Jessup Wealth Management Inc grew its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 2.7% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 65,266 shares of the information services provider's stock after acquiring an additional 1,739 shares during the period. Alphabet comprises 4.2% of Jessup Wealth Management Inc's holdings, making the stock its 6th largest holding. Jessup Wealth Management Inc's holdings in Alphabet were worth $10,093,000 as of its most recent SEC filing.
Several other large investors have also recently modified their holdings of the business. FMR LLC raised its stake in Alphabet by 9.8% during the fourth quarter. FMR LLC now owns 248,416,916 shares of the information services provider's stock worth $47,025,322,000 after buying an additional 22,100,902 shares during the last quarter. Norges Bank bought a new position in Alphabet during the fourth quarter worth $24,383,677,000. Price T Rowe Associates Inc. MD raised its stake in Alphabet by 8.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 98,638,127 shares of the information services provider's stock worth $18,672,198,000 after buying an additional 7,574,417 shares during the last quarter. Capital Research Global Investors raised its stake in Alphabet by 16.2% during the fourth quarter. Capital Research Global Investors now owns 72,033,086 shares of the information services provider's stock worth $13,635,878,000 after buying an additional 10,037,685 shares during the last quarter. Finally, Northern Trust Corp raised its stake in Alphabet by 17.0% during the fourth quarter. Northern Trust Corp now owns 69,616,854 shares of the information services provider's stock worth $13,178,470,000 after buying an additional 10,135,430 shares during the last quarter. Institutional investors own 40.03% of the company's stock.
Alphabet Stock Up 0.3%
Alphabet stock traded up $0.61 during midday trading on Thursday, hitting $183.58. 31,918,761 shares of the stock were exchanged, compared to its average volume of 32,090,183. Alphabet Inc. has a 52-week low of $140.53 and a 52-week high of $207.05. The stock has a market capitalization of $2.23 trillion, a price-to-earnings ratio of 20.47, a price-to-earnings-growth ratio of 1.28 and a beta of 1.00. The business's 50-day moving average price is $172.26 and its 200-day moving average price is $173.15. The company has a quick ratio of 1.77, a current ratio of 1.77 and a debt-to-equity ratio of 0.03.
Alphabet (NASDAQ:GOOGL - Get Free Report) last released its quarterly earnings results on Thursday, April 24th. The information services provider reported $2.81 earnings per share for the quarter, topping the consensus estimate of $2.02 by $0.79. Alphabet had a net margin of 30.86% and a return on equity of 34.54%. The business had revenue of $76.49 billion for the quarter, compared to analysts' expectations of $89.30 billion. During the same period in the previous year, the company earned $1.89 earnings per share. On average, research analysts expect that Alphabet Inc. will post 8.9 EPS for the current fiscal year.
Alphabet Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Monday, June 9th were issued a dividend of $0.21 per share. The ex-dividend date of this dividend was Monday, June 9th. This is a boost from Alphabet's previous quarterly dividend of $0.20. This represents a $0.84 annualized dividend and a yield of 0.46%. Alphabet's payout ratio is 9.36%.
Wall Street Analyst Weigh In
A number of brokerages recently weighed in on GOOGL. Roth Capital reissued a "buy" rating and set a $205.00 target price (up previously from $180.00) on shares of Alphabet in a research note on Tuesday, July 8th. Sanford C. Bernstein lifted their target price on shares of Alphabet from $165.00 to $185.00 and gave the stock a "market perform" rating in a research note on Friday, April 25th. Bank of America lifted their target price on shares of Alphabet from $185.00 to $200.00 and gave the stock a "buy" rating in a research note on Friday, April 25th. Roth Mkm reaffirmed a "buy" rating and issued a $220.00 price target on shares of Alphabet in a research note on Wednesday, March 19th. Finally, Truist Financial reaffirmed a "buy" rating and issued a $200.00 price target on shares of Alphabet in a research note on Wednesday, July 2nd. Ten investment analysts have rated the stock with a hold rating, twenty-eight have given a buy rating and four have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Alphabet presently has a consensus rating of "Moderate Buy" and an average target price of $201.41.
Get Our Latest Research Report on Alphabet
Insider Buying and Selling
In related news, CEO Sundar Pichai sold 32,500 shares of the business's stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $184.38, for a total transaction of $5,992,350.00. Following the transaction, the chief executive officer directly owned 2,527,392 shares in the company, valued at approximately $466,000,536.96. The trade was a 1.27% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John L. Hennessy sold 600 shares of the business's stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $175.00, for a total transaction of $105,000.00. Following the transaction, the director 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 disclosure for this sale can be found here. Over the last ninety days, insiders have sold 215,843 shares of company stock worth $37,288,490. 11.64% of the stock is owned by insiders.
About Alphabet
(
Free Report)
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.
See Also
Before you consider Alphabet, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Alphabet wasn't on the list.
While Alphabet currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Wondering where to start (or end) with AI stocks? These 10 simple stocks can help investors build long-term wealth as artificial intelligence continues to grow into the future.
Get This Free Report
