Alphabet Inc. (NASDAQ:GOOG) Holdings Increased by ProVise Management Group LLC

Key Points

• ProVise Management Group LLC increased its stake in Alphabet Inc. by 2.4%, holding 167,442 shares worth approximately $26.16 million, making it the company's 10th largest position.
• Alphabet's quarterly earnings report revealed earnings per share of $2.31, exceeding estimates, with revenue up 13.8% year-over-year at $96.43 billion.
• Alphabet declared a quarterly dividend of $0.21 per share, effective September 15th, which translates to an annual yield of 0.4%.

ProVise Management Group LLC increased its position in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 2.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 167,442 shares of the information services provider's stock after acquiring an additional 3,975 shares during the period. Alphabet makes up about 2.2% of ProVise Management Group LLC's investment portfolio, making the stock its 10th largest position. ProVise Management Group LLC's holdings in Alphabet were worth $26,159,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of GOOG. LSV Asset Management acquired a new stake in shares of Alphabet during the 4th quarter valued at about $27,000. Principia Wealth Advisory LLC boosted its stake in Alphabet by 111.8% during the 1st quarter. Principia Wealth Advisory LLC now owns 161 shares of the information services provider's stock valued at $26,000 after purchasing an additional 85 shares during the period. MorganRosel Wealth Management LLC bought a new position in Alphabet in the 1st quarter worth approximately $26,000. Goodman Advisory Group LLC bought a new position in Alphabet in the 1st quarter worth approximately $32,000. Finally, Ball & Co Wealth Management Inc. bought a new stake in shares of Alphabet during the fourth quarter valued at approximately $53,000. 27.26% of the stock is owned by institutional investors and hedge funds.

Alphabet Stock Performance

Shares of NASDAQ GOOG traded up $5.28 during mid-day trading on Monday, hitting $195.23. The company had a trading volume of 10,326,964 shares, compared to its average volume of 24,233,391. The company has a market capitalization of $2.36 trillion, a price-to-earnings ratio of 20.79, a P/E/G ratio of 1.26 and a beta of 1.02. Alphabet Inc. has a 1 year low of $142.66 and a 1 year high of $208.70. 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 stock's 50-day moving average price is $179.37 and its 200-day moving average price is $174.39.

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 (EPS) for the quarter, topping the consensus estimate of $2.12 by $0.19. Alphabet had a return on equity of 34.31% and a net margin of 31.12%. The firm had revenue of $96.43 billion during the quarter, compared to analyst estimates of $93.67 billion. During the same quarter in the previous year, the company posted $1.89 earnings per share. The company's revenue was up 13.8% compared to the same quarter last year. On average, sell-side analysts forecast that Alphabet Inc. will post 8.89 earnings per share for the current year.

Alphabet Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors 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 is Monday, September 8th. Alphabet's payout ratio is currently 8.95%.

Insider Transactions at Alphabet

In related news, Director Kavitark Ram Shriram sold 18,566 shares of the company's stock in a transaction that occurred on Friday, July 18th. The stock was sold at an average price of $185.76, for a total value of $3,448,820.16. Following the sale, the director owned 243,400 shares in the company, valued at $45,213,984. This represents a 7.09% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Sundar Pichai sold 32,500 shares of the company's stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $178.52, for a total value of $5,801,900.00. Following the completion of the sale, the chief executive officer owned 2,559,892 shares in the company, valued at $456,991,919.84. The trade was a 1.25% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 249,399 shares of company stock worth $43,525,794. 12.99% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Piper Sandler restated a "neutral" rating on shares of Alphabet in a research report on Wednesday, July 9th. Oppenheimer reissued an "outperform" rating and issued a $235.00 price objective (up previously from $220.00) on shares of Alphabet in a research note on Thursday, July 24th. Rosenblatt Securities raised Alphabet from a "hold" rating to a "strong-buy" rating in a research note on Friday, April 25th. Wells Fargo & Company reaffirmed an "equal weight" rating on shares of Alphabet in a research note on Wednesday, July 9th. Finally, Cantor Fitzgerald reiterated a "neutral" rating and issued a $171.00 price objective on shares of Alphabet in a report on Friday, April 25th. Three investment analysts have rated the stock with a sell rating, six have given a hold rating, seventeen have assigned a buy rating and five have given a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $215.19.

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.