Palumbo Wealth Management LLC Has $2.22 Million Stake in Alphabet Inc. $GOOG

Palumbo Wealth Management LLC grew its holdings in Alphabet Inc. (NASDAQ:GOOG) by 3.0% during the second quarter, Holdings Channel.com reports. The firm owned 12,501 shares of the information services provider’s stock after acquiring an additional 366 shares during the period. Palumbo Wealth Management LLC’s holdings in Alphabet were worth $2,218,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Principia Wealth Advisory LLC increased its holdings in shares of Alphabet by 111.8% in the first quarter. Principia Wealth Advisory LLC now owns 161 shares of the information services provider’s stock valued at $26,000 after purchasing an additional 85 shares in the last quarter. MorganRosel Wealth Management LLC bought a new position in Alphabet in the 1st quarter valued at $26,000. Goodman Advisory Group LLC acquired a new stake in shares of Alphabet in the 1st quarter valued at $32,000. Greykasell Wealth Strategies Inc. acquired a new stake in shares of Alphabet in the 1st quarter valued at $32,000. Finally, Elevate Wealth Advisory Inc. bought a new stake in shares of Alphabet during the first quarter worth $34,000. 27.26% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

GOOG has been the topic of several recent research reports. Wells Fargo & Company reiterated an “equal weight” rating on shares of Alphabet in a report on Wednesday, July 9th. UBS Group raised their target price on shares of Alphabet from $186.00 to $192.00 and gave the company a “neutral” rating in a research note on Wednesday, July 16th. The Goldman Sachs Group reiterated a “buy” rating and set a $220.00 price target on shares of Alphabet in a research report on Monday, June 2nd. KeyCorp set a $265.00 price target on shares of Alphabet in a research note on Wednesday, September 3rd. Finally, Robert W. Baird raised their price objective on shares of Alphabet from $215.00 to $275.00 and gave the company an “outperform” rating in a research note on Monday. Four research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating, five have given a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, Alphabet has an average rating of “Moderate Buy” and a consensus target price of $230.35.

Insider Activity at Alphabet

In other Alphabet news, insider John Kent Walker sold 23,820 shares of the firm’s stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $194.70, for a total transaction of $4,637,754.00. Following the sale, the insider directly owned 42,999 shares in the company, valued at approximately $8,371,905.30. This trade represents a 35.65% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Kavitark Ram Shriram sold 15,000 shares of the company’s stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $185.76, for a total transaction of $2,786,400.00. Following the completion of the transaction, the director owned 240,400 shares of the company’s stock, valued at $44,656,704. This trade represents a 5.87% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 258,088 shares of company stock valued at $52,405,304 over the last 90 days. Insiders own 12.99% of the company’s stock.

Alphabet Trading Down 0.5%

GOOG opened at $246.57 on Friday. The firm’s fifty day moving average is $215.38 and its two-hundred day moving average is $183.72. The firm has a market cap of $2.98 trillion, a PE ratio of 26.26, a price-to-earnings-growth ratio of 1.67 and a beta of 1.01. Alphabet Inc. has a twelve month low of $142.66 and a twelve month high of $256.70. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90.

Alphabet (NASDAQ:GOOG) last announced its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share (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 during the quarter, compared to analyst estimates of $93.67 billion. During the same quarter in the previous year, the business earned $1.89 EPS. The firm’s revenue was up 13.8% on a year-over-year basis. Equities research analysts anticipate that Alphabet Inc. will post 8.89 EPS for the current year.

Alphabet Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Monday, September 8th were issued a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 0.3%. The ex-dividend date was Monday, September 8th. Alphabet’s dividend payout ratio is 8.95%.

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.