Kingsman Wealth Management Inc. Acquires New Stake in Alphabet Inc. (NASDAQ:GOOGL)

Key Points

• Kingsman Wealth Management Inc. acquired 2,539 shares of Alphabet Inc. valued at approximately $393,000 during the first quarter, marking an increase in institutional interest in the stock.
• Analysts have raised their price targets for Alphabet Inc., with JPMorgan Chase & Co. increasing its target from $200 to $232 and giving it an "overweight" rating.
• Alphabet announced a quarterly dividend of $0.21 per share, reflecting a dividend yield of 0.43%, with payments to be made on September 15th.

Kingsman Wealth Management Inc. acquired a new stake in Alphabet Inc. (NASDAQ:GOOGL - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The firm acquired 2,539 shares of the information services provider's stock, valued at approximately $393,000.

Several other hedge funds have also recently added to or reduced their stakes in the company. FMR LLC increased its holdings in Alphabet by 9.8% in the 4th 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 in the last quarter. Norges Bank acquired a new stake in shares of Alphabet in the fourth quarter valued at $24,383,677,000. Price T Rowe Associates Inc. MD grew its holdings in shares of Alphabet by 8.3% in the 4th 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 acquiring an additional 7,574,417 shares during the period. Capital Research Global Investors raised its position in shares of Alphabet by 16.2% in the 4th 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 period. Finally, Northern Trust Corp lifted its holdings in Alphabet by 17.0% in 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 acquiring an additional 10,135,430 shares during the last quarter. Institutional investors own 40.03% of the company's stock.

Insider Transactions at Alphabet

In other news, CEO Sundar Pichai sold 32,500 shares of Alphabet stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $178.52, for a total transaction of $5,801,900.00. Following the completion of the sale, the chief executive officer owned 2,559,892 shares in the company, valued at approximately $456,991,919.84. This trade represents a 1.25% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Kavitark Ram Shriram sold 18,566 shares of the stock in a transaction on Friday, July 18th. The shares were sold at an average price of $185.76, for a total value of $3,448,820.16. Following the completion of the transaction, the director directly owned 243,400 shares in the company, valued at approximately $45,213,984. This represents a 7.09% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 249,298 shares of company stock valued at $43,505,967 in the last quarter. Company insiders own 11.64% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on GOOGL. Westpark Capital increased their price target on shares of Alphabet from $210.00 to $220.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Mizuho cut their price objective on shares of Alphabet from $230.00 to $205.00 and set an "outperform" rating for the company in a report on Wednesday, April 9th. Guggenheim boosted their target price on shares of Alphabet from $190.00 to $210.00 and gave the company a "buy" rating in a research report on Wednesday, July 23rd. Susquehanna upped their price objective on shares of Alphabet from $220.00 to $225.00 and gave the stock a "positive" rating in a research report on Thursday, July 24th. Finally, Oppenheimer boosted their target price on shares of Alphabet from $185.00 to $200.00 and gave the stock an "outperform" rating in a report on Friday, April 25th. Ten equities research analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and four have assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $211.39.

Alphabet Trading Down 2.4%

NASDAQ:GOOGL traded down $4.62 on Thursday, reaching $191.91. 18,906,998 shares of the stock traded hands, compared to its average volume of 36,930,727. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07. The company's 50 day moving average is $177.49 and its 200-day moving average is $173.11. Alphabet Inc. has a 1-year low of $140.53 and a 1-year high of $207.05. The firm has a market capitalization of $2.33 trillion, a price-to-earnings ratio of 20.37, a price-to-earnings-growth ratio of 1.30 and a beta of 1.00.

Alphabet Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Monday, September 8th will be paid a dividend of $0.21 per share. The ex-dividend date is Monday, September 8th. This represents a $0.84 dividend on an annualized basis and a yield of 0.44%. Alphabet's dividend payout ratio (DPR) is currently 8.95%.

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.