Evergreen Wealth Solutions LLC Cuts Stock Holdings in Alphabet Inc. $GOOGL

Key Points

• Evergreen Wealth Solutions LLC reduced its holdings in Alphabet Inc. by 10.8% during the first quarter, bringing its total shares down to 11,765, valued at approximately $1.82 million.
• Several analysts updated their price targets for Alphabet's stock, with BMO Capital Markets raising theirs from $208.00 to $225.00, and overall the stock has an average target price of $211.53.
• Alphabet recently announced a $0.21 quarterly dividend, which signifies an annualized yield of 0.4%, with the payment date set for September 15th.

Evergreen Wealth Solutions LLC cut its position in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 10.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 11,765 shares of the information services provider's stock after selling 1,428 shares during the period. Alphabet makes up 1.2% of Evergreen Wealth Solutions LLC's portfolio, making the stock its 13th largest holding. Evergreen Wealth Solutions LLC's holdings in Alphabet were worth $1,819,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the business. Guardian Wealth Management Inc. boosted its holdings in shares of Alphabet by 242.9% in the first quarter. Guardian Wealth Management Inc. now owns 168 shares of the information services provider's stock valued at $26,000 after purchasing an additional 119 shares during the period. IMA Advisory Services Inc. purchased a new stake in Alphabet in the first quarter worth about $28,000. von Borstel & Associates Inc. purchased a new stake in shares of Alphabet in the 1st quarter worth approximately $28,000. NBZ Investment Advisors LLC lifted its position in shares of Alphabet by 85.7% in the 1st quarter. NBZ Investment Advisors LLC now owns 195 shares of the information services provider's stock worth $30,000 after purchasing an additional 90 shares during the period. Finally, Financial Gravity Asset Management Inc. purchased a new stake in shares of Alphabet in the 1st quarter worth approximately $39,000. Hedge funds and other institutional investors own 40.03% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on GOOGL. KeyCorp upped their price objective on Alphabet from $215.00 to $230.00 and gave the stock an "overweight" rating in a research note on Thursday, July 24th. Citizens Jmp raised shares of Alphabet from a "market perform" rating to an "outperform" rating and set a $220.00 price target for the company in a research report on Friday, June 27th. JMP Securities increased their price target on shares of Alphabet from $220.00 to $225.00 and gave the company a "market outperform" rating in a research report on Thursday, July 24th. Roth Capital increased their price target on shares of Alphabet from $205.00 to $210.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Finally, Westpark Capital increased their target price 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. Four research analysts have rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and ten have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $211.53.

Alphabet Stock Performance

Shares of NASDAQ GOOGL traded up $1.27 during trading on Friday, reaching $212.91. 39,702,089 shares of the company traded hands, compared to its average volume of 28,893,466. The firm's fifty day simple moving average is $190.44 and its 200 day simple moving average is $174.05. The stock has a market cap of $2.57 trillion, a P/E ratio of 22.67, a PEG ratio of 1.43 and a beta of 1.01. 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.

Alphabet (NASDAQ:GOOGL - 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, beating analysts' consensus estimates of $2.15 by $0.16. The business had revenue of $96.43 billion during the quarter, compared to analyst estimates of $93.60 billion. Alphabet had a return on equity of 34.31% and a net margin of 31.12%. As a group, research analysts anticipate that Alphabet Inc. will post 8.9 earnings per share for the current fiscal year.

Alphabet Announces Dividend

The company also recently disclosed 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 payout ratio is presently 8.95%.

Insider Activity

In related news, insider John Kent Walker sold 23,820 shares of Alphabet stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $194.70, for a total value of $4,637,754.00. Following the completion of the transaction, the insider owned 42,999 shares in the company, valued at $8,371,905.30. The trade was a 35.65% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Sundar Pichai sold 32,500 shares of the business's stock in a transaction that occurred on 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 sale, the chief executive officer owned 2,559,892 shares of the company's stock, valued at $456,991,919.84. This trade represents a 1.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 254,710 shares of company stock worth $47,225,230 over the last three months. Corporate insiders own 11.64% 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.