QRG Capital Management Inc. Purchases 15,155 Shares of Alphabet Inc. $GOOG

Key Points

• QRG Capital Management Inc. increased its holdings in Alphabet Inc. by 1.7%, acquiring an additional 15,155 shares, bringing their total ownership to 888,597 shares worth approximately $157.6 million.
• Alphabet's shares opened at $251.51 with a market cap of $3.04 trillion, reflecting significant growth with a P/E ratio of 26.78.
• The company announced a quarterly dividend of $0.21 per share, resulting in an annualized dividend yield of 0.3% and a payout ratio of 8.95%.

QRG Capital Management Inc. lifted its holdings in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 1.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 888,597 shares of the information services provider's stock after buying an additional 15,155 shares during the period. Alphabet comprises approximately 1.4% of QRG Capital Management Inc.'s portfolio, making the stock its 10th biggest position. QRG Capital Management Inc.'s holdings in Alphabet were worth $157,628,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Brighton Jones LLC grew its stake in Alphabet by 5.6% during the 4th quarter. Brighton Jones LLC now owns 120,253 shares of the information services provider's stock valued at $22,901,000 after acquiring an additional 6,410 shares in the last quarter. Revisor Wealth Management LLC boosted its holdings in shares of Alphabet by 107.9% during the first quarter. Revisor Wealth Management LLC now owns 3,659 shares of the information services provider's stock worth $572,000 after purchasing an additional 1,899 shares during the period. Flagship Private Wealth LLC grew its position in Alphabet by 224.9% during the first quarter. Flagship Private Wealth LLC now owns 4,146 shares of the information services provider's stock valued at $648,000 after purchasing an additional 2,870 shares in the last quarter. Bennett Selby Investments LP increased its stake in Alphabet by 4.8% in the 1st quarter. Bennett Selby Investments LP now owns 143,694 shares of the information services provider's stock valued at $22,449,000 after buying an additional 6,574 shares during the period. Finally, Meridian Financial Partners LLC lifted its position in Alphabet by 2.9% in the 1st quarter. Meridian Financial Partners LLC now owns 9,674 shares of the information services provider's stock worth $1,511,000 after buying an additional 275 shares in the last quarter. Hedge funds and other institutional investors own 27.26% of the company's stock.

Alphabet Price Performance

Shares of NASDAQ:GOOG opened at $251.51 on Tuesday. The stock has a market capitalization of $3.04 trillion, a P/E ratio of 26.78, a P/E/G ratio of 1.66 and a beta of 1.00. The business has a 50-day moving average of $223.05 and a two-hundred day moving average of $187.91. Alphabet Inc. has a fifty-two week low of $142.66 and a fifty-two week high of $256.70. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90.

Alphabet (NASDAQ:GOOG - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, beating analysts' consensus estimates of $2.12 by $0.19. Alphabet had a return on equity of 34.31% and a net margin of 31.12%.The business had revenue of $96.43 billion for the quarter, compared to the consensus estimate of $93.67 billion. During the same period last year, the business earned $1.89 EPS. The firm's revenue was up 13.8% compared to the same quarter last year. On average, equities research analysts predict that Alphabet Inc. will post 8.89 EPS for the current fiscal year.

Alphabet Dividend Announcement

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

Analysts Set New Price Targets

Several equities analysts have recently commented on GOOG shares. JPMorgan Chase & Co. boosted their price target on shares of Alphabet from $232.00 to $260.00 and gave the company an "overweight" rating in a report on Wednesday, September 3rd. Cowen restated a "buy" rating on shares of Alphabet in a research note on Wednesday, July 9th. Wells Fargo & Company reaffirmed an "equal weight" rating on shares of Alphabet in a research report on Wednesday, July 9th. Piper Sandler reaffirmed a "neutral" rating on shares of Alphabet in a research note on Wednesday, July 9th. Finally, Pivotal Research boosted their price target on Alphabet from $245.00 to $300.00 and gave the company a "buy" rating in a research note on Wednesday, September 3rd. Five equities research analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating, five have issued a Hold rating and three have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $235.33.

Insider Buying and Selling at Alphabet

In other Alphabet news, CEO Sundar Pichai sold 32,500 shares of the business's stock in a transaction on Wednesday, October 1st. The shares were sold at an average price of $243.41, for a total transaction of $7,910,825.00. Following the completion of the transaction, the chief executive officer owned 2,402,119 shares of the company's stock, valued at $584,699,785.79. The trade was a 1.33% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider John Kent Walker sold 17,816 shares of the firm's stock in a transaction dated Monday, September 29th. The shares were sold at an average price of $247.42, for a total value of $4,408,034.72. Following the completion of the sale, the insider directly owned 42,985 shares in the company, valued at approximately $10,635,348.70. This represents a 29.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 276,738 shares of company stock worth $59,135,475 in the last quarter. 12.99% of the stock is owned by corporate 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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