Mid American Wealth Advisory Group Inc. Takes $276,000 Position in Alphabet Inc. (NASDAQ:GOOG)

Mid American Wealth Advisory Group Inc. acquired a new position in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,767 shares of the information services provider's stock, valued at approximately $276,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Fiduciary Advisors Inc. bought a new stake in Alphabet during the 4th quarter worth about $27,000. LSV Asset Management bought a new position in shares of Alphabet in the fourth quarter worth about $27,000. WealthTrak Capital Management LLC acquired a new position in shares of Alphabet during the fourth quarter worth approximately $38,000. Mountain Hill Investment Partners Corp. bought a new stake in shares of Alphabet during the fourth quarter valued at approximately $39,000. Finally, Noble Wealth Management PBC acquired a new stake in shares of Alphabet in the 4th quarter valued at $43,000. 27.26% of the stock is owned by institutional investors.

Alphabet Stock Down 1.6%

Shares of NASDAQ:GOOG traded down $2.66 during mid-day trading on Tuesday, reaching $167.71. 25,344,814 shares of the stock were exchanged, compared to its average volume of 20,277,750. The stock's 50 day simple moving average is $160.95 and its 200-day simple moving average is $176.24. Alphabet Inc. has a one year low of $142.66 and a one year high of $208.70. The company has a market cap of $2.04 trillion, a P/E ratio of 20.83, a P/E/G ratio of 1.34 and a beta of 1.01. The company has a quick ratio of 1.84, a current ratio of 1.84 and a debt-to-equity ratio of 0.03.

Alphabet (NASDAQ:GOOG - Get Free Report) last issued its quarterly earnings results on Thursday, April 24th. The information services provider reported $2.81 earnings per share for the quarter, topping the consensus estimate of $2.02 by $0.79. The company had revenue of $90.23 billion during the quarter, compared to analysts' expectations of $89.30 billion. Alphabet had a net margin of 28.60% and a return on equity of 32.49%. The business's quarterly revenue was up 12.0% on a year-over-year basis. During the same period last year, the business earned $1.89 EPS. As a group, equities research analysts predict that Alphabet Inc. will post 8.89 EPS for the current year.

Alphabet Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Monday, June 9th will be issued a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 0.50%. The ex-dividend date of this dividend is Monday, June 9th. This is an increase from Alphabet's previous quarterly dividend of $0.20. Alphabet's dividend payout ratio is presently 9.36%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. JPMorgan Chase & Co. raised their price target on Alphabet from $180.00 to $195.00 and gave the company an "overweight" rating in a report on Friday, April 25th. Scotiabank dropped their target price on shares of Alphabet from $232.00 to $200.00 and set a "sector outperform" rating for the company in a research report on Monday, April 21st. Rosenblatt Securities raised Alphabet from a "hold" rating to a "strong-buy" rating in a research note on Friday, April 25th. Westpark Capital reiterated a "buy" rating and issued a $210.00 price target on shares of Alphabet in a research report on Friday, April 25th. Finally, Needham & Company LLC cut shares of Alphabet from a "buy" rating to a "cautious" rating in a report on Friday, May 2nd. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating, fourteen have assigned a buy rating and five have given a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $204.88.

Insider Activity at Alphabet

In other news, Director Kavitark Ram Shriram sold 10,500 shares of Alphabet stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $175.00, for a total transaction of $1,837,500.00. Following the completion of the transaction, the director now directly owns 261,966 shares in the company, valued at approximately $45,844,050. The trade was a 3.85% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director John L. Hennessy sold 200 shares of the firm's stock in a transaction on Thursday, March 13th. The shares were sold at an average price of $165.53, for a total value of $33,106.00. Following the sale, the director now directly owns 7,813 shares of the company's stock, valued at $1,293,285.89. This represents a 2.50% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 163,270 shares of company stock valued at $26,553,563. 12.99% 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.