49 Wealth Management LLC cut its holdings in Alphabet Inc. (NASDAQ:GOOGL – Free Report) by 1.5% in the 1st quarter, HoldingsChannel.com reports. The fund owned 8,204 shares of the information services provider’s stock after selling 126 shares during the period. 49 Wealth Management LLC’s holdings in Alphabet were worth $1,269,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. von Borstel & Associates Inc. acquired a new position in Alphabet in the first quarter valued at approximately $28,000. Anderson Financial Strategies LLC bought a new stake in shares of Alphabet in the 4th quarter valued at $49,000. Navigoe LLC acquired a new position in shares of Alphabet during the 4th quarter valued at $51,000. Elite Financial Inc. acquired a new position in shares of Alphabet during the 1st quarter valued at $42,000. Finally, Prudent Man Investment Management Inc. bought a new position in Alphabet during the fourth quarter worth $53,000. 40.03% of the stock is owned by institutional investors and hedge funds.
Insiders Place Their Bets
In related news, Director Kavitark Ram Shriram sold 10,500 shares of the firm’s stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $175.00, for a total value of $1,837,500.00. Following the completion of the transaction, the director directly owned 261,966 shares of the company’s stock, valued at approximately $45,844,050. This trade represents a 3.85% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Sundar Pichai sold 32,500 shares of the firm’s stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $178.52, for a total transaction of $5,801,900.00. Following the completion of the transaction, the chief executive officer directly owned 2,559,892 shares of the company’s stock, valued at approximately $456,991,919.84. This trade represents a 1.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 215,443 shares of company stock worth $36,298,548 over the last quarter. 11.55% of the stock is currently owned by company insiders.
Alphabet Trading Up 0.8%
Alphabet (NASDAQ:GOOGL – Get Free Report) last announced its quarterly earnings data on Thursday, April 24th. The information services provider reported $2.81 earnings per share for the quarter, topping the consensus estimate of $2.02 by $0.79. Alphabet had a return on equity of 34.54% and a net margin of 30.86%. The company had revenue of $76.49 billion during the quarter, compared to analyst estimates of $89.30 billion. During the same quarter last year, the firm posted $1.89 EPS. Sell-side analysts anticipate that Alphabet Inc. will post 8.9 earnings per share for the current year.
Alphabet Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Monday, June 9th were given a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 0.46%. The ex-dividend date was Monday, June 9th. This is a positive change from Alphabet’s previous quarterly dividend of $0.20. Alphabet’s dividend payout ratio (DPR) is currently 9.36%.
Analyst Ratings Changes
Several equities research analysts have weighed in on GOOGL shares. Citigroup reaffirmed a “buy” rating and issued a $203.00 price target (up from $200.00) on shares of Alphabet in a research note on Tuesday, June 24th. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $189.00 target price on shares of Alphabet in a research report on Wednesday, May 21st. Tigress Financial increased their price target on Alphabet from $220.00 to $240.00 and gave the stock a “strong-buy” rating in a report on Wednesday, April 30th. Roth Mkm reissued a “buy” rating and issued a $220.00 price objective on shares of Alphabet in a research note on Wednesday, March 19th. Finally, Wedbush set a $190.00 price objective on Alphabet and gave the company an “outperform” rating in a report on Tuesday, April 15th. Ten equities research analysts have rated the stock with a hold rating, twenty-nine have issued a buy rating and four have issued a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $199.61.
View Our Latest Analysis on GOOGL
About Alphabet
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.
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