Morling Financial Advisors LLC Has $1.32 Million Stock Position in Alphabet Inc. (NASDAQ:GOOGL)

Key Points

• Morling Financial Advisors LLC significantly increased its stake in Alphabet Inc. by 385.0% in the first quarter, acquiring a total of 8,507 shares worth approximately $1.3 million.
• Multiple hedge funds have also substantially increased their holdings of Alphabet, with Norges Bank acquiring a position valued at about $24.4 billion in the fourth quarter.
• Alphabet recently announced a quarterly dividend of $0.21 per share, set to be paid on September 15th, reflecting a 0.4% yield and an payout ratio of 8.95%.

Morling Financial Advisors LLC lifted its position in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 385.0% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 8,507 shares of the information services provider's stock after buying an additional 6,753 shares during the period. Alphabet accounts for approximately 0.5% of Morling Financial Advisors LLC's portfolio, making the stock its 25th largest holding. Morling Financial Advisors LLC's holdings in Alphabet were worth $1,316,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Guardian Wealth Management Inc. grew its holdings in Alphabet by 242.9% during the 1st quarter. Guardian Wealth Management Inc. now owns 168 shares of the information services provider's stock valued at $26,000 after purchasing an additional 119 shares in the last quarter. von Borstel & Associates Inc. bought a new position in shares of Alphabet in the 1st quarter worth about $28,000. IMA Advisory Services Inc. bought a new position in shares of Alphabet in the 1st quarter worth about $28,000. Financial Gravity Asset Management Inc. bought a new stake in Alphabet in the 1st quarter valued at about $39,000. Finally, Elite Financial Inc. bought a new stake in Alphabet in the 1st quarter valued at about $42,000. Hedge funds and other institutional investors own 40.03% of the company's stock.

Alphabet Stock Performance

Alphabet stock traded down $2.77 on Friday, hitting $189.13. The company's stock had a trading volume of 34,777,882 shares, compared to its average volume of 38,669,572. The firm has a market cap of $2.30 trillion, a P/E ratio of 20.14, a price-to-earnings-growth ratio of 1.30 and a beta of 1.01. 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 company has a fifty day moving average price of $178.32 and a 200-day moving average price of $173.12. Alphabet Inc. has a one year low of $140.53 and a one year high of $207.05.

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 $0.21 dividend. The ex-dividend date of this dividend is Monday, September 8th. This represents a $0.84 annualized dividend and a dividend yield of 0.4%. Alphabet's dividend payout ratio is presently 8.95%.

Insider Transactions at Alphabet

In other news, Director John L. Hennessy sold 400 shares of the company's stock in a transaction dated Monday, July 14th. The shares were sold at an average price of $181.98, for a total value of $72,792.00. Following the sale, the director owned 6,013 shares of the company's stock, valued at approximately $1,094,245.74. This represents a 6.24% 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 the company's stock in a transaction dated 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 completion of the sale, the chief executive officer directly owned 2,527,392 shares in the company, valued at approximately $466,000,536.96. The trade was a 1.27% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 249,399 shares of company stock valued at $43,525,794. 11.64% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research firms have commented on GOOGL. Mizuho lowered their target price on shares of Alphabet from $230.00 to $205.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 9th. 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 research report on Thursday, July 24th. Needham & Company LLC raised their price target on shares of Alphabet from $210.00 to $220.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Oppenheimer lifted their target price on shares of Alphabet from $185.00 to $200.00 and gave the company an "outperform" rating in a research note on Friday, April 25th. Finally, Cantor Fitzgerald lifted their target price on shares of Alphabet from $196.00 to $201.00 and gave the company a "neutral" rating in a research note on Thursday, July 24th. 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 company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $211.39.

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.