Modern Wealth Management LLC Has $13.22 Million Holdings in Alphabet Inc. $GOOG

Key Points

• Modern Wealth Management LLC increased its stake in Alphabet Inc. by 10.8%, now holding 84,584 shares valued at approximately $13.22 million.
• Alphabet recently announced a quarterly dividend of $0.21 per share, translating to an annualized dividend yield of 0.3%.
• In its latest earnings report, Alphabet exceeded expectations with a $2.31 EPS and quarterly revenue of $96.43 billion, marking a 13.8% year-over-year increase.

Modern Wealth Management LLC grew its position in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 10.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 84,584 shares of the information services provider's stock after acquiring an additional 8,252 shares during the period. Modern Wealth Management LLC's holdings in Alphabet were worth $13,215,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of GOOG. ARQ Wealth Advisors LLC lifted its position in Alphabet by 39.3% during the fourth quarter. ARQ Wealth Advisors LLC now owns 4,964 shares of the information services provider's stock worth $945,000 after acquiring an additional 1,400 shares during the last quarter. Independence Bank of Kentucky lifted its position in Alphabet by 10.2% during the first quarter. Independence Bank of Kentucky now owns 14,907 shares of the information services provider's stock worth $2,329,000 after acquiring an additional 1,376 shares during the last quarter. Fermata Advisors LLC lifted its position in Alphabet by 2.7% during the first quarter. Fermata Advisors LLC now owns 9,771 shares of the information services provider's stock worth $1,527,000 after acquiring an additional 259 shares during the last quarter. jvl associates llc lifted its position in Alphabet by 3.5% during the first quarter. jvl associates llc now owns 10,055 shares of the information services provider's stock worth $1,571,000 after acquiring an additional 343 shares during the last quarter. Finally, Members Trust Co lifted its position in Alphabet by 84.7% during the first quarter. Members Trust Co now owns 4,999 shares of the information services provider's stock worth $781,000 after acquiring an additional 2,292 shares during the last quarter. Institutional investors own 27.26% of the company's stock.

Insider Activity at Alphabet

In related news, insider John Kent Walker sold 23,820 shares of the stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $194.70, for a total value of $4,637,754.00. Following the completion of the transaction, the insider owned 42,999 shares of the company's stock, valued at $8,371,905.30. This represents a 35.65% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Kavitark Ram Shriram sold 18,566 shares of the company's stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $185.76, for a total transaction of $3,448,820.16. Following the completion of the transaction, the director owned 243,400 shares of the company's stock, valued at approximately $45,213,984. This trade represents a 7.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 254,710 shares of company stock worth $49,208,380 in the last 90 days. 12.99% of the stock is currently owned by company insiders.

Alphabet Price Performance

NASDAQ:GOOG traded up $0.60 on Friday, hitting $241.38. The company had a trading volume of 14,519,054 shares, compared to its average volume of 22,624,780. The stock has a market capitalization of $2.92 trillion, a price-to-earnings ratio of 25.71, a PEG ratio of 1.62 and a beta of 1.01. 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 firm has a 50 day moving average of $202.67 and a two-hundred day moving average of $178.86. Alphabet Inc. has a 52 week low of $142.66 and a 52 week high of $242.57.

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, beating the consensus estimate of $2.12 by $0.19. The business had revenue of $96.43 billion during the quarter, compared to the consensus estimate of $93.67 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The firm's revenue was up 13.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.89 EPS. On average, research analysts anticipate that Alphabet Inc. will post 8.89 earnings per share for the current year.

Alphabet Dividend Announcement

The business also recently disclosed 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. The ex-dividend date of this dividend is Monday, September 8th. This represents a $0.84 annualized dividend and a yield of 0.3%. Alphabet's dividend payout ratio is presently 8.95%.

Analyst Ratings Changes

A number of research firms have issued reports on GOOG. Oppenheimer reissued an "outperform" rating and issued a $270.00 price objective (up previously from $235.00) on shares of Alphabet in a report on Wednesday, September 3rd. Raymond James Financial reissued an "outperform" rating and issued a $210.00 price objective (up previously from $185.00) on shares of Alphabet in a report on Thursday, July 24th. Lake Street Capital reissued a "buy" rating on shares of Alphabet in a report on Wednesday, July 9th. Scotiabank boosted their price objective on shares of Alphabet from $200.00 to $240.00 and gave the company a "sector outperform" rating in a report on Tuesday, July 22nd. Finally, Cowen restated a "buy" rating on shares of Alphabet in a research report on Wednesday, July 9th. Four investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, five have issued a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, Alphabet presently has an average rating of "Moderate Buy" and an average price target of $227.56.

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.