Parr Mcknight Wealth Management Group LLC Increases Holdings in Alphabet Inc. $GOOGL

Key Points

• Parr Mcknight Wealth Management Group boosted its Alphabet stake by 4.0% in the first quarter, bringing its holdings to 40,376 shares valued at about $11.6 million.
• Alphabet reported better-than-expected Q2 results, with EPS of $9.11 versus the $2.64 estimate and revenue of $119.8 billion topping expectations.
• Wall Street remains largely positive on GOOGL: the stock carries a Moderate Buy consensus, with 47 Buy ratings and an average price target of $414.54.

Parr Mcknight Wealth Management Group LLC increased its position in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 4.0% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 40,376 shares of the information services provider's stock after acquiring an additional 1,566 shares during the period. Alphabet makes up about 1.5% of Parr Mcknight Wealth Management Group LLC's investment portfolio, making the stock its 12th biggest position. Parr Mcknight Wealth Management Group LLC's holdings in Alphabet were worth $11,611,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. NewEdge Wealth LLC increased its stake in shares of Alphabet by 11.8% during the 4th quarter. NewEdge Wealth LLC now owns 887,209 shares of the information services provider's stock worth $277,696,000 after purchasing an additional 93,293 shares in the last quarter. PFG Investments LLC raised its position in shares of Alphabet by 2.6% during the 1st quarter. PFG Investments LLC now owns 89,299 shares of the information services provider's stock worth $25,679,000 after purchasing an additional 2,269 shares during the last quarter. World Investment Advisors lifted its stake in Alphabet by 9.2% in the 4th quarter. World Investment Advisors now owns 274,761 shares of the information services provider's stock valued at $86,000,000 after buying an additional 23,107 shares in the last quarter. Retail Employees Superannuation Pty Ltd as trustee for Retail Employees Superannuation Trust acquired a new stake in Alphabet during the 4th quarter valued at $28,902,000. Finally, Private Advisory Group LLC grew its holdings in Alphabet by 12.2% during the 4th quarter. Private Advisory Group LLC now owns 24,717 shares of the information services provider's stock valued at $7,736,000 after buying an additional 2,678 shares during the last quarter. 40.03% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have recently issued reports on GOOGL. Freedom Capital downgraded Alphabet from a "strong-buy" rating to a "hold" rating in a research report on Monday, May 4th. Robert W. Baird lifted their price objective on Alphabet from $380.00 to $400.00 and gave the stock an "outperform" rating in a research report on Thursday, April 30th. Royal Bank Of Canada set a $425.00 target price on shares of Alphabet and gave the company an "outperform" rating in a research note on Thursday, April 30th. Bank of America upped their target price on shares of Alphabet from $370.00 to $430.00 and gave the company a "buy" rating in a report on Thursday, April 30th. Finally, Dbs Bank raised their price target on shares of Alphabet from $400.00 to $460.00 in a research note on Thursday, May 7th. Three investment analysts have rated the stock with a Strong Buy rating, forty-seven have issued a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, Alphabet has an average rating of "Moderate Buy" and a consensus target price of $414.54.

Alphabet Stock Down 1.5%

GOOGL opened at $342.09 on Thursday. Alphabet Inc. has a 12 month low of $187.82 and a 12 month high of $408.61. The business has a 50-day moving average of $366.14 and a two-hundred day moving average of $338.86. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.92 and a quick ratio of 1.92. The stock has a market capitalization of $4.14 trillion, a price-to-earnings ratio of 26.09, a price-to-earnings-growth ratio of 1.44 and a beta of 1.24.

Alphabet (NASDAQ:GOOGL - Get Free Report) last announced its quarterly earnings data on Wednesday, July 22nd. The information services provider reported $9.11 earnings per share for the quarter, topping the consensus estimate of $2.64 by $6.47. Alphabet had a net margin of 37.92% and a return on equity of 38.99%. The business had revenue of $119.80 billion for the quarter, compared to analyst estimates of $117.07 billion. On average, research analysts expect that Alphabet Inc. will post 14.34 earnings per share for the current year.

Alphabet Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 8th were issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date was Monday, June 8th. This is a positive change from Alphabet's previous quarterly dividend of $0.21. Alphabet's payout ratio is currently 6.71%.

Insiders Place Their Bets

In related news, insider John Kent Walker sold 8,998 shares of Alphabet stock in a transaction on Monday, June 29th. The stock was sold at an average price of $349.29, for a total value of $3,142,911.42. Following the transaction, the insider owned 75,290 shares in the company, valued at approximately $26,298,044.10. This trade represents a 10.68% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Marsida Saraci sold 449 shares of the business's stock in a transaction dated Friday, June 26th. The shares were sold at an average price of $341.72, for a total value of $153,432.28. Following the sale, the chief accounting officer directly owned 27,348 shares of the company's stock, valued at approximately $9,345,358.56. This trade represents a 1.62% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 159,415 shares of company stock worth $7,672,279. Corporate insiders own 11.61% of the company's stock.

Trending Headlines about Alphabet

Here are the key news stories impacting Alphabet this week:

• Positive Sentiment: Alphabet beat Q2 earnings and revenue estimates by a wide margin, signaling strong underlying business momentum. Alphabet (GOOGL) Beats Q2 Earnings and Revenue Estimates
• Positive Sentiment: Google Cloud’s 82% growth suggests Alphabet’s AI spending is translating into faster cloud demand and improving monetization. Google quarterly cloud revenue growth beats expectations
• Positive Sentiment: YouTube ad revenue growth and strength across search and advertising add evidence that core businesses are still healthy. YouTube Ad Revenue Rises 13% In Q2 To Surpass $11 Billion, Helping To Drive Strong Report By Parent Alphabet

Alphabet Company Profile

Alphabet Inc is the holding company created in 2015 to organize Google and a portfolio of businesses developing technologies beyond Google’s core internet services. Its principal operations are led by Google, which builds and operates consumer-facing products such as Google Search, YouTube, Android, Chrome, Gmail, Google Maps and Google Workspace, as well as advertising platforms (Google Ads and AdSense) that historically generate the majority of its revenue. Google also develops consumer hardware (Pixel phones, Nest smart-home devices, Chromecast) and developer and distribution platforms such as Google Play.

Beyond Google’s consumer and advertising businesses, Alphabet invests in enterprise and infrastructure offerings through Google Cloud, which provides cloud computing, data analytics and productivity services to businesses and institutions.

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