Aaron Wealth Advisors LLC Raises Holdings in Alphabet Inc. $GOOGL

Key Points

• Aaron Wealth Advisors LLC increased its stake in Alphabet Inc. by 5.1% in Q2, now holding 39,132 shares valued at approximately $6.9 million.
• Several institutional investors, including Financiere des Professionnels Fonds d'investissement inc., also boosted their holdings in Alphabet, indicating a growing interest from large players in the stock.
• Alphabet reported strong earnings on July 23, with $96.43 billion in revenue and earnings per share of $2.31, exceeding analyst expectations and reflecting a healthy financial outlook.

Aaron Wealth Advisors LLC increased its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 5.1% in the second quarter, according to its most recent filing with the SEC. The fund owned 39,132 shares of the information services provider's stock after acquiring an additional 1,888 shares during the period. Alphabet comprises 0.7% of Aaron Wealth Advisors LLC's portfolio, making the stock its 24th biggest position. Aaron Wealth Advisors LLC's holdings in Alphabet were worth $6,896,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Mystic Asset Management Inc. raised its position in Alphabet by 6.7% during the 1st quarter. Mystic Asset Management Inc. now owns 28,454 shares of the information services provider's stock valued at $4,400,000 after purchasing an additional 1,791 shares in the last quarter. Harbour Trust & Investment Management Co raised its position in Alphabet by 0.3% during the 1st quarter. Harbour Trust & Investment Management Co now owns 27,075 shares of the information services provider's stock valued at $4,187,000 after purchasing an additional 80 shares in the last quarter. Cypress Capital LLC raised its position in Alphabet by 4.1% during the 1st quarter. Cypress Capital LLC now owns 14,310 shares of the information services provider's stock valued at $2,213,000 after purchasing an additional 563 shares in the last quarter. Bridgeway Capital Management LLC raised its position in Alphabet by 17.9% during the 1st quarter. Bridgeway Capital Management LLC now owns 88,187 shares of the information services provider's stock valued at $13,637,000 after purchasing an additional 13,371 shares in the last quarter. Finally, Alaethes Wealth LLC raised its position in Alphabet by 1.1% during the 1st quarter. Alaethes Wealth LLC now owns 7,646 shares of the information services provider's stock valued at $1,182,000 after purchasing an additional 84 shares in the last quarter. 40.03% of the stock is owned by institutional investors.

Alphabet Stock Performance

Alphabet stock traded up $2.69 during trading hours on Friday, hitting $254.72. 55,452,697 shares of the stock traded hands, compared to its average volume of 36,860,836. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90. The firm's 50 day moving average price is $207.87 and its 200-day moving average price is $179.73. The stock has a market capitalization of $3.08 trillion, a price-to-earnings ratio of 27.13, a P/E/G ratio of 1.68 and a beta of 1.01. Alphabet Inc. has a 1 year low of $140.53 and a 1 year high of $256.00.

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

Alphabet Dividend Announcement

The company also recently disclosed 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 annualized dividend and a yield of 0.3%. The ex-dividend date was Monday, September 8th. Alphabet's payout ratio is 8.95%.

Insiders Place Their Bets

In related news, Director John L. Hennessy sold 600 shares of the stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $249.44, for a total value of $149,664.00. Following the completion of the transaction, the director directly owned 5,716 shares in the company, valued at approximately $1,425,799.04. This represents a 9.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Amie Thuener O'toole sold 2,778 shares of the company's 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 transaction, the chief accounting officer owned 17,293 shares in the company, valued at $4,236,785. This trade represents a 13.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 258,088 shares of company stock valued at $52,405,304. Insiders own 11.64% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. UBS Group lifted their target price on Alphabet from $192.00 to $202.00 and gave the company a "neutral" rating in a research report on Thursday, July 24th. Sanford C. Bernstein lifted their price target on Alphabet from $185.00 to $195.00 and gave the company a "market perform" rating in a report on Tuesday, July 22nd. Bank of America lifted their price target on Alphabet from $210.00 to $217.00 and gave the company a "buy" rating in a report on Thursday, July 24th. Citigroup lifted their price target on Alphabet from $225.00 to $280.00 and gave the company a "buy" rating in a report on Monday. Finally, Cantor Fitzgerald lifted their price target on Alphabet from $196.00 to $201.00 and gave the company a "neutral" rating in a report on Thursday, July 24th. Three investment analysts have rated the stock with a Strong Buy rating, thirty-two have assigned a Buy rating and ten have given a Hold rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $225.54.

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.