Consolidated Capital Management LLC Grows Position in Alphabet Inc. $GOOG

Consolidated Capital Management LLC boosted its stake in Alphabet Inc. (NASDAQ:GOOG) by 9.1% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,404 shares of the information services provider’s stock after purchasing an additional 201 shares during the quarter. Consolidated Capital Management LLC’s holdings in Alphabet were worth $426,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the stock. Chatham Capital Group Inc. grew its stake in Alphabet by 4.5% during the second quarter. Chatham Capital Group Inc. now owns 56,882 shares of the information services provider’s stock worth $10,090,000 after buying an additional 2,425 shares during the period. Sage Rhino Capital LLC grew its stake in Alphabet by 9.4% during the second quarter. Sage Rhino Capital LLC now owns 21,029 shares of the information services provider’s stock worth $3,730,000 after buying an additional 1,808 shares during the period. Western Financial Corp CA grew its stake in Alphabet by 4.9% during the second quarter. Western Financial Corp CA now owns 2,427 shares of the information services provider’s stock worth $430,000 after buying an additional 113 shares during the period. LVW Advisors LLC grew its stake in Alphabet by 6.2% during the second quarter. LVW Advisors LLC now owns 39,709 shares of the information services provider’s stock worth $7,044,000 after buying an additional 2,320 shares during the period. Finally, TOWER TRUST & INVESTMENT Co grew its stake in Alphabet by 1.1% during the second quarter. TOWER TRUST & INVESTMENT Co now owns 21,557 shares of the information services provider’s stock worth $3,824,000 after buying an additional 239 shares during the period. 27.26% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on GOOG shares. Scotiabank boosted their price objective on shares of Alphabet from $200.00 to $240.00 and gave the stock a “sector outperform” rating in a research note on Tuesday, July 22nd. The Goldman Sachs Group reiterated a “buy” rating and set a $220.00 price objective on shares of Alphabet in a research note on Monday, June 2nd. Oppenheimer reiterated an “outperform” rating and set a $270.00 price objective (up from $235.00) on shares of Alphabet in a research note on Wednesday, September 3rd. JPMorgan Chase & Co. boosted their price objective 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. Finally, Wells Fargo & Company reissued an “equal weight” rating on shares of Alphabet in a research report on Wednesday, July 9th. Four equities research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, five have issued a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $230.35.

Alphabet Trading Down 1.1%

NASDAQ GOOG opened at $244.36 on Tuesday. The company’s fifty day simple moving average is $217.67 and its 200-day simple moving average is $185.06. Alphabet Inc. has a 52 week low of $142.66 and a 52 week high of $256.70. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07. The stock has a market cap of $2.96 trillion, a P/E ratio of 26.02, a PEG ratio of 1.67 and a beta of 1.01.

Alphabet (NASDAQ:GOOG) last posted 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. 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 firm’s quarterly revenue was up 13.8% on a year-over-year basis. During the same period in the prior year, the company posted $1.89 earnings per share. Equities research analysts predict that Alphabet Inc. will post 8.89 EPS for the current fiscal year.

Alphabet Dividend Announcement

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

Insider Transactions at Alphabet

In related news, Director John L. Hennessy sold 600 shares of the company’s stock in a transaction on Monday, September 15th. The shares were sold at an average price of $249.44, for a total value of $149,664.00. Following the sale, the director directly owned 5,716 shares of the company’s stock, valued at $1,425,799.04. This represents a 9.50% decrease in their ownership of the stock. The transaction was disclosed in a legal 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 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 sale, the director directly owned 240,400 shares in the company, valued at $44,656,704. This represents a 5.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 257,866 shares of company stock valued at $52,363,610 over the last ninety days. 12.99% of the stock is currently owned by corporate 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.