Alphabet Inc. (NASDAQ:GOOG) is Cove Private Wealth LLC's 8th Largest Position

Key Points

• Cove Private Wealth LLC increased its holdings in Alphabet Inc. by 7.9% in the 1st quarter, making Alphabet its 8th largest position, valued at approximately $4.28 million.
• A variety of hedge funds have also modified their Alphabet investments, with Vanguard Group raising its stake by 2.4% and JPMorgan Chase & Co. by 9.9% in the same period.
• Alphabet Inc. reported an EPS of $2.31 for the last quarter, exceeding analyst expectations by $0.19, with revenues totaling $96.43 billion.

Cove Private Wealth LLC raised its position in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 7.9% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 27,404 shares of the information services provider's stock after buying an additional 2,000 shares during the quarter. Alphabet comprises about 2.3% of Cove Private Wealth LLC's investment portfolio, making the stock its 8th largest holding. Cove Private Wealth LLC's holdings in Alphabet were worth $4,281,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. raised its position in shares of Alphabet by 2.4% in the 1st quarter. Vanguard Group Inc. now owns 411,570,922 shares of the information services provider's stock valued at $64,299,725,000 after purchasing an additional 9,687,855 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of Alphabet by 9.9% in the 1st quarter. JPMorgan Chase & Co. now owns 102,232,997 shares of the information services provider's stock valued at $15,971,861,000 after purchasing an additional 9,243,959 shares during the last quarter. Capital International Investors increased its holdings in Alphabet by 6.7% in the 4th quarter. Capital International Investors now owns 91,236,069 shares of the information services provider's stock worth $17,376,706,000 after buying an additional 5,758,244 shares during the period. Northern Trust Corp increased its holdings in Alphabet by 16.1% in the 4th quarter. Northern Trust Corp now owns 57,098,042 shares of the information services provider's stock worth $10,873,751,000 after buying an additional 7,917,625 shares during the period. Finally, Capital Research Global Investors increased its holdings in Alphabet by 0.8% in the 4th quarter. Capital Research Global Investors now owns 39,148,500 shares of the information services provider's stock worth $7,455,571,000 after buying an additional 294,556 shares during the period. 27.26% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on GOOG. Cantor Fitzgerald reiterated a "neutral" rating and issued a $171.00 price target on shares of Alphabet in a report on Friday, April 25th. Citigroup reiterated a "sell" rating on shares of Alphabet in a report on Wednesday, April 23rd. The Goldman Sachs Group reiterated a "buy" rating and issued a $220.00 price target on shares of Alphabet in a report on Monday, June 2nd. Cowen reiterated a "buy" rating on shares of Alphabet in a report on Wednesday, July 9th. Finally, UBS Group increased their price target on shares of Alphabet from $186.00 to $192.00 and gave the stock a "neutral" rating in a report on Wednesday, July 16th. Three analysts have rated the stock with a sell rating, six have given a hold rating, seventeen have assigned a buy rating and five have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $215.19.

Insider Transactions at Alphabet

In related news, CEO Sundar Pichai sold 32,500 shares of the business's stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $178.52, for a total value of $5,801,900.00. Following the sale, the chief executive officer directly owned 2,559,892 shares in the company, valued at approximately $456,991,919.84. The trade was a 1.25% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider John Kent Walker sold 23,820 shares of the business's stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $194.70, for a total transaction of $4,637,754.00. Following the completion of 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 have sold a total of 273,219 shares of company stock worth $49,474,273 in the last quarter. Company insiders own 12.99% of the company's stock.

Alphabet Stock Up 2.4%

NASDAQ GOOG opened at $202.11 on Monday. Alphabet Inc. has a 52 week low of $142.66 and a 52 week high of $208.70. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07. The business's fifty day simple moving average is $181.90 and its 200-day simple moving average is $174.35. The firm has a market cap of $2.44 trillion, a PE ratio of 21.52, a P/E/G ratio of 1.34 and a beta of 1.02.

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 the consensus estimate of $2.12 by $0.19. Alphabet had a return on equity of 34.31% and a net margin of 31.12%. The business had revenue of $96.43 billion for the quarter, compared to analyst estimates of $93.67 billion. During the same quarter in the previous year, the firm earned $1.89 EPS. The company's quarterly revenue was up 13.8% compared to the same quarter last year. As a group, equities analysts anticipate that Alphabet Inc. will post 8.89 earnings per share for the current year.

Alphabet Announces Dividend

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

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.

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