Abel Hall LLC Increases Stake in Alphabet Inc. (NASDAQ:GOOGL)

Key Points

• Abel Hall LLC increased its stake in Alphabet Inc. by 63.3% in the first quarter, now holding a total of 9,319 shares valued at approximately $1,441,000.
• The company recently announced a quarterly dividend of $0.21 per share, which will result in an annualized dividend of $0.84 and a yield of 0.43%.
• Various analysts have raised their target prices for Alphabet, with CitiGroup increasing theirs to $225.00 while maintaining a "buy" rating, reflecting a positive outlook on the stock.

Abel Hall LLC grew its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 63.3% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 9,319 shares of the information services provider's stock after purchasing an additional 3,611 shares during the quarter. Alphabet comprises approximately 0.9% of Abel Hall LLC's portfolio, making the stock its 22nd biggest holding. Abel Hall LLC's holdings in Alphabet were worth $1,441,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. von Borstel & Associates Inc. bought a new stake in Alphabet during the first quarter valued at approximately $28,000. IMA Advisory Services Inc. purchased a new position in shares of Alphabet during the first quarter worth approximately $28,000. Financial Gravity Asset Management Inc. purchased a new position in shares of Alphabet during the first quarter worth approximately $39,000. Elite Financial Inc. purchased a new position in shares of Alphabet during the first quarter worth approximately $42,000. Finally, Anderson Financial Strategies LLC purchased a new position in shares of Alphabet during the fourth quarter worth approximately $49,000. 40.03% of the stock is owned by hedge funds and other institutional investors.

Alphabet Stock Performance

Shares of NASDAQ GOOGL traded down $2.77 during midday trading on Friday, hitting $189.13. 34,777,882 shares of the company's stock traded hands, compared to its average volume of 38,669,572. Alphabet Inc. has a 1 year low of $140.53 and a 1 year high of $207.05. The stock has a market capitalization of $2.30 trillion, a price-to-earnings ratio of 20.14, a price-to-earnings-growth ratio of 1.30 and a beta of 1.01. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90. The firm has a fifty day moving average of $177.91 and a 200 day moving average of $173.12.

Alphabet Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Monday, September 8th will be issued a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend is Monday, September 8th. Alphabet's dividend payout ratio is currently 8.95%.

Insider Buying and Selling

In related news, Director John L. Hennessy sold 400 shares of the stock in a transaction that occurred on Monday, July 14th. The shares were sold at an average price of $181.98, for a total value of $72,792.00. Following the completion of the sale, the director directly owned 6,013 shares of the company's stock, valued at approximately $1,094,245.74. This represents a 6.24% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Kavitark Ram Shriram sold 18,566 shares of the stock in a transaction that occurred on Friday, July 18th. The stock was sold at an average price of $185.76, for a total transaction of $3,448,820.16. Following the completion of the sale, the director directly owned 243,400 shares of the company's stock, valued at $45,213,984. This represents a 7.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 249,399 shares of company stock valued at $43,525,794. 11.64% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research analysts have commented on the stock. BMO Capital Markets lifted their price target on shares of Alphabet from $208.00 to $225.00 and gave the stock an "outperform" rating in a research note on Thursday, July 24th. Piper Sandler lifted their price target on shares of Alphabet from $195.00 to $220.00 and gave the stock an "overweight" rating in a research note on Thursday, July 24th. Wedbush lifted their price target on shares of Alphabet from $200.00 to $225.00 and gave the stock an "outperform" rating in a research note on Thursday, July 24th. Stifel Nicolaus lifted their price target on shares of Alphabet from $200.00 to $218.00 and gave the stock a "buy" rating in a research note on Tuesday, July 22nd. Finally, KeyCorp lifted their target price on shares of Alphabet from $215.00 to $230.00 and gave the stock an "overweight" rating in a research note on Thursday, July 24th. Ten research analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and four have issued a strong buy rating to the company. Based on data from MarketBeat.com, Alphabet presently has a consensus rating of "Moderate Buy" and a consensus price target of $211.39.

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.