Connecticut Wealth Management LLC Invests $10.41 Million in Alphabet Inc. $GOOGL

Key Points

• Connecticut Wealth Management LLC has invested approximately $10.41 million in Alphabet Inc., acquiring around 66,978 shares, which now comprises about 0.5% of its total holdings.
• Alphabet reported an earnings per share (EPS) of $2.31 for the last quarter, surpassing analysts' expectations of $2.15, alongside a revenue of $96.43 billion.
• The company has announced a quarterly dividend of $0.21 per share, with a yield of 0.4%, to be paid on September 15th to shareholders recorded by September 8th.

Connecticut Wealth Management LLC bought a new position in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 66,978 shares of the information services provider's stock, valued at approximately $10,405,000. Alphabet accounts for about 0.5% of Connecticut Wealth Management LLC's holdings, making the stock its 29th largest holding.

Several other hedge funds have also made changes to their positions in GOOGL. Nuveen LLC acquired a new stake in shares of Alphabet during the first quarter worth about $4,317,606,000. GAMMA Investing LLC boosted its stake in shares of Alphabet by 16,993.2% during the first quarter. GAMMA Investing LLC now owns 16,062,457 shares of the information services provider's stock worth $2,483,898,000 after buying an additional 15,968,487 shares during the period. Vanguard Group Inc. boosted its stake in shares of Alphabet by 2.9% during the first quarter. Vanguard Group Inc. now owns 509,826,331 shares of the information services provider's stock worth $78,839,544,000 after buying an additional 14,307,345 shares during the period. Assenagon Asset Management S.A. boosted its stake in shares of Alphabet by 307.6% during the first quarter. Assenagon Asset Management S.A. now owns 10,302,644 shares of the information services provider's stock worth $1,593,201,000 after buying an additional 7,774,811 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Alphabet during the fourth quarter worth about $1,375,509,000. Institutional investors and hedge funds own 40.03% of the company's stock.

Alphabet Trading Up 0.6%

Shares of Alphabet stock opened at $212.91 on Friday. Alphabet Inc. has a 12-month low of $140.53 and a 12-month high of $214.65. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07. The stock has a market cap of $2.57 trillion, a PE ratio of 22.67, a price-to-earnings-growth ratio of 1.43 and a beta of 1.01. The company has a 50-day moving average of $190.44 and a two-hundred day moving average of $174.05.

Alphabet (NASDAQ:GOOGL - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.15 by $0.16. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The company had revenue of $96.43 billion during the quarter, compared to analysts' expectations of $93.60 billion. On average, research analysts anticipate that Alphabet Inc. will post 8.9 EPS for the current fiscal year.

Alphabet Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders 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 dividend on an annualized basis and a yield of 0.4%. Alphabet's dividend payout ratio (DPR) is 8.95%.

Insider Activity at Alphabet

In other Alphabet news, CEO Sundar Pichai sold 32,500 shares of the 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 completion of the transaction, the chief executive officer directly owned 2,559,892 shares of the company's stock, valued at approximately $456,991,919.84. This trade represents a 1.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider John Kent Walker sold 23,820 shares of the 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 transaction, the insider directly owned 42,999 shares of the company's stock, 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. In the last ninety days, insiders sold 254,710 shares of company stock valued at $47,225,230. 11.64% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on GOOGL. Citizens Jmp upgraded shares of Alphabet from a "market perform" rating to an "outperform" rating and set a $220.00 target price for the company in a research note on Friday, June 27th. Westpark Capital raised their price objective on shares of Alphabet from $210.00 to $220.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. JPMorgan Chase & Co. raised their price objective on shares of Alphabet from $200.00 to $232.00 and gave the company an "overweight" rating in a research report on Thursday, July 24th. Rosenblatt Securities raised their price objective on shares of Alphabet from $189.00 to $191.00 and gave the company a "neutral" rating in a research report on Thursday, July 24th. Finally, Sanford C. Bernstein raised their price objective on shares of Alphabet from $185.00 to $195.00 and gave the company a "market perform" rating in a research report on Tuesday, July 22nd. Four investment analysts have rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $211.53.

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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