Rockport Wealth LLC Increases Stock Holdings in Alphabet Inc. $GOOG

Key Points

• Rockport Wealth LLC increased its holdings in Alphabet Inc. by 198.7%, purchasing an additional 7,680 shares, bringing its total to 11,545 shares valued at $1.8 million.
• Alphabet recently reported $96.43 billion in revenue for its last quarter, exceeding analyst expectations, while also announcing a quarterly $0.21 dividend with a yield of 0.4%.
• Analyst ratings for Alphabet are mostly positive, with a consensus rating of "Moderate Buy" and a price target of approximately $227.56, despite some downgrades from institutions like BNP Paribas.

Rockport Wealth LLC boosted its position in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 198.7% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 11,545 shares of the information services provider's stock after purchasing an additional 7,680 shares during the quarter. Alphabet comprises approximately 0.6% of Rockport Wealth LLC's investment portfolio, making the stock its 26th largest position. Rockport Wealth LLC's holdings in Alphabet were worth $1,804,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. ARQ Wealth Advisors LLC raised its stake in Alphabet by 39.3% in the 4th quarter. ARQ Wealth Advisors LLC now owns 4,964 shares of the information services provider's stock valued at $945,000 after purchasing an additional 1,400 shares during the last quarter. Independence Bank of Kentucky raised its stake in Alphabet by 10.2% in the 1st quarter. Independence Bank of Kentucky now owns 14,907 shares of the information services provider's stock valued at $2,329,000 after purchasing an additional 1,376 shares during the last quarter. Fermata Advisors LLC raised its stake in Alphabet by 2.7% in the 1st quarter. Fermata Advisors LLC now owns 9,771 shares of the information services provider's stock valued at $1,527,000 after purchasing an additional 259 shares during the last quarter. jvl associates llc raised its stake in Alphabet by 3.5% in the 1st quarter. jvl associates llc now owns 10,055 shares of the information services provider's stock valued at $1,571,000 after purchasing an additional 343 shares during the last quarter. Finally, Members Trust Co raised its stake in Alphabet by 84.7% in the 1st quarter. Members Trust Co now owns 4,999 shares of the information services provider's stock valued at $781,000 after purchasing an additional 2,292 shares during the last quarter. 27.26% of the stock is owned by institutional investors and hedge funds.

Alphabet Trading Up 1.1%

Shares of NASDAQ:GOOG traded up $2.51 during midday trading on Friday, reaching $235.17. 26,091,032 shares of the company's stock were exchanged, compared to its average volume of 21,956,284. The firm's 50 day simple moving average is $196.65 and its two-hundred day simple moving average is $176.75. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90. The stock has a market cap of $2.84 trillion, a price-to-earnings ratio of 25.04, a P/E/G ratio of 1.58 and a beta of 1.01. Alphabet Inc. has a fifty-two week low of $142.66 and a fifty-two week high of $236.13.

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 (EPS) for the quarter, topping analysts' consensus estimates of $2.12 by $0.19. The firm had revenue of $96.43 billion during the quarter, compared to the consensus estimate of $93.67 billion. Alphabet had a return on equity of 34.31% and a net margin of 31.12%.The company's quarterly revenue was up 13.8% on a year-over-year basis. During the same period last year, the company earned $1.89 EPS. As a group, sell-side analysts forecast that Alphabet Inc. will post 8.89 EPS for the current fiscal year.

Alphabet Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Monday, September 8th will be given a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date of this dividend is Monday, September 8th. Alphabet's dividend payout ratio (DPR) is presently 8.95%.

Analyst Ratings Changes

Several research analysts recently commented on the company. Pivotal Research increased their price objective on Alphabet from $245.00 to $300.00 and gave the company a "buy" rating in a research note on Wednesday. Lake Street Capital reaffirmed a "buy" rating on shares of Alphabet in a research note on Wednesday, July 9th. Cowen reaffirmed a "buy" rating on shares of Alphabet in a research note on Wednesday, July 9th. Piper Sandler reaffirmed a "neutral" rating on shares of Alphabet in a research note on Wednesday, July 9th. Finally, JPMorgan Chase & Co. raised their target price on Alphabet from $232.00 to $260.00 and gave the stock an "overweight" rating in a research note on Wednesday. Five analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, six have assigned a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat, Alphabet presently has a consensus rating of "Moderate Buy" and an average target price of $227.56.

Insiders Place Their Bets

In related news, Director John L. Hennessy sold 600 shares of the firm's stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $203.79, for a total transaction of $122,274.00. Following the completion of the sale, the director directly owned 6,316 shares of the company's stock, 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 Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider John Kent Walker sold 23,820 shares of the firm's 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 sale, the insider directly owned 42,999 shares of the company's stock, valued at $8,371,905.30. The trade was a 35.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 254,710 shares of company stock valued at $49,208,380 over the last 90 days. Company insiders own 12.99% of the company's stock.

Alphabet Company 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.