Whalen Wealth Management Inc. Sells 2,252 Shares of Alphabet Inc. $GOOGL

Whalen Wealth Management Inc. lowered its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL) by 22.8% in the 2nd quarter, HoldingsChannel reports. The firm owned 7,604 shares of the information services provider’s stock after selling 2,252 shares during the period. Alphabet makes up approximately 1.2% of Whalen Wealth Management Inc.’s holdings, making the stock its 15th largest holding. Whalen Wealth Management Inc.’s holdings in Alphabet were worth $2,718,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Strategic Wealth Advisors LLC grew its position in shares of Alphabet by 6.0% during the 1st quarter. Strategic Wealth Advisors LLC now owns 477 shares of the information services provider’s stock worth $137,000 after buying an additional 27 shares during the period. Rockbridge Investment Management LCC lifted its position in shares of Alphabet by 0.5% during the 1st quarter. Rockbridge Investment Management LCC now owns 5,460 shares of the information services provider’s stock valued at $1,570,000 after acquiring an additional 27 shares during the period. Ruggaard & Associates LLC lifted its position in shares of Alphabet by 0.9% during the 1st quarter. Ruggaard & Associates LLC now owns 2,921 shares of the information services provider’s stock valued at $840,000 after acquiring an additional 27 shares during the period. Cadia Private Client LLC boosted its stake in Alphabet by 1.1% during the first quarter. Cadia Private Client LLC now owns 2,589 shares of the information services provider’s stock worth $744,000 after acquiring an additional 28 shares in the last quarter. Finally, Evansbrook LLC boosted its stake in Alphabet by 0.3% during the first quarter. Evansbrook LLC now owns 9,522 shares of the information services provider’s stock worth $2,738,000 after acquiring an additional 28 shares in the last quarter. 40.03% of the stock is currently owned by institutional investors.

Alphabet Stock Down 0.0%

Alphabet stock opened at $338.36 on Wednesday. The firm has a market capitalization of $4.14 trillion, a price-to-earnings ratio of 16.99, a price-to-earnings-growth ratio of 0.98 and a beta of 1.22. The firm’s fifty day moving average price is $348.34 and its two-hundred day moving average price is $343.37. Alphabet Inc. has a 1-year low of $233.23 and a 1-year high of $408.61. The company has a current ratio of 2.72, a quick ratio of 2.64 and a debt-to-equity ratio of 0.16.

Alphabet (NASDAQ:GOOGL) last posted its earnings results on Wednesday, July 22nd. The information services provider reported $9.11 EPS for the quarter, topping the consensus estimate of $2.89 by $6.22. Alphabet had a net margin of 54.77% and a return on equity of 51.32%. The company had revenue of $119.80 billion during the quarter, compared to the consensus estimate of $117.07 billion. On average, equities research analysts predict that Alphabet Inc. will post 20.5 earnings per share for the current fiscal year.

Alphabet Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 14th. Shareholders of record on Monday, September 7th will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date of this dividend is Friday, September 4th. Alphabet’s payout ratio is currently 4.42%.

Key Alphabet News

Here are the key news stories impacting Alphabet this week:

• Positive Sentiment: Google Cloud expands enterprise AI push: Alphabet and Accenture are launching a joint unit with 1,000 forward-deployed engineers to help businesses implement Google’s AI tools. The partnership could accelerate Cloud adoption, improve monetization and help Alphabet compete more effectively with Microsoft and Amazon. Google Cloud races to catch up in the AI deployment wars with Accenture deal
• Positive Sentiment: Potential power support for AI infrastructure: The U.S. government approved a $1.9 billion loan to NextEra Energy to refurbish an Iowa nuclear plant that Google plans to use for power. Reliable, low-carbon electricity could help support Alphabet’s growing data-center demand, although the benefits are longer term. Google’s revived nuclear power plant gets $1.9B loan from US government
• Positive Sentiment: Google and Cathay Pacific expanded trials of AI technology designed to reduce aircraft contrail warming, adding a potential sustainability and commercial-use case for Google’s AI capabilities. Cathay Pacific, Google expand AI trials to cut climate-warming aircraft contrails

Insiders Place Their Bets

In related news, major shareholder 2019 Gp L.L.C. Gv sold 118,138 shares of Alphabet stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $18.90, for a total transaction of $2,232,808.20. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Marsida Saraci sold 449 shares of Alphabet stock in a transaction that occurred on Wednesday, July 29th. The shares were sold at an average price of $333.20, for a total value of $149,606.80. Following the transaction, the chief accounting officer directly owned 27,386 shares in the company, valued at approximately $9,125,015.20. The trade was a 1.61% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 451,925 shares of company stock valued at $12,371,544. Corporate insiders own 11.61% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. BMO Capital Markets set a $465.00 price target on shares of Alphabet and gave the company an “outperform” rating in a research note on Thursday, July 23rd. Pivotal Research reiterated a “buy” rating and set a $475.00 price objective (up from $470.00) on shares of Alphabet in a report on Thursday, July 23rd. Needham & Company LLC reissued a “buy” rating and set a $450.00 price objective on shares of Alphabet in a research report on Wednesday, June 3rd. Wall Street Zen downgraded Alphabet from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Alphabet in a research report on Friday, July 17th. Five research analysts have rated the stock with a Strong Buy rating, forty-five have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $420.19.

Alphabet Profile

Alphabet Inc is a technology and holding company founded in 2015 through a restructuring of Google. The company is headquartered in Mountain View, California, and operates globally, serving consumers, businesses, advertisers and developers across numerous countries and regions.

Alphabet’s largest business is Google Services, which includes Google Search, online advertising, YouTube, Android, Chrome, Google Maps, Google Play and hardware products such as Pixel devices. These products support activities including internet search, digital content distribution, mobile computing, online communications and advertising.