Old Port Advisors Buys 252 Shares of Alphabet Inc. $GOOGL

Old Port Advisors increased its stake in Alphabet Inc. (NASDAQ:GOOGL) by 1.6% during the second quarter, HoldingsChannel reports. The firm owned 16,072 shares of the information services provider’s stock after acquiring an additional 252 shares during the period. Old Port Advisors’ holdings in Alphabet were worth $2,832,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently modified their holdings of GOOGL. Brighton Jones LLC raised its holdings in shares of Alphabet by 3.9% in the 4th quarter. Brighton Jones LLC now owns 110,330 shares of the information services provider’s stock worth $20,886,000 after purchasing an additional 4,110 shares during the period. Revolve Wealth Partners LLC raised its holdings in Alphabet by 3.5% during the 4th quarter. Revolve Wealth Partners LLC now owns 14,930 shares of the information services provider’s stock valued at $2,826,000 after acquiring an additional 506 shares during the period. Rhumbline Advisers raised its holdings in Alphabet by 0.8% during the 1st quarter. Rhumbline Advisers now owns 11,267,743 shares of the information services provider’s stock valued at $1,742,444,000 after acquiring an additional 86,670 shares during the period. Merit Financial Group LLC raised its holdings in Alphabet by 16.7% during the 1st quarter. Merit Financial Group LLC now owns 206,512 shares of the information services provider’s stock valued at $31,935,000 after acquiring an additional 29,508 shares during the period. Finally, Swisher Financial Concepts Inc. raised its holdings in Alphabet by 11.3% during the 1st quarter. Swisher Financial Concepts Inc. now owns 6,297 shares of the information services provider’s stock valued at $974,000 after acquiring an additional 640 shares during the period. Institutional investors own 40.03% of the company’s stock.

Alphabet Stock Performance

Alphabet stock opened at $243.10 on Wednesday. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07. The company has a market capitalization of $2.94 trillion, a PE ratio of 25.89, a P/E/G ratio of 1.65 and a beta of 1.01. The firm has a fifty day simple moving average of $218.05 and a two-hundred day simple moving average of $184.24. Alphabet Inc. has a twelve month low of $140.53 and a twelve month high of $256.00.

Alphabet (NASDAQ:GOOGL) last posted its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, topping the consensus estimate of $2.15 by $0.16. The business had revenue of $96.43 billion during the quarter, compared to the consensus estimate of $93.60 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. Research analysts expect that Alphabet Inc. will post 8.9 EPS for the current year.

Alphabet Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Monday, September 8th were paid 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 payout ratio is currently 8.95%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Truist Financial boosted their target price on shares of Alphabet from $225.00 to $285.00 and gave the company a “buy” rating in a report on Monday, September 22nd. Robert W. Baird boosted their target price on shares of Alphabet from $215.00 to $275.00 and gave the company an “outperform” rating in a report on Monday, September 22nd. Phillip Securities cut shares of Alphabet from a “strong-buy” rating to a “moderate buy” rating in a report on Monday, September 8th. Mizuho set a $295.00 price objective on Alphabet and gave the company an “outperform” rating in a research note on Monday. Finally, Oppenheimer restated an “outperform” rating and set a $270.00 target price (up from $235.00) on shares of Alphabet in a research report on Tuesday, September 2nd. Three equities research analysts have rated the stock with a Strong Buy rating, thirty-three have issued a Buy rating and ten have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Alphabet has an average rating of “Moderate Buy” and an average target price of $235.63.

Insiders Place Their Bets

In other news, insider John Kent Walker sold 23,820 shares of the company’s stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $194.70, for a total transaction of $4,637,754.00. Following the completion of the transaction, the insider directly owned 42,999 shares of the company’s stock, valued at approximately $8,371,905.30. This represents a 35.65% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director John L. Hennessy sold 600 shares of the company’s stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $249.44, for a total transaction of $149,664.00. Following the transaction, the director directly owned 5,716 shares of the company’s stock, valued at approximately $1,425,799.04. This trade represents a 9.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 225,469 shares of company stock valued at $46,586,752 over the last three months. 11.55% of the stock is currently owned by company 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.