Turtle Creek Wealth Advisors LLC Purchases 4,178 Shares of Alphabet Inc. $GOOG

Key Points

• Turtle Creek Wealth Advisors LLC increased its holdings in Alphabet Inc. by 15.2%, acquiring an additional 4,178 shares to bring its total to 31,723 shares worth approximately $5.6 million.
• Several institutional investors, including Kingstone Capital Partners Texas LLC and Vanguard Group Inc., significantly increased their stakes in Alphabet, showing a strong interest in the company.
• Alphabet reported a revenue increase of 13.8% year-over-year, reaching $96.43 billion for the most recent quarter, exceeding analysts' expectations.

Turtle Creek Wealth Advisors LLC lifted its position in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 15.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 31,723 shares of the information services provider's stock after purchasing an additional 4,178 shares during the period. Turtle Creek Wealth Advisors LLC's holdings in Alphabet were worth $5,627,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in GOOG. Kingstone Capital Partners Texas LLC lifted its stake in shares of Alphabet by 580,897.4% in the second quarter. Kingstone Capital Partners Texas LLC now owns 135,087,705 shares of the information services provider's stock worth $23,963,208,000 after acquiring an additional 135,064,454 shares during the period. Nuveen LLC acquired a new position in shares of Alphabet in the first quarter worth approximately $2,622,943,000. Vanguard Group Inc. lifted its stake in shares of Alphabet by 2.4% in the first quarter. Vanguard Group Inc. now owns 411,570,922 shares of the information services provider's stock worth $64,299,725,000 after acquiring an additional 9,687,855 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of Alphabet by 9.9% in the first quarter. JPMorgan Chase & Co. now owns 102,232,997 shares of the information services provider's stock worth $15,971,861,000 after acquiring an additional 9,243,959 shares during the period. Finally, Strs Ohio acquired a new position in shares of Alphabet in the first quarter worth approximately $369,713,000. 27.26% of the stock is currently owned by institutional investors.

Insider Transactions at Alphabet

In other news, insider John Kent Walker sold 23,820 shares of the company's stock in a transaction that occurred 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 transaction, the insider directly owned 42,999 shares of the company's stock, valued at $8,371,905.30. This represents a 35.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director John L. Hennessy sold 1,000 shares of the company's stock in a transaction on Friday, August 8th. The stock was sold at an average price of $200.00, for a total value of $200,000.00. Following the sale, the director owned 6,916 shares of the company's stock, valued at $1,383,200. This trade represents a 12.63% decrease in their position. The disclosure for this sale can be found here. Insiders sold 243,372 shares of company stock valued at $55,110,740 over the last ninety days. Company insiders own 12.99% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on GOOG. Piper Sandler reaffirmed a "neutral" rating on shares of Alphabet in a research note on Wednesday, July 9th. UBS Group set a $255.00 price target on Alphabet and gave the company a "neutral" rating in a research note on Thursday, October 9th. Weiss Ratings reissued a "buy (b)" rating on shares of Alphabet in a research note on Wednesday, October 8th. 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. Finally, Wells Fargo & Company reissued an "equal weight" rating on shares of Alphabet in a research note on Wednesday, July 9th. Six equities research analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, five have issued a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, Alphabet presently has a consensus rating of "Moderate Buy" and an average price target of $244.68.

Alphabet Price Performance

Shares of NASDAQ:GOOG opened at $253.79 on Friday. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07. Alphabet Inc. has a twelve month low of $142.66 and a twelve month high of $257.58. The stock's 50 day moving average is $232.18 and its 200-day moving average is $192.97. The firm has a market capitalization of $3.07 trillion, a price-to-earnings ratio of 27.03, a PEG ratio of 1.71 and a beta of 1.00.

Alphabet (NASDAQ:GOOG - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, topping 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 company had revenue of $96.43 billion for the quarter, compared to analyst estimates of $93.67 billion. During the same period in the prior year, the firm earned $1.89 earnings per share. Alphabet's revenue for the quarter was up 13.8% on a year-over-year basis. Sell-side analysts forecast that Alphabet Inc. will post 8.89 EPS for the current fiscal year.

Alphabet Dividend Announcement

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

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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