Holcombe Financial Inc. Buys 1,400 Shares of Alphabet Inc. $GOOG

Key Points

• Holcombe Financial Inc. increased its holdings in Alphabet Inc. by 94.6% in Q2 2023, owning 2,880 shares valued at approximately $511,000.
• Alphabet reported a quarterly earnings per share of $2.31, surpassing analyst expectations, with revenues of $96.43 billion, marking a year-over-year increase of 13.8%.
• The company announced a quarterly dividend of $0.21 per share, resulting in an annualized dividend yield of 0.3% and reflecting a low payout ratio of 8.95%.

Holcombe Financial Inc. raised its holdings in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 94.6% during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 2,880 shares of the information services provider's stock after purchasing an additional 1,400 shares during the quarter. Alphabet accounts for approximately 0.4% of Holcombe Financial Inc.'s investment portfolio, making the stock its 22nd biggest position. Holcombe Financial Inc.'s holdings in Alphabet were worth $511,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the company. ARQ Wealth Advisors LLC raised its position in Alphabet by 39.3% during the 4th quarter. ARQ Wealth Advisors LLC now owns 4,964 shares of the information services provider's stock worth $945,000 after purchasing an additional 1,400 shares during the last quarter. Independence Bank of Kentucky raised its position in Alphabet by 10.2% during the 1st quarter. Independence Bank of Kentucky now owns 14,907 shares of the information services provider's stock worth $2,329,000 after purchasing an additional 1,376 shares during the last quarter. RDA Financial Network raised its position in Alphabet by 5.3% during the 2nd quarter. RDA Financial Network now owns 11,094 shares of the information services provider's stock worth $1,968,000 after purchasing an additional 554 shares during the last quarter. Fermata Advisors LLC raised its position in Alphabet by 2.7% during the 1st quarter. Fermata Advisors LLC now owns 9,771 shares of the information services provider's stock worth $1,527,000 after purchasing an additional 259 shares during the last quarter. Finally, jvl associates llc raised its position in Alphabet by 3.5% during the 1st quarter. jvl associates llc now owns 10,055 shares of the information services provider's stock worth $1,571,000 after purchasing an additional 343 shares during the last quarter. Institutional investors and hedge funds own 27.26% of the company's stock.

Alphabet Stock Down 0.6%

Alphabet stock traded down $1.57 during midday trading on Wednesday, reaching $249.85. The stock had a trading volume of 20,412,102 shares, compared to its average volume of 23,959,092. Alphabet Inc. has a 12 month low of $142.66 and a 12 month high of $253.23. The company has a market capitalization of $3.02 trillion, a P/E ratio of 26.61, a PEG ratio of 1.69 and a beta of 1.01. The company has a fifty day moving average price of $205.68 and a two-hundred day moving average price of $179.98. 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:GOOG - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, beating analysts' consensus estimates 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 analyst estimates of $93.67 billion. During the same period in the previous year, the company posted $1.89 EPS. The firm's revenue was up 13.8% compared to the same quarter last year. As a group, equities analysts expect that Alphabet Inc. will post 8.89 EPS for the current fiscal year.

Alphabet Dividend Announcement

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

Analysts Set New Price Targets

Several research analysts recently issued reports on GOOG shares. JPMorgan Chase & Co. raised their target price on Alphabet from $232.00 to $260.00 and gave the stock an "overweight" rating in a research report on Wednesday, September 3rd. Cowen reissued a "buy" rating on shares of Alphabet in a research report on Wednesday, July 9th. The Goldman Sachs Group reissued a "buy" rating and issued a $220.00 price objective on shares of Alphabet in a research report on Monday, June 2nd. Phillip Securities lowered Alphabet from a "strong-buy" rating to a "moderate buy" rating in a research report on Monday, September 8th. Finally, Raymond James Financial reissued an "outperform" rating and issued a $210.00 price objective (up from $185.00) on shares of Alphabet in a research report on Thursday, July 24th. Four investment analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, five have given a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $227.56.

Insider Transactions at Alphabet

In other news, Director Kavitark Ram Shriram sold 18,566 shares of the business's stock in a transaction that occurred on Friday, July 18th. The stock was sold at an average price of $185.76, for a total value of $3,448,820.16. Following the transaction, the director owned 243,400 shares in the company, valued at $45,213,984. The trade was a 7.09% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Sundar Pichai sold 32,500 shares of the business's stock in a transaction that occurred on Wednesday, September 3rd. The stock was sold at an average price of $229.73, for a total value of $7,466,225.00. Following the completion of the transaction, the chief executive officer owned 2,429,892 shares in the company, valued at $558,219,089.16. The trade was a 1.32% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 225,588 shares of company stock worth $44,296,554. 12.99% of the stock is owned by insiders.

Alphabet Company 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.