Quantum Portfolio Management LLC Acquires 1,719 Shares of Alphabet Inc. $GOOG

Quantum Portfolio Management LLC boosted its holdings in shares of Alphabet Inc. (NASDAQ:GOOG) by 16.0% during the second quarter, Holdings Channel.com reports. The firm owned 12,488 shares of the information services provider’s stock after acquiring an additional 1,719 shares during the period. Alphabet accounts for about 1.1% of Quantum Portfolio Management LLC’s portfolio, making the stock its 19th largest position. Quantum Portfolio Management LLC’s holdings in Alphabet were worth $2,215,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in GOOG. RDA Financial Network lifted its stake in shares of Alphabet by 5.3% in the 2nd quarter. RDA Financial Network now owns 11,094 shares of the information services provider’s stock valued at $1,968,000 after purchasing an additional 554 shares during the last quarter. Bleakley Financial Group LLC increased its position in shares of Alphabet by 1.4% during the 2nd quarter. Bleakley Financial Group LLC now owns 170,020 shares of the information services provider’s stock valued at $30,160,000 after purchasing an additional 2,304 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its holdings in Alphabet by 3.7% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,164,341 shares of the information services provider’s stock valued at $206,542,000 after buying an additional 42,028 shares during the period. Oldfather Financial Services LLC bought a new stake in Alphabet in the second quarter worth $213,000. Finally, Tower View Wealth Management LLC lifted its position in Alphabet by 6.9% in the second quarter. Tower View Wealth Management LLC now owns 27,644 shares of the information services provider’s stock worth $4,904,000 after buying an additional 1,776 shares during the last quarter. 27.26% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on GOOG shares. Rosenblatt Securities set a $279.00 price objective on shares of Alphabet in a research report on Thursday, October 30th. TD Cowen lifted their price target on shares of Alphabet from $270.00 to $280.00 and gave the stock a “buy” rating in a research note on Wednesday, October 8th. Mizuho set a $325.00 price target on shares of Alphabet in a report on Thursday, October 30th. Raymond James Financial set a $275.00 price objective on shares of Alphabet and gave the stock an “outperform” rating in a research note on Friday, October 24th. Finally, HSBC restated a “buy” rating and set a $335.00 target price on shares of Alphabet in a research report on Thursday, October 30th. Seven investment analysts have rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $310.54.

Insider Transactions at Alphabet

In other Alphabet news, insider John Kent Walker sold 17,816 shares of the stock in a transaction on Monday, September 29th. The stock was sold at an average price of $247.42, for a total transaction of $4,408,034.72. Following the sale, the insider owned 42,985 shares of the company’s stock, valued at approximately $10,635,348.70. This trade represents a 29.30% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Sundar Pichai sold 32,500 shares of the company’s stock in a transaction on Wednesday, October 15th. The stock was sold at an average price of $250.15, for a total value of $8,129,875.00. Following the sale, the chief executive officer owned 2,369,619 shares of the company’s stock, valued at $592,760,192.85. This trade represents a 1.35% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 228,906 shares of company stock valued at $62,127,158. 12.99% of the stock is currently owned by corporate insiders.

Alphabet Price Performance

Alphabet stock opened at $322.09 on Friday. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.75 and a quick ratio of 1.75. The stock has a market cap of $3.89 trillion, a price-to-earnings ratio of 31.76, a price-to-earnings-growth ratio of 1.84 and a beta of 1.07. The firm has a 50-day moving average of $276.73 and a two-hundred day moving average of $224.86. Alphabet Inc. has a 1 year low of $142.66 and a 1 year high of $328.67.

Alphabet (NASDAQ:GOOG) last posted its quarterly earnings results on Thursday, October 30th. The information services provider reported $2.87 earnings per share for the quarter, beating the consensus estimate of $2.29 by $0.58. The firm had revenue of $102.35 billion during the quarter, compared to the consensus estimate of $99.90 billion. Alphabet had a net margin of 32.23% and a return on equity of 35.00%. The company’s revenue was up 15.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.12 earnings per share. On average, research analysts forecast that Alphabet Inc. will post 8.89 earnings per share for the current year.

Alphabet Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Monday, December 8th will be issued a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 0.3%. The ex-dividend date is Monday, December 8th. Alphabet’s dividend payout ratio is currently 8.28%.

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.