Stockman Wealth Management Inc. Purchases 2,969 Shares of Alphabet Inc. $GOOGL

Key Points

• Stockman Wealth Management Inc. increased its stake in Alphabet Inc. by 4.1% during the second quarter, acquiring an additional 2,969 shares, bringing their total holdings to 74,832 shares valued at approximately $13.2 million.
• Analysts have raised their price targets for Alphabet, with firms like Susquehanna and Stifel Nicolaus setting new price objectives of $225.00 and $218.00 respectively, indicating a generally positive outlook for the stock.
• Alphabet recently declared a quarterly dividend of $0.21 per share, resulting in a 0.3% dividend yield and a payout ratio of 8.95%.

Stockman Wealth Management Inc. boosted its position in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 4.1% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 74,832 shares of the information services provider's stock after buying an additional 2,969 shares during the period. Alphabet makes up approximately 1.8% of Stockman Wealth Management Inc.'s portfolio, making the stock its 16th biggest position. Stockman Wealth Management Inc.'s holdings in Alphabet were worth $13,188,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Nuveen LLC bought a new stake in Alphabet during the 1st quarter worth approximately $4,317,606,000. Vanguard Group Inc. increased its holdings in Alphabet by 2.9% during the 1st quarter. Vanguard Group Inc. now owns 509,826,331 shares of the information services provider's stock worth $78,839,544,000 after purchasing an additional 14,307,345 shares in the last quarter. Assenagon Asset Management S.A. increased its holdings in Alphabet by 307.6% during the 1st quarter. Assenagon Asset Management S.A. now owns 10,302,644 shares of the information services provider's stock worth $1,593,201,000 after purchasing an additional 7,774,811 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in Alphabet by 11.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 43,865,520 shares of the information services provider's stock worth $6,783,364,000 after purchasing an additional 4,473,901 shares in the last quarter. Finally, Amundi increased its holdings in Alphabet by 11.8% during the 1st quarter. Amundi now owns 33,403,871 shares of the information services provider's stock worth $5,034,992,000 after purchasing an additional 3,537,173 shares in the last quarter. 40.03% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have commented on GOOGL shares. Susquehanna boosted their price objective on Alphabet from $220.00 to $225.00 and gave the stock a "positive" rating in a report on Thursday, July 24th. Stifel Nicolaus boosted their price objective on Alphabet from $200.00 to $218.00 and gave the stock a "buy" rating in a report on Tuesday, July 22nd. DA Davidson boosted their price objective on Alphabet from $180.00 to $190.00 and gave the stock a "neutral" rating in a report on Tuesday, September 2nd. Morgan Stanley set a $270.00 price objective on Alphabet and gave the stock an "overweight" rating in a report on Thursday. Finally, Citigroup upped their target price on Alphabet from $225.00 to $280.00 and gave the company a "buy" rating in a report on Monday, September 15th. Four analysts have rated the stock with a Strong Buy rating, thirty-two have assigned a Buy rating and ten have given a Hold rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $240.76.

Insider Transactions at Alphabet

In other news, insider John Kent Walker sold 23,820 shares of the stock in a transaction on Monday, August 4th. The stock was sold at an average price of $194.70, for a total transaction of $4,637,754.00. Following the completion of the transaction, the insider owned 42,999 shares in the company, valued at approximately $8,371,905.30. This represents a 35.65% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Sundar Pichai sold 32,500 shares of the stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $184.38, for a total value of $5,992,350.00. Following the transaction, the chief executive officer owned 2,527,392 shares of the company's stock, valued at $466,000,536.96. The trade was a 1.27% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 276,738 shares of company stock worth $59,135,475. 11.64% of the stock is owned by company insiders.

Alphabet Stock Performance

NASDAQ:GOOGL opened at $245.69 on Friday. Alphabet Inc. has a 1 year low of $140.53 and a 1 year high of $256.00. 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 business has a fifty day simple moving average of $220.21 and a two-hundred day simple moving average of $185.22. The company has a market capitalization of $2.97 trillion, a P/E ratio of 26.17, a P/E/G ratio of 1.65 and a beta of 1.00.

Alphabet (NASDAQ:GOOGL - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, topping the consensus estimate of $2.15 by $0.16. The company had revenue of $96.43 billion during the quarter, compared to the consensus estimate of $93.60 billion. Alphabet had a return on equity of 34.31% and a net margin of 31.12%. On average, analysts expect that Alphabet Inc. will post 8.9 earnings per share for the current year.

Alphabet Announces Dividend

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

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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