Founders Grove Wealth Partners LLC Increases Position in Alphabet Inc. $GOOG

Founders Grove Wealth Partners LLC lifted its holdings in Alphabet Inc. (NASDAQ:GOOG) by 16.1% in the 2nd quarter, Holdings Channel.com reports. The firm owned 4,139 shares of the information services provider’s stock after purchasing an additional 575 shares during the quarter. Founders Grove Wealth Partners LLC’s holdings in Alphabet were worth $734,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Kingstone Capital Partners Texas LLC increased its stake in Alphabet by 580,897.4% during the 2nd quarter. Kingstone Capital Partners Texas LLC now owns 135,087,705 shares of the information services provider’s stock worth $23,963,208,000 after buying an additional 135,064,454 shares in the last quarter. Nuveen LLC purchased a new stake in Alphabet during the 1st quarter worth approximately $2,622,943,000. Vanguard Group Inc. increased its stake in Alphabet by 2.4% during the 1st quarter. Vanguard Group Inc. now owns 411,570,922 shares of the information services provider’s stock worth $64,299,725,000 after buying an additional 9,687,855 shares in the last quarter. JPMorgan Chase & Co. increased its stake in Alphabet by 9.9% during the 1st quarter. JPMorgan Chase & Co. now owns 102,232,997 shares of the information services provider’s stock worth $15,971,861,000 after buying an additional 9,243,959 shares in the last quarter. Finally, Strs Ohio purchased a new stake in Alphabet during the 1st quarter worth approximately $369,713,000. Hedge funds and other institutional investors own 27.26% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the company. UBS Group set a $255.00 price objective on Alphabet and gave the stock a “neutral” rating in a research note on Thursday, October 9th. Phillip Securities lowered Alphabet from a “strong-buy” rating to a “moderate buy” rating in a research report on Monday, September 8th. Roth Capital restated a “buy” rating on shares of Alphabet in a research report on Wednesday, July 9th. TD Cowen upped their price target on Alphabet from $270.00 to $280.00 and gave the company a “buy” rating in a research report on Wednesday, October 8th. Finally, Lake Street Capital restated a “buy” rating on shares of Alphabet in a research report on Wednesday, July 9th. Six equities research analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, five have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $244.68.

Alphabet Trading Up 0.8%

GOOG opened at $253.79 on Friday. Alphabet Inc. has a one year low of $142.66 and a one year high of $257.58. The stock has a market capitalization of $3.07 trillion, a PE ratio of 27.03, a P/E/G ratio of 1.70 and a beta of 1.00. The business’s 50 day moving average price is $232.18 and its 200 day moving average price is $192.73. 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 released its quarterly earnings data on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, beating analysts’ consensus estimates of $2.12 by $0.19. Alphabet had a return on equity of 34.31% and a net margin of 31.12%.The firm had revenue of $96.43 billion for the quarter, compared to analysts’ expectations of $93.67 billion. During the same period in the prior year, the firm posted $1.89 earnings per share. The firm’s quarterly revenue was up 13.8% on a year-over-year basis. As a group, equities research analysts expect that Alphabet Inc. will post 8.89 EPS for the current year.

Alphabet Announces Dividend

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

Insider Transactions at Alphabet

In other news, CAO Amie Thuener O’toole sold 2,778 shares of the stock in a transaction on Monday, September 15th. The stock was sold at an average price of $245.00, for a total value of $680,610.00. Following the sale, the chief accounting officer directly owned 17,293 shares in the company, valued at approximately $4,236,785. This trade represents a 13.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider John Kent Walker sold 23,820 shares of the stock in a transaction on 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 completion of the transaction, the insider directly owned 42,999 shares in the company, valued at $8,371,905.30. This trade represents a 35.65% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 243,372 shares of company stock valued at $55,110,740 over the last three months. 12.99% of the stock is currently owned by company insiders.

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.