Xcel Wealth Management LLC cut its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 13.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 79,391 shares of the information services provider's stock after selling 12,417 shares during the period. Alphabet comprises about 3.8% of Xcel Wealth Management LLC's investment portfolio, making the stock its 4th biggest holding. Xcel Wealth Management LLC's holdings in Alphabet were worth $12,277,000 at the end of the most recent quarter.
Other institutional investors have also recently added to or reduced their stakes in the company. Clark Asset Management LLC raised its holdings in shares of Alphabet by 20.6% during the first quarter. Clark Asset Management LLC now owns 7,349 shares of the information services provider's stock valued at $1,136,000 after acquiring an additional 1,253 shares during the period. Smart Money Group LLC grew its position in Alphabet by 9.4% during the 1st quarter. Smart Money Group LLC now owns 6,181 shares of the information services provider's stock worth $956,000 after purchasing an additional 532 shares in the last quarter. Resonant Capital Advisors LLC raised its stake in Alphabet by 4.6% during the 1st quarter. Resonant Capital Advisors LLC now owns 31,629 shares of the information services provider's stock valued at $4,891,000 after purchasing an additional 1,403 shares during the period. Capital Investment Counsel Inc lifted its holdings in shares of Alphabet by 3.4% in the first quarter. Capital Investment Counsel Inc now owns 27,039 shares of the information services provider's stock valued at $4,181,000 after purchasing an additional 890 shares in the last quarter. Finally, Chaney Capital Management Inc. boosted its position in shares of Alphabet by 1.3% in the first quarter. Chaney Capital Management Inc. now owns 42,602 shares of the information services provider's stock worth $6,588,000 after buying an additional 560 shares during the period. 40.03% of the stock is owned by institutional investors and hedge funds.
Insider Transactions at Alphabet
In related news, CEO Sundar Pichai sold 32,500 shares of Alphabet stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $170.87, for a total transaction of $5,553,275.00. Following the sale, the chief executive officer directly owned 2,620,196 shares in the company, valued at approximately $447,712,890.52. This trade represents a 1.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director John L. Hennessy sold 600 shares of the business's stock in a transaction on Thursday, May 22nd. The stock was sold at an average price of $175.00, for a total value of $105,000.00. Following the completion of the transaction, the director directly owned 6,813 shares in the company, valued at approximately $1,192,275. This represents a 8.09% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 215,643 shares of company stock worth $36,330,928 in the last 90 days. Insiders own 11.64% of the company's stock.
Alphabet Stock Up 0.6%
Shares of GOOGL traded up $1.00 during trading hours on Thursday, hitting $177.62. The stock had a trading volume of 29,191,793 shares, compared to its average volume of 31,781,916. Alphabet Inc. has a 1-year low of $140.53 and a 1-year high of $207.05. The firm has a market capitalization of $2.16 trillion, a P/E ratio of 19.80, a price-to-earnings-growth ratio of 1.23 and a beta of 1.00. The firm has a 50 day simple moving average of $169.67 and a 200-day simple moving average of $173.69. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.77 and a quick ratio of 1.77.
Alphabet (NASDAQ:GOOGL - Get Free Report) last issued its quarterly earnings data on Thursday, April 24th. The information services provider reported $2.81 EPS for the quarter, topping analysts' consensus estimates of $2.02 by $0.79. Alphabet had a return on equity of 34.54% and a net margin of 30.86%. The firm had revenue of $76.49 billion during the quarter, compared to analyst estimates of $89.30 billion. During the same period in the previous year, the company posted $1.89 EPS. Sell-side analysts predict that Alphabet Inc. will post 8.9 EPS for the current fiscal year.
Alphabet Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Monday, June 9th were paid a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.47%. The ex-dividend date was Monday, June 9th. This is an increase from Alphabet's previous quarterly dividend of $0.20. Alphabet's payout ratio is presently 9.36%.
Wall Street Analyst Weigh In
Several research analysts recently weighed in on GOOGL shares. BNP Paribas lowered Alphabet from a "strong-buy" rating to a "hold" rating in a research report on Thursday, June 26th. KeyCorp increased their price target on shares of Alphabet from $185.00 to $195.00 and gave the stock an "overweight" rating in a research report on Friday, April 25th. Jefferies Financial Group lowered their price objective on shares of Alphabet from $235.00 to $200.00 and set a "buy" rating on the stock in a research report on Monday, March 31st. Rosenblatt Securities reiterated a "neutral" rating and set a $189.00 price objective on shares of Alphabet in a report on Wednesday, May 21st. Finally, Sanford C. Bernstein lifted their target price on shares of Alphabet from $165.00 to $185.00 and gave the company a "market perform" rating in a research note on Friday, April 25th. Ten research 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. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $200.13.
Check Out Our Latest Report on GOOGL
Alphabet Profile
(
Free Report)
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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