Mid American Wealth Advisory Group Inc. Grows Stock Holdings in Alphabet Inc. $GOOG

Key Points

• Mid American Wealth Advisory Group Inc. increased its stake in Alphabet Inc. by 77.4% during Q2, owning 3,134 shares worth $556,000.
• Several institutional investors are also expanding their positions in Alphabet, with significant increases from firms like Phoenix Financial Ltd. and VCI Wealth Management LLC.
• Insider selling has occurred recently, including CEO Sundar Pichai selling 32,500 shares worth over $8 million, reducing his ownership by 1.34%.

Mid American Wealth Advisory Group Inc. boosted its position in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 77.4% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 3,134 shares of the information services provider's stock after acquiring an additional 1,367 shares during the period. Mid American Wealth Advisory Group Inc.'s holdings in Alphabet were worth $556,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. LGT Financial Advisors LLC purchased a new stake in Alphabet in the 2nd quarter worth approximately $37,000. VCI Wealth Management LLC grew its stake in shares of Alphabet by 11.4% during the 2nd quarter. VCI Wealth Management LLC now owns 38,248 shares of the information services provider's stock valued at $6,785,000 after buying an additional 3,909 shares during the period. Klingman & Associates LLC grew its stake in shares of Alphabet by 1.9% during the 2nd quarter. Klingman & Associates LLC now owns 26,660 shares of the information services provider's stock valued at $4,729,000 after buying an additional 492 shares during the period. Phoenix Financial Ltd. grew its stake in shares of Alphabet by 23.0% during the 2nd quarter. Phoenix Financial Ltd. now owns 1,000,895 shares of the information services provider's stock valued at $177,541,000 after buying an additional 186,894 shares during the period. Finally, Avidian Wealth Enterprises LLC grew its stake in shares of Alphabet by 4.5% during the 2nd quarter. Avidian Wealth Enterprises LLC now owns 20,559 shares of the information services provider's stock valued at $3,647,000 after buying an additional 876 shares during the period. 27.26% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Alphabet news, CEO Sundar Pichai sold 32,500 shares of the business's stock in a transaction on Wednesday, September 17th. The shares were sold at an average price of $249.50, for a total value of $8,108,750.00. Following the transaction, the chief executive officer owned 2,397,392 shares in the company, valued at $598,149,304. The trade was a 1.34% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider John Kent Walker sold 23,820 shares of the business's stock in a transaction on Monday, August 4th. The stock was sold at an average price of $194.70, for a total transaction of $4,637,754.00. Following the completion of the transaction, the insider owned 42,999 shares in the company, valued at $8,371,905.30. This represents a 35.65% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 246,150 shares of company stock worth $55,805,379 in the last quarter. 12.99% of the stock is owned by corporate insiders.

Alphabet Stock Performance

Shares of GOOG stock opened at $253.73 on Friday. Alphabet Inc. has a 12 month low of $142.66 and a 12 month high of $257.88. 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 firm has a market capitalization of $3.07 trillion, a P/E ratio of 27.02, a P/E/G ratio of 1.70 and a beta of 1.00. The company's fifty day moving average price is $236.22 and its two-hundred day moving average price is $195.53.

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

Analysts Set New Price Targets

Several analysts have recently issued reports on GOOG shares. Pivotal Research boosted their price objective on shares of Alphabet from $245.00 to $300.00 and gave the company a "buy" rating in a research note on Wednesday, September 3rd. Oppenheimer set a $300.00 price objective on shares of Alphabet and gave the company an "outperform" rating in a research note on Monday. KeyCorp set a $265.00 price objective on shares of Alphabet in a research note on Wednesday, September 3rd. Weiss Ratings reissued a "buy (b)" rating on shares of Alphabet in a research note on Wednesday, October 8th. Finally, TD Cowen upped their price target on shares of Alphabet from $270.00 to $280.00 and gave the stock a "buy" rating in a research report on Wednesday, October 8th. Six research analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, five have issued a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, Alphabet presently has an average rating of "Moderate Buy" and an average price target of $246.26.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.