Mullooly Asset Management Inc. Purchases New Shares in Alphabet Inc. (NASDAQ:GOOG)

Key Points

• Mullooly Asset Management Inc. has acquired 2,647 shares of Alphabet Inc., valued at approximately $413,000, signifying renewed institutional interest in the tech giant.
• Alphabet reported earnings of $2.31 per share for the last quarter, exceeding analyst expectations of $2.12, alongside a revenue increase of 13.8% year-over-year.
• The company has announced a quarterly dividend of $0.21 per share, reflecting a yield of 0.4% and a payout ratio of 8.95%.

Mullooly Asset Management Inc. purchased a new stake in Alphabet Inc. (NASDAQ:GOOG - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 2,647 shares of the information services provider's stock, valued at approximately $413,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. Principia Wealth Advisory LLC lifted its position in Alphabet by 111.8% during the first quarter. Principia Wealth Advisory LLC now owns 161 shares of the information services provider's stock worth $26,000 after purchasing an additional 85 shares during the period. MorganRosel Wealth Management LLC bought a new position in shares of Alphabet in the first quarter worth about $26,000. LSV Asset Management bought a new position in shares of Alphabet in the fourth quarter worth about $27,000. Goodman Advisory Group LLC bought a new position in Alphabet in the 1st quarter valued at approximately $32,000. Finally, Graybill Wealth Management LTD. bought a new position in Alphabet in the 1st quarter valued at approximately $44,000. 27.26% of the stock is currently owned by institutional investors and hedge funds.

Alphabet Price Performance

GOOG opened at $189.95 on Friday. 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 $2.31 trillion, a price-to-earnings ratio of 20.23, a P/E/G ratio of 1.28 and a beta of 1.02. The firm's fifty day moving average price is $179.37 and its two-hundred day moving average price is $174.69. Alphabet Inc. has a 1 year low of $142.66 and a 1 year high of $208.70.

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

Alphabet Announces Dividend

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

Analyst Ratings Changes

A number of brokerages recently issued reports on GOOG. Rosenblatt Securities upgraded shares of Alphabet from a "hold" rating to a "strong-buy" rating in a report on Friday, April 25th. Cowen reaffirmed a "buy" rating on shares of Alphabet in a research report on Wednesday, July 9th. Westpark Capital reaffirmed a "buy" rating and set a $210.00 price objective on shares of Alphabet in a research report on Friday, April 25th. UBS Group raised their price objective on shares of Alphabet from $186.00 to $192.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 16th. Finally, Susquehanna reaffirmed a "positive" rating on shares of Alphabet in a research report on Friday, May 2nd. Three analysts have rated the stock with a sell rating, six have given a hold rating, seventeen have given a buy rating and five have given a strong buy rating to the company. According to MarketBeat.com, Alphabet presently has a consensus rating of "Moderate Buy" and an average price target of $215.19.

Insiders Place Their Bets

In related news, Director Kavitark Ram Shriram sold 18,566 shares of the business's stock in a transaction dated Friday, July 18th. The shares were sold at an average price of $185.76, for a total value of $3,448,820.16. Following the transaction, the director directly owned 243,400 shares of the company's stock, valued at approximately $45,213,984. The trade was a 7.09% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Sundar Pichai sold 32,500 shares of the business's stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $178.52, for a total transaction of $5,801,900.00. Following the completion of the transaction, the chief executive officer directly owned 2,559,892 shares in the company, valued at $456,991,919.84. This trade represents a 1.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 249,399 shares of company stock worth $43,525,794 over the last ninety days. Insiders own 12.99% of the company's stock.

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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