Resolute Wealth Strategies LLC Boosts Holdings in Alphabet Inc. (NASDAQ:GOOGL)

Key Points

• Resolute Wealth Strategies LLC increased its holdings in Alphabet Inc. by 12.9% in the first quarter, now owning 11,692 shares worth approximately $1.8 million.
• Multiple hedge funds, including FMR LLC and Norges Bank, have also recently boosted their stakes in Alphabet, indicating strong institutional interest in the company.
• Alphabet will pay a quarterly dividend of $0.21 per share on September 15, representing an annualized dividend yield of 0.4%.

Resolute Wealth Strategies LLC boosted its position in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 12.9% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 11,692 shares of the information services provider's stock after acquiring an additional 1,335 shares during the period. Alphabet accounts for 1.0% of Resolute Wealth Strategies LLC's investment portfolio, making the stock its 24th biggest position. Resolute Wealth Strategies LLC's holdings in Alphabet were worth $1,808,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the stock. Mystic Asset Management Inc. lifted its position in Alphabet by 6.7% during the 1st quarter. Mystic Asset Management Inc. now owns 28,454 shares of the information services provider's stock valued at $4,400,000 after acquiring an additional 1,791 shares during the period. Harbour Trust & Investment Management Co lifted its position in Alphabet by 0.3% during the 1st quarter. Harbour Trust & Investment Management Co now owns 27,075 shares of the information services provider's stock valued at $4,187,000 after acquiring an additional 80 shares during the period. Rockbridge Capital Management LLC purchased a new position in Alphabet during the 4th quarter valued at about $3,119,000. Cypress Capital LLC lifted its position in Alphabet by 4.1% during the 1st quarter. Cypress Capital LLC now owns 14,310 shares of the information services provider's stock valued at $2,213,000 after acquiring an additional 563 shares during the period. Finally, Optivise Advisory Services LLC raised its holdings in Alphabet by 8.0% in the fourth quarter. Optivise Advisory Services LLC now owns 5,464 shares of the information services provider's stock worth $1,035,000 after buying an additional 403 shares during the last quarter. Institutional investors own 40.03% of the company's stock.

Insider Activity at Alphabet

In other news, Director Kavitark Ram Shriram sold 18,566 shares of Alphabet stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $185.76, for a total transaction of $3,448,820.16. Following the completion of the transaction, the director directly owned 243,400 shares of the company's stock, valued at $45,213,984. The trade was a 7.09% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Sundar Pichai sold 32,500 shares of Alphabet stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $178.52, for a total transaction of $5,801,900.00. Following the completion of the sale, the chief executive officer directly owned 2,559,892 shares in the company, valued at $456,991,919.84. This represents a 1.25% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 249,399 shares of company stock valued at $43,525,794. Insiders own 11.55% of the company's stock.

Wall Street Analyst Weigh In

GOOGL has been the subject of several recent analyst reports. Roth Capital lifted their target price on shares of Alphabet from $205.00 to $210.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. JPMorgan Chase & Co. lifted their target price on shares of Alphabet from $200.00 to $232.00 and gave the stock an "overweight" rating in a report on Thursday, July 24th. Barclays lifted their target price on shares of Alphabet from $220.00 to $235.00 and gave the stock an "overweight" rating in a report on Thursday, July 24th. Rosenblatt Securities lifted their target price on shares of Alphabet from $189.00 to $191.00 and gave the stock a "neutral" rating in a report on Thursday, July 24th. Finally, Wells Fargo & Company lifted their target price on shares of Alphabet from $184.00 to $187.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 29th. Ten investment analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and four have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $211.39.

Alphabet Stock Performance

GOOGL traded up $1.92 during trading on Tuesday, reaching $196.96. 7,310,044 shares of the company's stock were exchanged, compared to its average volume of 36,916,590. Alphabet Inc. has a 1 year low of $140.53 and a 1 year high of $207.05. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90. The stock has a market capitalization of $2.38 trillion, a P/E ratio of 20.99, a price-to-earnings-growth ratio of 1.28 and a beta of 1.01. The company's fifty day simple moving average is $178.85 and its 200-day simple moving average is $172.81.

Alphabet (NASDAQ:GOOGL - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, beating the consensus estimate of $2.15 by $0.16. The firm had revenue of $96,428,000 billion during the quarter, compared to analyst estimates of $93.60 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. As a group, research analysts predict that Alphabet Inc. will post 8.9 earnings per share for the current fiscal year.

Alphabet Dividend Announcement

The company also recently announced 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 of this dividend is Monday, September 8th. Alphabet's payout ratio is 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.