JPL Wealth Management LLC Has $5.16 Million Stock Holdings in Alphabet Inc. (NASDAQ:GOOGL)

Key Points

• JPL Wealth Management LLC reduced its stake in Alphabet Inc. by 18.5% in the first quarter, owning 34,158 shares valued at approximately $5.16 million.
• Several brokerages have raised their price targets for Alphabet, with Citigroup and Bank of America increasing their targets to $225.00 and $217.00, respectively, while the average consensus price target is $211.39.
• Alphabet recently announced a quarterly dividend of $0.21 per share, set to be paid on September 15th, representing an annualized yield of 0.43%.

JPL Wealth Management LLC decreased its position in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 18.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 34,158 shares of the information services provider's stock after selling 7,752 shares during the quarter. Alphabet comprises about 2.1% of JPL Wealth Management LLC's investment portfolio, making the stock its 6th largest holding. JPL Wealth Management LLC's holdings in Alphabet were worth $5,156,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. von Borstel & Associates Inc. bought a new stake in Alphabet during the 1st quarter valued at $28,000. Financial Gravity Asset Management Inc. bought a new stake in shares of Alphabet during the first quarter valued at about $39,000. Anderson Financial Strategies LLC bought a new position in Alphabet in the 4th quarter valued at about $49,000. Navigoe LLC bought a new stake in shares of Alphabet during the 4th quarter worth about $51,000. Finally, Elite Financial Inc. bought a new stake in shares of Alphabet during the 1st quarter worth about $42,000. Institutional investors and hedge funds own 40.03% of the company's stock.

Alphabet Stock Performance

GOOGL stock traded up $0.78 during mid-day trading on Wednesday, reaching $196.53. 32,265,287 shares of the stock traded hands, compared to its average volume of 37,021,776. 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 has a 50-day moving average of $177.49 and a two-hundred day moving average of $173.11. The firm has a market capitalization of $2.38 trillion, a PE ratio of 20.93, a P/E/G ratio of 1.30 and a beta of 1.00. Alphabet Inc. has a 52 week low of $140.53 and a 52 week high of $207.05.

Alphabet Announces Dividend

The firm 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. The ex-dividend date of this dividend is Monday, September 8th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.43%. Alphabet's dividend payout ratio (DPR) is presently 8.95%.

Wall Street Analyst Weigh In

A number of research firms have recently commented on GOOGL. BNP Paribas Exane reissued a "neutral" rating and issued a $172.00 price objective on shares of Alphabet in a research note on Friday, June 27th. KeyCorp lifted their price objective 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. DA Davidson boosted their target price on shares of Alphabet from $160.00 to $180.00 and gave the stock a "neutral" rating in a report on Thursday, July 24th. Morgan Stanley raised their target price on shares of Alphabet from $185.00 to $205.00 and gave the stock an "overweight" rating in a report on Monday, July 21st. Finally, Guggenheim lifted their price target on shares of Alphabet from $190.00 to $210.00 and gave the stock a "buy" rating in a research report on Wednesday, July 23rd. Ten analysts have rated the stock with a hold rating, twenty-nine have issued a buy rating and four have given a strong buy rating to the stock. According to data from MarketBeat.com, Alphabet presently has a consensus rating of "Moderate Buy" and an average target price of $211.39.

Insider Activity

In related news, Director Kavitark Ram Shriram sold 18,566 shares of Alphabet stock in a transaction dated 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 sale, the director directly owned 243,400 shares of the company's stock, valued at $45,213,984. This trade represents a 7.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Sundar Pichai sold 32,500 shares of Alphabet stock in a transaction 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 owned 2,527,392 shares in the company, valued at $466,000,536.96. This represents a 1.27% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 249,298 shares of company stock valued at $43,505,967. 11.64% of the stock is owned by company insiders.

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.