Oliver Luxxe Assets LLC Has $6.03 Million Stake in Alphabet Inc. $GOOGL

Key Points

• Oliver Luxxe Assets LLC reduced its stake in Alphabet Inc. by 18.2% in Q1 2023, now holding 38,997 shares valued at approximately $6.03 million.
• Multiple institutional investors made changes to their Alphabet holdings, with Guardian Wealth Management increasing its stake by 242.9% during the same quarter.
• Alphabet recently reported earnings of $2.31 per share, surpassing expectations, and has announced a quarterly dividend of $0.21 per share to be paid on September 15th.

Oliver Luxxe Assets LLC reduced its holdings in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 18.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 38,997 shares of the information services provider's stock after selling 8,674 shares during the quarter. Alphabet accounts for about 1.1% of Oliver Luxxe Assets LLC's investment portfolio, making the stock its 24th largest holding. Oliver Luxxe Assets LLC's holdings in Alphabet were worth $6,031,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Guardian Wealth Management Inc. increased its stake in Alphabet by 242.9% during the 1st quarter. Guardian Wealth Management Inc. now owns 168 shares of the information services provider's stock worth $26,000 after purchasing an additional 119 shares in the last quarter. von Borstel & Associates Inc. acquired a new position in shares of Alphabet in the first quarter valued at approximately $28,000. IMA Advisory Services Inc. bought a new stake in shares of Alphabet during the first quarter worth $28,000. NBZ Investment Advisors LLC raised its holdings in shares of Alphabet by 85.7% during the first quarter. NBZ Investment Advisors LLC now owns 195 shares of the information services provider's stock worth $30,000 after acquiring an additional 90 shares during the period. Finally, Financial Gravity Asset Management Inc. acquired a new stake in shares of Alphabet during the first quarter worth $39,000. Institutional investors own 40.03% of the company's stock.

Alphabet Trading Down 0.6%

Shares of Alphabet stock opened at $207.14 on Wednesday. The stock has a market cap of $2.51 trillion, a P/E ratio of 22.06, a P/E/G ratio of 1.40 and a beta of 1.01. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07. Alphabet Inc. has a 12-month low of $140.53 and a 12-month high of $210.52. The business's 50 day moving average is $188.07 and its 200-day moving average is $173.51.

Alphabet (NASDAQ:GOOGL - Get Free Report) last released its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, beating the consensus estimate of $2.15 by $0.16. The business had revenue of $96,428,000 billion during the quarter, compared to analysts' expectations of $93.60 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. Equities research analysts predict that Alphabet Inc. will post 8.9 earnings per share for the current fiscal year.

Alphabet Dividend Announcement

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 dividend of $0.21 per share. The ex-dividend date is Monday, September 8th. This represents a $0.84 annualized dividend and a dividend yield of 0.4%. Alphabet's payout ratio is currently 8.95%.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on GOOGL shares. Royal Bank Of Canada upped their target price on shares of Alphabet from $200.00 to $220.00 and gave the stock an "outperform" rating in a research note on Thursday, July 24th. Rosenblatt Securities upped their price objective on Alphabet from $189.00 to $191.00 and gave the stock a "neutral" rating in a research report on Thursday, July 24th. Sanford C. Bernstein lifted their target price on Alphabet from $185.00 to $195.00 and gave the company a "market perform" rating in a research report on Tuesday, July 22nd. JMP Securities boosted their target price on Alphabet from $220.00 to $225.00 and gave the company a "market outperform" rating in a research note on Thursday, July 24th. Finally, KeyCorp raised their price target on shares of Alphabet from $215.00 to $230.00 and gave the stock an "overweight" rating in a research note on Thursday, July 24th. Four equities research analysts have rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and ten have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $211.53.

Insider Activity

In related news, Director John L. Hennessy sold 600 shares of the firm's stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $203.79, for a total value of $122,274.00. Following the completion of the sale, the director directly owned 6,316 shares in the company, valued at approximately $1,287,137.64. This trade represents a 8.68% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider John Kent Walker sold 23,820 shares of Alphabet stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $194.70, for a total value of $4,637,754.00. Following the transaction, the insider owned 42,999 shares of the company's stock, valued at $8,371,905.30. The trade was a 35.65% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 254,719 shares of company stock valued at $47,223,172 in the last 90 days. 11.55% of the stock is owned by company insiders.

About Alphabet

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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