Evergreen Wealth Management LLC Sells 6,519 Shares of Alphabet Inc. $GOOGL

Key Points

• Evergreen Wealth Management cut its Alphabet stake by 18.2% in the fourth quarter, selling 6,519 shares and leaving it with 29,219 shares worth about $9.15 million.
• Alphabet reported strong quarterly results, posting $5.11 EPS versus the $2.64 estimate and revenue of $109.9 billion, while also increasing its quarterly dividend to $0.22 per share.
• Wall Street sentiment remains constructive, with analysts maintaining mostly buy ratings and an average target price of $413.13; recent news also highlighted a SpaceX cloud deal and a higher price target from New Street Research.

Evergreen Wealth Management LLC trimmed its holdings in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 18.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 29,219 shares of the information services provider's stock after selling 6,519 shares during the quarter. Alphabet comprises approximately 4.6% of Evergreen Wealth Management LLC's portfolio, making the stock its 5th largest holding. Evergreen Wealth Management LLC's holdings in Alphabet were worth $9,146,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the business. PMV Capital Advisers LLC purchased a new position in Alphabet in the fourth quarter valued at $38,000. Kentucky Trust Co boosted its stake in shares of Alphabet by 142.9% during the fourth quarter. Kentucky Trust Co now owns 170 shares of the information services provider's stock worth $53,000 after buying an additional 100 shares during the period. iSAM Funds UK Ltd acquired a new stake in Alphabet in the third quarter valued at about $53,000. Pilgrim Partners Asia Pte Ltd acquired a new stake in Alphabet in the third quarter valued at about $53,000. Finally, Nvest Wealth Strategies Inc. acquired a new position in Alphabet during the fourth quarter worth $69,000. 40.03% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Alphabet

In related news, CAO Amie Thuener O'toole sold 617 shares of the firm's stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $289.63, for a total value of $178,701.71. Following the completion of the transaction, the chief accounting officer owned 10,093 shares of the company's stock, valued at approximately $2,923,235.59. This trade represents a 5.76% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider John Kent Walker sold 8,993 shares of the firm's stock in a transaction that occurred on Friday, March 27th. The stock was sold at an average price of $275.89, for a total transaction of $2,481,078.77. Following the completion of the transaction, the insider directly owned 51,808 shares of the company's stock, valued at $14,293,309.12. This represents a 14.79% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 193,016 shares of company stock worth $17,282,549. 11.61% of the stock is currently owned by insiders.

Alphabet Price Performance

Shares of NASDAQ:GOOGL opened at $368.53 on Friday. The firm's 50 day moving average is $352.70 and its two-hundred day moving average is $327.81. Alphabet Inc. has a 52 week low of $162.00 and a 52 week high of $408.61. The firm has a market capitalization of $4.47 trillion, a P/E ratio of 28.11, a PEG ratio of 1.59 and a beta of 1.23. The company has a current ratio of 1.92, a quick ratio of 1.92 and a debt-to-equity ratio of 0.16.

Alphabet (NASDAQ:GOOGL - Get Free Report) last posted its quarterly earnings data on Wednesday, April 29th. The information services provider reported $5.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.64 by $2.47. The business had revenue of $109.90 billion during the quarter, compared to analysts' expectations of $106.98 billion. Alphabet had a net margin of 37.92% and a return on equity of 38.99%. Analysts anticipate that Alphabet Inc. will post 14.29 earnings per share for the current year.

Alphabet Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Monday, June 8th will be paid a $0.22 dividend. The ex-dividend date of this dividend is Monday, June 8th. This represents a $0.88 dividend on an annualized basis and a yield of 0.2%. This is a positive change from Alphabet's previous quarterly dividend of $0.21. Alphabet's dividend payout ratio (DPR) is 6.41%.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. Cantor Fitzgerald lifted their price objective on Alphabet from $395.00 to $465.00 and gave the stock an "overweight" rating in a research report on Thursday, April 30th. Barclays restated a "buy" rating on shares of Alphabet in a research report on Friday, May 29th. Evercore boosted their price target on Alphabet from $400.00 to $420.00 and gave the company an "outperform" rating in a report on Thursday, April 30th. Freedom Capital downgraded Alphabet from a "strong-buy" rating to a "hold" rating in a report on Monday, May 4th. Finally, Morgan Stanley boosted their price objective on shares of Alphabet from $330.00 to $375.00 and gave the company an "overweight" rating in a research note on Thursday, April 30th. Two equities research analysts have rated the stock with a Strong Buy rating, forty-seven have assigned a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $413.13.

Key Stories Impacting Alphabet

Here are the key news stories impacting Alphabet this week:

• Positive Sentiment: Alphabet secured a major cloud deal with SpaceX, adding a high-profile customer and boosting the investment case for its AI infrastructure business. SpaceX signs cloud deal with Google
• Positive Sentiment: New Street Research raised its price target on Alphabet to $455 and reiterated a buy rating, signaling continued Wall Street confidence. MarketScreener
• Neutral Sentiment: Reports said Google’s AI search and chatbot products faced criticism after an audit found many chatbot responses on elections were flawed, which may keep pressure on Alphabet’s AI credibility. Over 90% of AI chatbot answers about midterm elections are flawed, stunning analysis shows
• Negative Sentiment: Alphabet’s large equity raise and higher AI capex guidance are still weighing on sentiment because investors are questioning how quickly those investments will pay off. Alphabet is seeking fresh capital as stock's 4-week losing streak tests investor appetite
• Negative Sentiment: Google also faces regulatory pressure in the UK over publisher-content rules in AI search, adding another policy risk for the business. Google search facing UK 'conduct requirement'

Alphabet Company Profile

Alphabet Inc is the holding company created in 2015 to organize Google and a portfolio of businesses developing technologies beyond Google's core internet services. Its principal operations are led by Google, which builds and operates consumer-facing products such as Google Search, YouTube, Android, Chrome, Gmail, Google Maps and Google Workspace, as well as advertising platforms (Google Ads and AdSense) that historically generate the majority of its revenue. Google also develops consumer hardware (Pixel phones, Nest smart-home devices, Chromecast) and developer and distribution platforms such as Google Play.

Beyond Google's consumer and advertising businesses, Alphabet invests in enterprise and infrastructure offerings through Google Cloud, which provides cloud computing, data analytics and productivity services to businesses and institutions.

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