Torrey Payne Wealth Management LLC Acquires Shares of 1,380 Alphabet Inc. $GOOGL

Key Points

• Torrey Payne Wealth Management opened a new position in Alphabet, buying 1,380 shares valued at about $460,000 in the fourth quarter. Alphabet now represents 0.4% of the firm’s holdings and is its 25th-largest position.
• The article highlights continued institutional interest in Alphabet, including large moves by firms such as Berkshire Hathaway and NewEdge Wealth. Overall, 40.03% of Alphabet shares are owned by institutional investors and hedge funds.
• Alphabet’s fundamentals and outlook remain strong, with the company recently beating quarterly earnings expectations and analysts maintaining a Moderate Buy consensus with an average price target of $413.13. The stock also recently increased its quarterly dividend to $0.22 per share.

Torrey Payne Wealth Management LLC acquired a new stake in Alphabet Inc. (NASDAQ:GOOGL - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 1,380 shares of the information services provider's stock, valued at approximately $460,000. Alphabet makes up 0.4% of Torrey Payne Wealth Management LLC's holdings, making the stock its 25th biggest holding.

Other large investors have also made changes to their positions in the company. CIBC Bancorp USA Inc. purchased a new position in Alphabet in the 3rd quarter valued at about $416,217,000. NewEdge Wealth LLC increased its stake in 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 buying an additional 93,293 shares in the last quarter. Retail Employees Superannuation Pty Ltd as trustee for Retail Employees Superannuation Trust acquired a new position in shares of Alphabet during the fourth quarter valued at approximately $28,902,000. Private Advisory Group LLC raised its holdings in shares of Alphabet by 12.2% during the fourth quarter. Private Advisory Group LLC now owns 24,717 shares of the information services provider's stock valued at $7,736,000 after acquiring an additional 2,678 shares during the last quarter. Finally, Berkshire Hathaway Inc purchased a new position in shares of Alphabet in the third quarter valued at approximately $4,338,397,000. 40.03% of the stock is owned by institutional investors and hedge funds.

Key Headlines Impacting Alphabet

Here are the key news stories impacting Alphabet this week:

• Positive Sentiment: Alphabet’s core AI and cloud story got another boost after reports highlighted strong earnings momentum and a rapidly expanding Google Cloud backlog, reinforcing the view that business demand remains healthy. Alphabet Just Beat Earnings by 94% and Doubled Its Cloud Backlog to $460 Billion
• Positive Sentiment: Berkshire Hathaway disclosed that it nearly tripled its Alphabet stake, a notable vote of confidence from a major value investor that may support sentiment. Warren Buffett Just Tripled Down on the Stock Bill Ackman Is Selling
• Positive Sentiment: HSBC announced a multi-year partnership with Google Cloud to expand AI usage, adding another large enterprise customer to Alphabet’s cloud growth narrative. HSBC partners with Google Cloud to expand AI usage
• Positive Sentiment: Google unveiled new AI-related plans, including an “AI Control Roadmap” to address rogue AI agents, underscoring continued investment and leadership in AI infrastructure and safety. Google Devises Battle Plan to Combat Rogue AI Agents
• Neutral Sentiment: Google’s AI talent war remains a focus after Noam Shazeer, a co-lead on Gemini, reportedly left for OpenAI, which may raise questions about retention but does not change the core business overnight. Google's Gemini co-lead Noam Shazeer to join OpenAI
• Negative Sentiment: Waymo issued a recall of about 3,900 robotaxis after software issues caused vehicles to enter highway construction zones, adding regulatory and execution risk to Alphabet’s self-driving unit. Waymo to recall over 3,800 robotaxis over risk of entering closed construction zones
• Negative Sentiment: A director sold a meaningful block of shares, which can modestly weigh on sentiment even though insider sales are not always a bearish signal. SEC filing for John L. Hennessy sale

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. Wolfe Research lowered their price target on Alphabet from $390.00 to $360.00 and set an "outperform" rating on the stock in a research note on Friday, April 10th. Morgan Stanley increased their price objective on Alphabet from $330.00 to $375.00 and gave the company an "overweight" rating in a research note on Thursday, April 30th. Dbs Bank raised their price objective on Alphabet from $400.00 to $460.00 in a report on Thursday, May 7th. Tigress Financial set a $415.00 target price on shares of Alphabet and gave the stock a "strong-buy" rating in a research note on Thursday, February 19th. Finally, CICC Research upped their target price on shares of Alphabet from $388.00 to $407.91 and gave the stock an "outperform" rating in a report on Friday, May 1st. Two equities research 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 company. Based on data from MarketBeat, Alphabet currently has a consensus rating of "Moderate Buy" and an average target price of $413.13.

Alphabet Price Performance

NASDAQ:GOOGL opened at $368.48 on Friday. Alphabet Inc. has a one year low of $162.00 and a one year high of $408.61. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.92 and a current ratio of 1.92. The stock has a market cap of $4.46 trillion, a PE ratio of 28.11, a P/E/G ratio of 1.56 and a beta of 1.23. The stock has a 50 day moving average price of $366.01 and a 200 day moving average price of $331.69.

Alphabet (NASDAQ:GOOGL - Get Free Report) last announced its quarterly earnings data on Wednesday, April 29th. The information services provider reported $5.11 EPS for the quarter, topping analysts' consensus estimates of $2.64 by $2.47. The firm had revenue of $109.90 billion for the quarter, compared to the consensus estimate of $106.98 billion. Alphabet had a return on equity of 38.99% and a net margin of 37.92%. Equities research analysts expect that Alphabet Inc. will post 14.3 EPS for the current fiscal year.

Alphabet Increases Dividend

The business also recently declared 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. The ex-dividend date was Monday, June 8th. This represents a $0.88 annualized dividend and a dividend yield of 0.2%. This is a boost from Alphabet's previous quarterly dividend of $0.21. Alphabet's payout ratio is presently 6.71%.

Insider Activity

In other news, Director John L. Hennessy sold 1,050 shares of the business's stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $393.26, for a total transaction of $412,923.00. Following the transaction, the director owned 2,531 shares of the company's stock, valued at approximately $995,341.06. The trade was a 29.32% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider John Kent Walker sold 8,993 shares of the company's stock in a transaction dated Friday, March 27th. The shares were sold at an average price of $275.89, for a total transaction of $2,481,078.77. Following the completion of the sale, the insider directly owned 51,808 shares of the company's stock, valued at $14,293,309.12. This represents a 14.79% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 160,516 shares of company stock worth $7,344,604. Insiders own 11.61% of the company's stock.

About Alphabet

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.

Want to see what other hedge funds are holding GOOGL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Alphabet Inc. (NASDAQ:GOOGL - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.