Alphabet Inc. (NASDAQ:GOOG) Shares Bought by Covey Capital Advisors LLC

Covey Capital Advisors LLC increased its holdings in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 8.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 28,188 shares of the information services provider's stock after purchasing an additional 2,168 shares during the period. Alphabet accounts for 5.1% of Covey Capital Advisors LLC's investment portfolio, making the stock its 6th biggest position. Covey Capital Advisors LLC's holdings in Alphabet were worth $4,404,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in GOOG. Principia Wealth Advisory LLC raised its position 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 buying an additional 85 shares during the period. MorganRosel Wealth Management LLC acquired a new stake in Alphabet during the first quarter worth about $26,000. LSV Asset Management purchased a new position in shares of Alphabet in the 4th quarter worth about $27,000. Goodman Advisory Group LLC acquired a new position in shares of Alphabet in the 1st quarter valued at about $32,000. Finally, WealthTrak Capital Management LLC acquired a new position in shares of Alphabet in the 4th quarter valued at about $38,000. 27.26% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on GOOG. Piper Sandler reissued a "neutral" rating on shares of Alphabet in a research report on Wednesday. Roth Capital reiterated a "buy" rating on shares of Alphabet in a research note on Wednesday. Susquehanna reissued a "positive" rating on shares of Alphabet in a research note on Friday, May 2nd. UBS Group restated a "buy" rating on shares of Alphabet in a report on Wednesday. Finally, Citizens Jmp upgraded Alphabet from a "hold" rating to a "strong-buy" rating in a report on Thursday, June 26th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating, eighteen have issued a buy rating and six have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $207.13.

Alphabet Stock Up 1.5%

Shares of NASDAQ:GOOG traded up $2.61 during trading on Friday, hitting $181.31. The company's stock had a trading volume of 23,949,486 shares, compared to its average volume of 21,422,256. The company has a market capitalization of $2.20 trillion, a PE ratio of 20.21, a PEG ratio of 1.26 and a beta of 1.01. Alphabet Inc. has a fifty-two week low of $142.66 and a fifty-two week high of $208.70. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.77 and a current ratio of 1.77. The stock's 50-day moving average price is $171.19 and its two-hundred day moving average price is $175.18.

Alphabet (NASDAQ:GOOG - Get Free Report) last posted its quarterly earnings data on Thursday, April 24th. The information services provider reported $2.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.02 by $0.79. The company had revenue of $90.23 billion for the quarter, compared to the consensus estimate of $89.30 billion. Alphabet had a return on equity of 34.54% and a net margin of 30.86%. Alphabet's revenue for the quarter was up 12.0% compared to the same quarter last year. During the same period in the previous year, the business earned $1.89 EPS. As a group, sell-side analysts expect that Alphabet Inc. will post 8.89 EPS for the current year.

Alphabet Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 16th. Investors 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 0.46%. The ex-dividend date of this dividend was Monday, June 9th. This is a positive change from Alphabet's previous quarterly dividend of $0.20. Alphabet's payout ratio is 9.36%.

Insider Activity at Alphabet

In related news, Director John L. Hennessy sold 600 shares of Alphabet stock in a transaction dated 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 trade represents a 8.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Kavitark Ram Shriram sold 9,000 shares of the company's stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $175.00, for a total value of $1,575,000.00. Following the sale, the director owned 255,400 shares in the company, valued at $44,695,000. The trade was a 3.40% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 215,643 shares of company stock valued at $36,330,928 over the last ninety days. Corporate insiders own 12.99% of the company's stock.

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.