Linscomb Wealth Inc. Has $8.60 Million Stock Holdings in Alphabet Inc. (NASDAQ:GOOG)

Key Points

• Linscomb Wealth Inc. reduced its holdings in Alphabet Inc. by 2.4% in the first quarter, now owning 55,029 shares valued at approximately $8.60 million.
• Alphabet recently reported earnings of $2.31 per share, surpassing expectations, with revenue of $96.43 billion, marking a 13.8% year-over-year growth.
• The company declared a quarterly dividend of $0.21 per share, which will be paid on September 15th, reflecting a 0.4% dividend yield.

Linscomb Wealth Inc. cut its holdings in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 2.4% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 55,029 shares of the information services provider's stock after selling 1,343 shares during the quarter. Linscomb Wealth Inc.'s holdings in Alphabet were worth $8,597,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. LSV Asset Management bought a new position in shares of Alphabet in the fourth quarter valued at $27,000. Principia Wealth Advisory LLC boosted its position in shares of Alphabet by 111.8% in the first quarter. Principia Wealth Advisory LLC now owns 161 shares of the information services provider's stock valued at $26,000 after acquiring an additional 85 shares during the period. MorganRosel Wealth Management LLC bought a new stake in shares of Alphabet in the first quarter valued at about $26,000. Greykasell Wealth Strategies Inc. bought a new stake in shares of Alphabet in the first quarter valued at about $32,000. Finally, Goodman Advisory Group LLC bought a new stake in shares of Alphabet in the first quarter valued at about $32,000. 27.26% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on GOOG. BNP Paribas cut shares of Alphabet from a "strong-buy" rating to a "hold" rating in a research report on Thursday, June 26th. Scotiabank boosted their target price on shares of Alphabet from $200.00 to $240.00 and gave the company a "sector outperform" rating in a research report on Tuesday, July 22nd. Oppenheimer reissued an "outperform" rating and issued a $235.00 target price (up previously from $220.00) on shares of Alphabet in a research report on Thursday, July 24th. Westpark Capital reissued a "buy" rating and issued a $210.00 target price on shares of Alphabet in a research report on Friday, April 25th. Finally, Tigress Financial reaffirmed a "strong-buy" rating on shares of Alphabet in a research report on Friday, May 2nd. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating, seventeen have assigned a buy rating and five have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $215.19.

Alphabet Stock Performance

Alphabet stock opened at $202.11 on Monday. The business has a 50 day moving average of $181.90 and a 200-day moving average of $174.35. Alphabet Inc. has a 1 year low of $142.66 and a 1 year high of $208.70. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90. The company has a market capitalization of $2.44 trillion, a P/E ratio of 21.52, a P/E/G ratio of 1.34 and a beta of 1.02.

Alphabet (NASDAQ:GOOG - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.12 by $0.19. Alphabet had a return on equity of 34.31% and a net margin of 31.12%. The company had revenue of $96.43 billion during the quarter, compared to the consensus estimate of $93.67 billion. During the same quarter in the prior year, the firm posted $1.89 earnings per share. The firm's revenue was up 13.8% compared to the same quarter last year. On average, equities research analysts predict that Alphabet Inc. will post 8.89 earnings per share for the current year.

Alphabet Announces Dividend

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

Insider Activity

In other news, Director Kavitark Ram Shriram sold 18,566 shares of the company'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 completion of the transaction, the director owned 243,400 shares of the company's stock, valued at $45,213,984. This represents a 7.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Sundar Pichai sold 32,500 shares of the company's stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $178.52, for a total value of $5,801,900.00. Following the completion of the transaction, the chief executive officer directly owned 2,559,892 shares of the company's stock, valued at $456,991,919.84. This represents a 1.25% decrease in their position. The disclosure for this sale can be found here. Insiders sold 273,219 shares of company stock valued at $49,474,273 over the last quarter. 12.99% of the stock is owned by company 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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