Alphabet Inc. $GOOG Shares Purchased by Abound Wealth Management

Key Points

• Abound Wealth Management increased its stake in Alphabet Inc. by 33.6% in Q2, owning a total of 6,427 shares valued at approximately $1.14 million.
• Several hedge funds have also increased their investment in Alphabet, with 27.26% of the company's stock now owned by institutional investors.
• Alphabet declared a quarterly dividend of $0.21 per share, reflecting an annualized yield of 0.3% and a payout ratio of 8.95%.

Abound Wealth Management increased its position in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 33.6% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,427 shares of the information services provider's stock after purchasing an additional 1,618 shares during the period. Abound Wealth Management's holdings in Alphabet were worth $1,140,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Capstone Wealth Management LLC raised its holdings in Alphabet by 7.4% in the 2nd quarter. Capstone Wealth Management LLC now owns 1,690 shares of the information services provider's stock worth $300,000 after purchasing an additional 117 shares in the last quarter. Park Avenue Securities LLC bought a new stake in shares of Alphabet during the second quarter valued at approximately $19,356,000. A&I Financial Services LLC increased its position in Alphabet by 7.7% in the second quarter. A&I Financial Services LLC now owns 2,390 shares of the information services provider's stock worth $424,000 after purchasing an additional 170 shares during the last quarter. Avanza Fonder AB boosted its stake in Alphabet by 18.4% during the second quarter. Avanza Fonder AB now owns 342,644 shares of the information services provider's stock worth $60,782,000 after buying an additional 53,161 shares during the period. Finally, Sowell Financial Services LLC boosted its stake in shares of Alphabet by 17.9% during the second quarter. Sowell Financial Services LLC now owns 74,403 shares of the information services provider's stock valued at $13,198,000 after purchasing an additional 11,285 shares during the period. Hedge funds and other institutional investors own 27.26% of the company's stock.

Alphabet Stock Down 0.9%

Shares of GOOG traded down $2.36 during trading hours on Monday, hitting $252.88. The stock had a trading volume of 20,038,778 shares, compared to its average volume of 25,284,148. The firm has a market capitalization of $3.06 trillion, a P/E ratio of 26.93, a price-to-earnings-growth ratio of 1.72 and a beta of 1.01. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90. Alphabet Inc. has a 1-year low of $142.66 and a 1-year high of $256.70. The firm has a 50 day simple moving average of $211.48 and a 200-day simple moving average of $182.24.

Alphabet (NASDAQ:GOOG - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, topping analysts' consensus estimates of $2.12 by $0.19. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The company had revenue of $96.43 billion for the quarter, compared to analysts' expectations of $93.67 billion. During the same quarter in the previous year, the firm posted $1.89 EPS. Alphabet's revenue was up 13.8% on a year-over-year basis. Sell-side analysts predict that Alphabet Inc. will post 8.89 EPS for the current fiscal year.

Alphabet Announces Dividend

The firm also recently announced 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. The ex-dividend date of this dividend was Monday, September 8th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.3%. Alphabet's dividend payout ratio (DPR) is currently 8.95%.

Insider Activity at Alphabet

In other Alphabet news, insider John Kent Walker sold 23,820 shares of Alphabet stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $194.70, for a total value of $4,637,754.00. Following the completion of the sale, the insider owned 42,999 shares of the company's stock, valued at approximately $8,371,905.30. The trade was a 35.65% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Kavitark Ram Shriram sold 15,000 shares of the business's stock in a transaction on Friday, July 18th. The shares were sold at an average price of $185.76, for a total transaction of $2,786,400.00. Following the sale, the director directly owned 240,400 shares of the company's stock, valued at approximately $44,656,704. The trade was a 5.87% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 258,088 shares of company stock valued at $52,405,304 over the last ninety days. Corporate insiders own 12.99% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have commented on GOOG. Oppenheimer restated an "outperform" rating and issued a $270.00 price objective (up previously from $235.00) on shares of Alphabet in a research report on Wednesday, September 3rd. Piper Sandler reissued a "neutral" rating on shares of Alphabet in a research report on Wednesday, July 9th. Lake Street Capital reissued a "buy" rating on shares of Alphabet in a research note on Wednesday, July 9th. The Goldman Sachs Group reaffirmed a "buy" rating and issued a $220.00 target price on shares of Alphabet in a report on Monday, June 2nd. Finally, KeyCorp set a $265.00 target price on Alphabet in a report on Wednesday, September 3rd. Four analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating, five have issued a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $230.35.

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.