Alphabet Inc. $GOOG Holdings Lifted by Cornerstone Wealth Group LLC

Key Points

• Cornerstone Wealth Group LLC increased its holdings in Alphabet Inc. by 8.7% during the second quarter, now owning 19,147 shares valued at approximately $3.4 million.
• In recent insider activity, John Kent Walker sold 23,820 shares for about $4.64 million, marking a 35.65% decrease in his position.
• Alphabet announced a quarterly dividend of $0.21 per share, yielding 0.3%, with a payout ratio of 8.95%.

Cornerstone Wealth Group LLC grew its position in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 8.7% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 19,147 shares of the information services provider's stock after purchasing an additional 1,528 shares during the period. Cornerstone Wealth Group LLC's holdings in Alphabet were worth $3,396,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. MorganRosel Wealth Management LLC bought a new position in Alphabet in the 1st quarter worth about $26,000. IFS Advisors LLC lifted its stake in shares of Alphabet by 400.0% in the 2nd quarter. IFS Advisors LLC now owns 150 shares of the information services provider's stock worth $27,000 after acquiring an additional 120 shares during the period. Robbins Farley lifted its stake in shares of Alphabet by 60.0% in the 2nd quarter. Robbins Farley now owns 160 shares of the information services provider's stock worth $28,000 after acquiring an additional 60 shares during the period. WestEnd Advisors LLC lifted its stake in shares of Alphabet by 58.7% in the 2nd quarter. WestEnd Advisors LLC now owns 165 shares of the information services provider's stock worth $29,000 after acquiring an additional 61 shares during the period. Finally, Goodman Advisory Group LLC acquired a new stake in shares of Alphabet in the 1st quarter worth approximately $32,000. Institutional investors own 27.26% of the company's stock.

Insider Activity at Alphabet

In other Alphabet news, insider John Kent Walker sold 23,820 shares of the company's 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 transaction, the insider owned 42,999 shares in the company, valued at approximately $8,371,905.30. This represents a 35.65% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John L. Hennessy sold 1,000 shares of the company's stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $200.00, for a total transaction of $200,000.00. Following the completion of the transaction, the director owned 6,916 shares in the company, valued at approximately $1,383,200. This represents a 12.63% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 210,872 shares of company stock worth $46,980,865 in the last 90 days. 12.99% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Piper Sandler reaffirmed a "neutral" rating on shares of Alphabet in a research note on Wednesday, July 9th. Oppenheimer reaffirmed an "outperform" rating and issued a $270.00 price target (up from $235.00) on shares of Alphabet in a research note on Wednesday, September 3rd. Lake Street Capital reaffirmed a "buy" rating on shares of Alphabet in a research note on Wednesday, July 9th. Pivotal Research boosted their target price on Alphabet from $245.00 to $300.00 and gave the stock a "buy" rating in a research report on Wednesday, September 3rd. Finally, Barclays restated a "buy" rating on shares of Alphabet in a research report on Wednesday, July 9th. Six research analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, five have given a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $244.68.

Alphabet Stock Up 0.1%

Alphabet stock opened at $251.88 on Friday. The firm has a market cap of $3.05 trillion, a PE ratio of 26.82, a P/E/G ratio of 1.70 and a beta of 1.00. 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's 50 day moving average price is $231.15 and its two-hundred day moving average price is $192.08. Alphabet Inc. has a twelve month low of $142.66 and a twelve month high of $257.58.

Alphabet (NASDAQ:GOOG - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, beating the consensus estimate of $2.12 by $0.19. The firm had revenue of $96.43 billion for the quarter, compared to analyst estimates of $93.67 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The company's revenue for the quarter was up 13.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.89 EPS. On average, research analysts predict that Alphabet Inc. will post 8.89 EPS for the current fiscal year.

Alphabet Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Monday, September 8th were paid a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 0.3%. The ex-dividend date was Monday, September 8th. Alphabet's dividend payout ratio is currently 8.95%.

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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