Modern Wealth Management LLC Has $13.22 Million Stock Position in Alphabet Inc. $GOOG

Modern Wealth Management LLC grew its position in Alphabet Inc. (NASDAQ:GOOG) by 10.8% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 84,584 shares of the information services provider’s stock after buying an additional 8,252 shares during the period. Modern Wealth Management LLC’s holdings in Alphabet were worth $13,215,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the stock. ARQ Wealth Advisors LLC boosted its stake in Alphabet by 39.3% in the 4th quarter. ARQ Wealth Advisors LLC now owns 4,964 shares of the information services provider’s stock worth $945,000 after purchasing an additional 1,400 shares during the period. Independence Bank of Kentucky boosted its stake in Alphabet by 10.2% in the 1st quarter. Independence Bank of Kentucky now owns 14,907 shares of the information services provider’s stock worth $2,329,000 after purchasing an additional 1,376 shares during the period. Fermata Advisors LLC boosted its stake in Alphabet by 2.7% in the 1st quarter. Fermata Advisors LLC now owns 9,771 shares of the information services provider’s stock worth $1,527,000 after purchasing an additional 259 shares during the period. jvl associates llc boosted its stake in Alphabet by 3.5% in the 1st quarter. jvl associates llc now owns 10,055 shares of the information services provider’s stock worth $1,571,000 after purchasing an additional 343 shares during the period. Finally, Members Trust Co boosted its stake in Alphabet by 84.7% in the 1st quarter. Members Trust Co now owns 4,999 shares of the information services provider’s stock worth $781,000 after purchasing an additional 2,292 shares during the period. 27.26% of the stock is owned by institutional investors.

Alphabet Trading Up 0.5%

Shares of NASDAQ:GOOG opened at $240.78 on Friday. The company’s 50-day moving average price is $201.45 and its two-hundred day moving average price is $178.39. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90. Alphabet Inc. has a one year low of $142.66 and a one year high of $242.57. The stock has a market capitalization of $2.91 trillion, a PE ratio of 25.64, a price-to-earnings-growth ratio of 1.61 and a beta of 1.01.

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

Alphabet Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Monday, September 8th will be issued a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date of this dividend is Monday, September 8th. Alphabet’s dividend payout ratio is presently 8.95%.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. JPMorgan Chase & Co. upped their target price on shares of Alphabet from $232.00 to $260.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 3rd. Citizens Jmp raised shares of Alphabet from a “hold” rating to a “strong-buy” rating in a research note on Thursday, June 26th. Phillip Securities lowered shares of Alphabet from a “strong-buy” rating to a “moderate buy” rating in a research note on Monday. Piper Sandler reissued a “neutral” rating on shares of Alphabet in a research report on Wednesday, July 9th. Finally, Lake Street Capital reissued a “buy” rating on shares of Alphabet in a research report on Wednesday, July 9th. Four analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, five have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat, Alphabet has a consensus rating of “Moderate Buy” and a consensus price target of $227.56.

Insider Activity

In other news, insider John Kent Walker sold 23,820 shares of the company’s stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $194.70, for a total value of $4,637,754.00. Following the sale, the insider directly owned 42,999 shares of the company’s stock, valued at approximately $8,371,905.30. This represents a 35.65% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John L. Hennessy sold 600 shares of the company’s stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $203.79, for a total transaction of $122,274.00. Following the completion of the sale, the director directly owned 6,316 shares in the company, valued at approximately $1,287,137.64. The trade was a 8.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 254,710 shares of company stock valued at $49,208,380 in the last 90 days. 12.99% of the stock is owned by company insiders.

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.