Opal Wealth Advisors LLC Sells 2,262 Shares of Alphabet Inc. $GOOG

Key Points

• Opal Wealth Advisors LLC reduced its holdings in Alphabet Inc. by 49.4%, selling 2,262 shares, bringing their total ownership down to 2,320 shares valued at approximately $412,000.
• Multiple institutional investors have made significant adjustments to their stakes in Alphabet, with Kingstone Capital Partners Texas LLC increasing its position by 580,897.4%, now owning over $23 billion in shares.
• Alphabet recently announced a quarterly dividend of $0.21 per share, indicating a low dividend payout ratio of 8.95% and a dividend yield of 0.3%.

Opal Wealth Advisors LLC cut its holdings in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 49.4% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,320 shares of the information services provider's stock after selling 2,262 shares during the quarter. Opal Wealth Advisors LLC's holdings in Alphabet were worth $412,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in GOOG. Kingstone Capital Partners Texas LLC lifted its position in Alphabet by 580,897.4% during the 2nd quarter. Kingstone Capital Partners Texas LLC now owns 135,087,705 shares of the information services provider's stock worth $23,963,208,000 after buying an additional 135,064,454 shares in the last quarter. Nuveen LLC bought a new stake in Alphabet during the 1st quarter worth about $2,622,943,000. GAMMA Investing LLC lifted its position in Alphabet by 18,562.3% during the 1st quarter. GAMMA Investing LLC now owns 14,323,323 shares of the information services provider's stock worth $2,237,733,000 after buying an additional 14,246,573 shares in the last quarter. Vanguard Group Inc. lifted its position in Alphabet by 2.4% during the 1st quarter. Vanguard Group Inc. now owns 411,570,922 shares of the information services provider's stock worth $64,299,725,000 after buying an additional 9,687,855 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its position in Alphabet by 9.9% during the 1st quarter. JPMorgan Chase & Co. now owns 102,232,997 shares of the information services provider's stock worth $15,971,861,000 after buying an additional 9,243,959 shares in the last quarter. 27.26% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have commented on GOOG. UBS Group boosted their price target 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. Barclays restated a "buy" rating on shares of Alphabet in a research note on Wednesday, July 9th. The Goldman Sachs Group restated a "buy" rating and set a $220.00 price objective on shares of Alphabet in a research note on Monday, June 2nd. Oppenheimer restated an "outperform" rating and set a $270.00 price objective (up from $235.00) on shares of Alphabet in a research note on Wednesday, September 3rd. Finally, Phillip Securities lowered shares of Alphabet from a "strong-buy" rating to a "moderate buy" rating in a research note on Monday, September 8th. Four analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating, five have given a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $230.35.

Alphabet Stock Performance

Shares of Alphabet stock opened at $252.34 on Wednesday. The company has a 50 day moving average of $212.86 and a 200-day moving average of $182.73. Alphabet Inc. has a 1-year low of $142.66 and a 1-year high of $256.70. 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 company has a market cap of $3.05 trillion, a PE ratio of 26.87, a price-to-earnings-growth ratio of 1.71 and a beta of 1.01.

Alphabet (NASDAQ:GOOG - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share 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 company had revenue of $96.43 billion during the quarter, compared to the consensus estimate of $93.67 billion. During the same quarter in the prior year, the firm posted $1.89 EPS. The firm's quarterly revenue was up 13.8% on a year-over-year basis. As a group, equities research analysts forecast that Alphabet Inc. will post 8.89 earnings per share for the current fiscal year.

Alphabet Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Monday, September 8th were issued a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date of this dividend was Monday, September 8th. Alphabet's dividend payout ratio is 8.95%.

Insider Activity at Alphabet

In other news, Director John L. Hennessy sold 600 shares of the company's stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $249.44, for a total transaction of $149,664.00. Following the completion of the sale, the director owned 5,716 shares of the company's stock, valued at approximately $1,425,799.04. This represents a 9.50% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Sundar Pichai sold 32,500 shares of the company's stock in a transaction that occurred on Wednesday, September 17th. The stock was sold at an average price of $249.50, for a total transaction of $8,108,750.00. Following the sale, the chief executive officer directly owned 2,397,392 shares of the company's stock, valued at approximately $598,149,304. This trade represents a 1.34% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 258,088 shares of company stock worth $52,405,304 in the last 90 days. Corporate insiders own 12.99% of the company's stock.

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.

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