Alphabet Inc. $GOOG Shares Bought by Grant Private Wealth Management Inc

Key Points

• Grant Private Wealth Management Inc increased its stake in Alphabet Inc. by 168.3% during the 2nd quarter, bringing its total holdings to $4.24 million, which is approximately 2.4% of its investment portfolio.
• A number of institutional investors, including Capital Advantage Inc. and Harbour Capital Advisors LLC, have also significantly increased their positions in Alphabet during the same period, reflecting a growing interest in the stock.
• Alphabet recently announced a quarterly dividend of $0.21, resulting in an annualized yield of 0.3%, with a low payout ratio of 8.95% indicating strong cash flow.

Grant Private Wealth Management Inc increased its stake in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 168.3% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 23,920 shares of the information services provider's stock after acquiring an additional 15,005 shares during the quarter. Alphabet makes up about 2.4% of Grant Private Wealth Management Inc's portfolio, making the stock its 17th largest position. Grant Private Wealth Management Inc's holdings in Alphabet were worth $4,243,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently modified their holdings of the business. Brighton Jones LLC boosted its holdings in shares of Alphabet by 5.6% during the 4th quarter. Brighton Jones LLC now owns 120,253 shares of the information services provider's stock valued at $22,901,000 after buying an additional 6,410 shares in the last quarter. Bank Pictet & Cie Europe AG increased its stake in shares of Alphabet by 4.3% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 506,535 shares of the information services provider's stock valued at $96,465,000 after buying an additional 20,855 shares during the period. Parr Mcknight Wealth Management Group LLC acquired a new stake in Alphabet in the fourth quarter worth about $237,000. Mackenzie Financial Corp lifted its holdings in shares of Alphabet by 5.6% during the fourth quarter. Mackenzie Financial Corp now owns 726,195 shares of the information services provider's stock worth $138,297,000 after purchasing an additional 38,299 shares during the period. Finally, Vermillion Wealth Management Inc. acquired a new position in shares of Alphabet during the 4th quarter worth approximately $79,000. Hedge funds and other institutional investors own 27.26% of the company's stock.

Alphabet Price Performance

Shares of GOOG traded down $2.36 during mid-day trading on Monday, reaching $252.88. The stock had a trading volume of 20,038,778 shares, compared to its average volume of 25,284,148. Alphabet Inc. has a 12 month low of $142.66 and a 12 month high of $256.70. The firm has a market cap of $3.06 trillion, a price-to-earnings ratio of 26.93, a PEG ratio of 1.72 and a beta of 1.01. 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 business has a fifty day moving average of $211.48 and a 200 day moving average of $182.24.

Alphabet (NASDAQ:GOOG - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, topping the consensus estimate of $2.12 by $0.19. The company had revenue of $96.43 billion during the quarter, compared to analyst estimates of $93.67 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The firm's revenue was up 13.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.89 EPS. Equities analysts predict that Alphabet Inc. will post 8.89 EPS for the current year.

Alphabet Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Monday, September 8th were paid a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date was Monday, September 8th. Alphabet's dividend payout ratio is presently 8.95%.

Analyst Ratings Changes

A number of research analysts recently issued reports on GOOG shares. JPMorgan Chase & Co. raised their price target on Alphabet from $232.00 to $260.00 and gave the stock an "overweight" rating in a research note on Wednesday, September 3rd. Cowen reaffirmed a "buy" rating on shares of Alphabet in a report on Wednesday, July 9th. Oppenheimer reiterated an "outperform" rating and set a $270.00 price objective (up previously from $235.00) on shares of Alphabet in a research report on Wednesday, September 3rd. Lake Street Capital reaffirmed a "buy" rating on shares of Alphabet in a research note on Wednesday, July 9th. Finally, Wells Fargo & Company restated an "equal weight" rating on shares of Alphabet in a research note on Wednesday, July 9th. Four equities research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, five have issued a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $230.35.

Insider Activity at Alphabet

In related news, CEO Sundar Pichai sold 32,500 shares of the stock in a transaction that occurred on Wednesday, September 17th. The stock was sold at an average price of $249.50, for a total transaction of $8,108,750.00. Following the sale, the chief executive officer owned 2,397,392 shares of the company's stock, valued at $598,149,304. This represents a 1.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Amie Thuener O'toole sold 2,778 shares of the business's 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 sale, the chief accounting officer directly owned 17,293 shares of the company's stock, valued at $4,236,785. This represents a 13.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 258,088 shares of company stock valued at $52,405,304. Corporate insiders own 12.99% of the company's stock.

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.