King Wealth Management Group Acquires 4,805 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Key Points

• King Wealth Management Group increased its stake in Alphabet Inc. by 7.4%, acquiring an additional 4,805 shares, now holding a total of 69,781 shares worth approximately $10.79 million.
• Multiple brokerages have raised their target prices for Alphabet, with Citigroup setting a new target of $225.00 and a consensus rating of "Moderate Buy" from analysts.
• Alphabet announced a quarterly dividend of $0.21 per share, representing an annualized yield of 0.4%, with the dividend expected to be paid on September 15.

King Wealth Management Group boosted its holdings in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 7.4% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 69,781 shares of the information services provider's stock after acquiring an additional 4,805 shares during the quarter. Alphabet accounts for approximately 1.6% of King Wealth Management Group's investment portfolio, making the stock its 17th biggest holding. King Wealth Management Group's holdings in Alphabet were worth $10,791,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Mystic Asset Management Inc. raised its position in Alphabet by 6.7% in the first quarter. Mystic Asset Management Inc. now owns 28,454 shares of the information services provider's stock worth $4,400,000 after acquiring an additional 1,791 shares during the period. Harbour Trust & Investment Management Co increased its stake in shares of Alphabet by 0.3% during the 1st quarter. Harbour Trust & Investment Management Co now owns 27,075 shares of the information services provider's stock worth $4,187,000 after purchasing an additional 80 shares during the last quarter. Rockbridge Capital Management LLC bought a new stake in shares of Alphabet in the 4th quarter worth approximately $3,119,000. Cypress Capital LLC lifted its stake in Alphabet by 4.1% in the first quarter. Cypress Capital LLC now owns 14,310 shares of the information services provider's stock valued at $2,213,000 after purchasing an additional 563 shares during the last quarter. Finally, Optivise Advisory Services LLC grew its holdings in Alphabet by 8.0% during the fourth quarter. Optivise Advisory Services LLC now owns 5,464 shares of the information services provider's stock valued at $1,035,000 after purchasing an additional 403 shares during the period. 40.03% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on GOOGL. Citigroup boosted their target price on Alphabet from $203.00 to $225.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Truist Financial reissued a "buy" rating and issued a $200.00 price objective on shares of Alphabet in a report on Wednesday, July 2nd. Westpark Capital upped their price objective on shares of Alphabet from $210.00 to $220.00 and gave the company a "buy" rating in a report on Thursday, July 24th. Stifel Nicolaus increased their target price on shares of Alphabet from $200.00 to $218.00 and gave the stock a "buy" rating in a research report on Tuesday, July 22nd. Finally, Wells Fargo & Company boosted their price target on shares of Alphabet from $184.00 to $187.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 29th. Ten equities research analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and four have issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $211.53.

Alphabet Price Performance

Shares of Alphabet stock opened at $196.52 on Friday. The company's fifty day simple moving average is $180.26 and its two-hundred day simple moving average is $173.13. Alphabet Inc. has a 12-month low of $140.53 and a 12-month high of $207.05. The firm has a market cap of $2.38 trillion, a PE ratio of 20.93, a price-to-earnings-growth ratio of 1.33 and a beta of 1.01. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07.

Alphabet (NASDAQ:GOOGL - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, topping analysts' consensus estimates of $2.15 by $0.16. The company had revenue of $96,428,000 billion during the quarter, compared to analyst estimates of $93.60 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. As a group, equities analysts expect that Alphabet Inc. will post 8.9 EPS for the current year.

Alphabet Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Monday, September 8th will be given a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date is Monday, September 8th. Alphabet's dividend payout ratio (DPR) is currently 8.95%.

Insiders Place Their Bets

In other news, Director John L. Hennessy sold 400 shares of the business's stock in a transaction that occurred on Monday, July 14th. The stock was sold at an average price of $181.98, for a total transaction of $72,792.00. Following the transaction, the director directly owned 6,013 shares of the company's stock, valued at approximately $1,094,245.74. The trade was a 6.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Sundar Pichai sold 32,500 shares of the company's stock in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $196.23, for a total value of $6,377,475.00. Following the transaction, the chief executive officer owned 2,494,892 shares of the company's stock, valued at approximately $489,572,657.16. This represents a 1.29% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 273,219 shares of company stock valued at $49,474,273 in the last 90 days. 11.64% of the stock is owned by corporate 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.

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