquired a new stake in Alphabet during the 4th quarter valued at approximately $27,000. Principia Wealth Advisory LLC increased its stake in shares of Alphabet by 111.8% in the 1st quarter. Principia Wealth Advisory LLC now owns 161 shares of the information services provider’s stock valued at $26,000 after acquiring an additional 85 shares in the last quarter. MorganRosel Wealth Management LLC bought a new stake in shares of Alphabet in the 1st quarter valued at $26,000. WealthTrak Capital Management LLC bought a new stake in shares of Alphabet in the 4th quarter valued at $38,000. Finally, Goodman Advisory Group LLC bought a new stake in shares of Alphabet in the 1st quarter valued at $32,000. Institutional investors and hedge funds own 27.26% of the company’s stock.

Alphabet Trading Up 0.5%

NASDAQ GOOG opened at $194.08 on Friday. The stock has a market capitalization of $2.36 trillion, a price-to-earnings ratio of 20.67, a PEG ratio of 1.33 and a beta of 1.01. Alphabet Inc. has a one year low of $142.66 and a one year high of $208.70. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.77. The business’s fifty day moving average is $176.86 and its 200-day moving average is $174.53.

Alphabet (NASDAQ:GOOG) last released its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, topping analysts’ consensus estimates of $2.12 by $0.19. The company had revenue of $96.43 billion for the quarter, compared to analysts’ expectations of $93.67 billion. Alphabet had a return on equity of 34.31% and a net margin of 31.12%. The business’s revenue for the quarter was up 13.8% compared to the same quarter last year. During the same period in the previous year, the business posted $1.89 EPS. Equities research analysts predict that Alphabet Inc. will post 8.89 EPS for the current year.

Alphabet Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Monday, September 8th will be paid a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 0.43%. The ex-dividend date of this dividend is Monday, September 8th. Alphabet’s dividend payout ratio is currently 8.95%.

Analyst Ratings Changes

Several research firms have recently weighed in on GOOG. Susquehanna reiterated a “positive” rating on shares of Alphabet in a research note on Friday, May 2nd. Oppenheimer reiterated an “outperform” rating and issued a $235.00 price objective (up previously from $220.00) on shares of Alphabet in a research note on Thursday. JPMorgan Chase & Co. lifted their price objective on shares of Alphabet from $200.00 to $232.00 and gave the company an “overweight” rating in a research note on Thursday. Rosenblatt Securities upgraded shares of Alphabet from a “hold” rating to a “strong-buy” rating in a research note on Friday, April 25th. Finally, Piper Sandler reiterated a “neutral” rating on shares of Alphabet in a research note on Wednesday, July 9th. Three analysts have rated the stock with a sell rating, six have issued a hold rating, seventeen have issued a buy rating and five have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $215.19.

Insider Activity at Alphabet

In related news, Director John L. Hennessy sold 400 shares of the business’s stock in a transaction dated Monday, July 14th. The stock was sold at an average price of $181.98, for a total value of $72,792.00. Following the sale, the director directly owned 6,013 shares in the company, valued at approximately $1,094,245.74. The trade was a 6.24% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Kavitark Ram Shriram sold 18,566 shares of Alphabet stock in a transaction dated Friday, July 18th. The shares were sold at an average price of $185.76, for a total value of $3,448,820.16. Following the transaction, the director directly owned 243,400 shares of the company’s stock, valued at $45,213,984. The trade was a 7.09% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 249,409 shares of company stock worth $43,523,710. Company insiders own 12.99% of the company’s stock.

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.