LeConte Wealth Management LLC Invests $520,000 in Alphabet Inc. $GOOGL

Key Points

• LeConte Wealth Management LLC invested approximately $520,000 in Alphabet Inc. by purchasing 3,364 shares, making it the firm's 29th largest holding.
• Alphabet recently reported $2.31 earnings per share for the quarter, exceeding analysts' estimates of $2.15, with a revenue of $96.43 billion compared to expectations of $93.60 billion.
• The company declared a quarterly dividend of $0.21, set to be paid on September 15th, representing an annualized yield of 0.4% and a payout ratio of 8.95%.

LeConte Wealth Management LLC purchased a new position in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 3,364 shares of the information services provider's stock, valued at approximately $520,000. Alphabet accounts for about 0.3% of LeConte Wealth Management LLC's investment portfolio, making the stock its 29th biggest holding.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Guardian Wealth Management Inc. raised its position in Alphabet by 242.9% in the 1st quarter. Guardian Wealth Management Inc. now owns 168 shares of the information services provider's stock valued at $26,000 after buying an additional 119 shares during the last quarter. IMA Advisory Services Inc. acquired a new stake in Alphabet in the 1st quarter valued at approximately $28,000. von Borstel & Associates Inc. acquired a new stake in Alphabet in the 1st quarter valued at approximately $28,000. NBZ Investment Advisors LLC raised its position in Alphabet by 85.7% in the 1st quarter. NBZ Investment Advisors LLC now owns 195 shares of the information services provider's stock valued at $30,000 after buying an additional 90 shares during the last quarter. Finally, Financial Gravity Asset Management Inc. acquired a new stake in Alphabet in the 1st quarter valued at approximately $39,000. Institutional investors and hedge funds own 40.03% of the company's stock.

Alphabet Stock Up 0.2%

GOOGL opened at $199.75 on Friday. Alphabet Inc. has a 1-year low of $140.53 and a 1-year high of $207.05. The stock's fifty day simple moving average is $186.18 and its 200 day simple moving average is $173.37. 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 stock has a market cap of $2.42 trillion, a PE ratio of 21.27, a price-to-earnings-growth ratio of 1.34 and a beta of 1.01.

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

Alphabet Announces Dividend

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

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the company. BNP Paribas Exane reissued a "neutral" rating and issued a $172.00 target price on shares of Alphabet in a research report on Friday, June 27th. Sanford C. Bernstein boosted their price target on Alphabet from $185.00 to $195.00 and gave the stock a "market perform" rating in a research report on Tuesday, July 22nd. Citizens Jmp upgraded Alphabet from a "market perform" rating to an "outperform" rating and set a $220.00 price objective on the stock in a research note on Friday, June 27th. Piper Sandler upped their price objective on Alphabet from $195.00 to $220.00 and gave the stock an "overweight" rating in a research note on Thursday, July 24th. Finally, Wells Fargo & Company upped their price objective on Alphabet from $184.00 to $187.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 29th. Four investment analysts have rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and ten have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $211.53.

Insiders Place Their Bets

In related news, CEO Sundar Pichai sold 32,500 shares of the stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $199.92, for a total value of $6,497,400.00. Following the sale, the chief executive officer owned 2,462,392 shares in the company, valued at approximately $492,281,408.64. This represents a 1.30% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider John Kent Walker sold 23,820 shares of the stock in a transaction on Monday, August 4th. The stock was sold at an average price of $194.70, for a total value of $4,637,754.00. Following the transaction, the insider owned 42,999 shares in the company, valued at $8,371,905.30. The trade was a 35.65% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 254,719 shares of company stock worth $47,223,172 in the last quarter. Insiders own 11.64% 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.

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