Alphabet Inc. $GOOG Shares Purchased by GC Wealth Management RIA LLC

Key Points

• GC Wealth Management RIA LLC increased its stake in Alphabet Inc. by 115.7% in Q2, owning 214,392 shares worth approximately $38 million, making it the firm's 6th largest position.
• Alphabet reported quarterly earnings of $2.31 per share, exceeding analysts' expectations, with revenue rising 13.8% year-over-year to $96.43 billion.
• The company announced a quarterly dividend of $0.21 per share, resulting in an annualized yield of 0.3%, with a low payout ratio of 8.95%.

GC Wealth Management RIA LLC lifted its position in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 115.7% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 214,392 shares of the information services provider's stock after acquiring an additional 115,003 shares during the quarter. Alphabet accounts for approximately 3.1% of GC Wealth Management RIA LLC's holdings, making the stock its 6th largest position. GC Wealth Management RIA LLC's holdings in Alphabet were worth $38,031,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Independence Bank of Kentucky boosted its position in Alphabet by 10.2% during the 1st quarter. Independence Bank of Kentucky now owns 14,907 shares of the information services provider's stock worth $2,329,000 after acquiring an additional 1,376 shares during the period. RDA Financial Network boosted its position in Alphabet by 5.3% during the 2nd quarter. RDA Financial Network now owns 11,094 shares of the information services provider's stock worth $1,968,000 after acquiring an additional 554 shares during the period. Fermata Advisors LLC boosted its position in Alphabet by 2.7% during the 1st quarter. Fermata Advisors LLC now owns 9,771 shares of the information services provider's stock worth $1,527,000 after acquiring an additional 259 shares during the period. Oldfather Financial Services LLC acquired a new position in Alphabet during the 2nd quarter worth $213,000. Finally, Members Trust Co boosted its position in Alphabet by 84.7% during the 1st quarter. Members Trust Co now owns 4,999 shares of the information services provider's stock worth $781,000 after acquiring an additional 2,292 shares during the period. Institutional investors and hedge funds own 27.26% of the company's stock.

Alphabet Stock Performance

GOOG opened at $243.55 on Wednesday. The company has a market cap of $2.95 trillion, a PE ratio of 25.94, a price-to-earnings-growth ratio of 1.65 and a beta of 1.01. The stock has a 50-day moving average of $218.70 and a 200-day moving average of $185.47. Alphabet Inc. has a 52-week low of $142.66 and a 52-week high of $256.70. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90.

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

Alphabet Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Monday, September 8th were issued a $0.21 dividend. 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 is presently 8.95%.

Analyst Ratings Changes

A number of brokerages have issued reports on GOOG. Pivotal Research boosted their price target on Alphabet from $245.00 to $300.00 and gave the stock a "buy" rating in a research report on Wednesday, September 3rd. Roth Capital reissued a "buy" rating on shares of Alphabet in a research note on Wednesday, July 9th. Wells Fargo & Company reissued an "equal weight" rating on shares of Alphabet in a research note on Wednesday, July 9th. Cowen reissued a "buy" rating on shares of Alphabet in a research note on Wednesday, July 9th. Finally, Oppenheimer reissued an "outperform" rating and issued a $270.00 price objective (up previously from $235.00) on shares of Alphabet in a research note on Wednesday, September 3rd. Four investment analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, five have issued a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $230.35.

Insiders Place Their Bets

In related news, CEO Sundar Pichai sold 32,500 shares of the stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $184.38, for a total transaction of $5,992,350.00. Following the sale, the chief executive officer directly owned 2,527,392 shares in the company, valued at $466,000,536.96. This represents a 1.27% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider John Kent Walker sold 23,820 shares of the stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $194.70, for a total value of $4,637,754.00. Following the sale, the insider owned 42,999 shares in the company, valued at approximately $8,371,905.30. This trade represents a 35.65% 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 worth $46,586,752 in the last 90 days. 12.99% of the stock is owned by corporate insiders.

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.

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