Covenant Asset Management LLC Boosts Stock Position in Alphabet Inc. $GOOG

Key Points

• Covenant Asset Management LLC increased its position in Alphabet Inc. by 35.6% during the second quarter, now holding 15,160 shares valued at approximately $2.69 million.
• Several institutional investors significantly boosted their holdings in Alphabet, with Principia Wealth Advisory increasing theirs by 111.8% in the first quarter, alongside various new positions from multiple firms.
• Alphabet's recent quarterly earnings exceeded expectations, reporting earnings per share of $2.31 compared to the consensus estimate of $2.12, with revenue of $96.43 billion for the quarter.

Covenant Asset Management LLC lifted its position in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 35.6% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 15,160 shares of the information services provider's stock after purchasing an additional 3,980 shares during the quarter. Covenant Asset Management LLC's holdings in Alphabet were worth $2,689,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of GOOG. Principia Wealth Advisory LLC boosted its holdings in shares of Alphabet by 111.8% in the 1st quarter. Principia Wealth Advisory LLC now owns 161 shares of the information services provider's stock worth $26,000 after purchasing an additional 85 shares in the last quarter. MorganRosel Wealth Management LLC purchased a new position in shares of Alphabet in the 1st quarter worth about $26,000. Goodman Advisory Group LLC purchased a new position in shares of Alphabet in the 1st quarter worth about $32,000. Greykasell Wealth Strategies Inc. purchased a new position in shares of Alphabet in the 1st quarter worth about $32,000. Finally, Elevate Wealth Advisory Inc. purchased a new position in shares of Alphabet in the 1st quarter worth about $34,000. 27.26% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Alphabet

In other news, CAO Amie Thuener O'toole sold 2,778 shares of the stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $245.00, for a total value of $680,610.00. Following the completion of the transaction, the chief accounting officer owned 17,293 shares of the company's stock, valued at approximately $4,236,785. This represents a 13.84% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Sundar Pichai sold 32,500 shares of the stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $184.38, for a total value of $5,992,350.00. Following the completion of the transaction, the chief executive officer directly owned 2,527,392 shares of the company's stock, valued at $466,000,536.96. This represents a 1.27% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 225,469 shares of company stock worth $46,586,752. 12.99% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on GOOG. Citizens Jmp raised Alphabet from a "hold" rating to a "strong-buy" rating in a research note on Thursday, June 26th. Pivotal Research boosted their target price on Alphabet from $245.00 to $300.00 and gave the company a "buy" rating in a research note on Wednesday, September 3rd. Barclays reissued a "buy" rating on shares of Alphabet in a research note on Wednesday, July 9th. Wells Fargo & Company reissued an "equal weight" rating on shares of Alphabet in a research note on Wednesday, July 9th. Finally, Phillip Securities lowered Alphabet from a "strong-buy" rating to a "moderate buy" rating in a research note on Monday, September 8th. Four research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, five have given a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat.com, Alphabet currently has an average rating of "Moderate Buy" and an average target price of $230.35.

Alphabet Trading Down 0.3%

NASDAQ GOOG opened at $243.55 on Wednesday. Alphabet Inc. has a fifty-two week low of $142.66 and a fifty-two week high of $256.70. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90. The stock has a 50 day simple moving average of $218.70 and a two-hundred day simple moving average of $185.47. The stock has a market cap of $2.95 trillion, a P/E ratio of 25.94, a price-to-earnings-growth ratio of 1.65 and a beta of 1.01.

Alphabet (NASDAQ:GOOG - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, topping the consensus estimate of $2.12 by $0.19. Alphabet had a return on equity of 34.31% and a net margin of 31.12%.The business had revenue of $96.43 billion during the quarter, compared to analysts' expectations of $93.67 billion. During the same quarter last year, the business posted $1.89 EPS. The business's revenue was up 13.8% on a year-over-year basis. On average, analysts forecast that Alphabet Inc. will post 8.89 earnings per share for the current year.

Alphabet Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Monday, September 8th were given a $0.21 dividend. The ex-dividend date of this dividend was Monday, September 8th. This represents a $0.84 annualized dividend and a dividend yield of 0.3%. Alphabet's dividend payout ratio is currently 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.

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