Turtle Creek Wealth Advisors LLC Purchases New Position in Alphabet Inc. (NASDAQ:GOOG)

Turtle Creek Wealth Advisors LLC bought a new position in Alphabet Inc. (NASDAQ:GOOG - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 27,545 shares of the information services provider's stock, valued at approximately $4,303,000.

A number of other hedge funds have also recently modified their holdings of GOOG. Principia Wealth Advisory LLC boosted its position in Alphabet by 111.8% during the first quarter. Principia Wealth Advisory LLC now owns 161 shares of the information services provider's stock worth $26,000 after purchasing an additional 85 shares in the last quarter. MorganRosel Wealth Management LLC acquired a new position in shares of Alphabet during the first quarter valued at approximately $26,000. LSV Asset Management acquired a new position in shares of Alphabet during the fourth quarter valued at approximately $27,000. Goodman Advisory Group LLC acquired a new position in shares of Alphabet during the first quarter valued at approximately $32,000. Finally, WealthTrak Capital Management LLC acquired a new position in shares of Alphabet during the fourth quarter valued at approximately $38,000. Hedge funds and other institutional investors own 27.26% of the company's stock.

Alphabet Stock Performance

Alphabet stock traded up $0.67 during midday trading on Wednesday, hitting $183.77. The company's stock had a trading volume of 20,904,101 shares, compared to its average volume of 21,493,426. Alphabet Inc. has a 1-year low of $142.66 and a 1-year high of $208.70. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.77 and a quick ratio of 1.77. The company has a 50-day moving average price of $172.19 and a two-hundred day moving average price of $174.74. The company has a market cap of $2.23 trillion, a price-to-earnings ratio of 20.49, a PEG ratio of 1.28 and a beta of 1.01.

Alphabet (NASDAQ:GOOG - Get Free Report) last issued its quarterly earnings data on Thursday, April 24th. The information services provider reported $2.81 earnings per share for the quarter, topping the consensus estimate of $2.02 by $0.79. Alphabet had a net margin of 30.86% and a return on equity of 34.54%. The business had revenue of $90.23 billion during the quarter, compared to analysts' expectations of $89.30 billion. During the same quarter in the previous year, the company earned $1.89 EPS. The business's revenue was up 12.0% on a year-over-year basis. As a group, sell-side analysts predict that Alphabet Inc. will post 8.89 earnings per share for the current year.

Alphabet Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Monday, June 9th were issued a $0.21 dividend. This is a positive change from Alphabet's previous quarterly dividend of $0.20. This represents a $0.84 annualized dividend and a yield of 0.46%. The ex-dividend date of this dividend was Monday, June 9th. Alphabet's dividend payout ratio (DPR) is currently 9.36%.

Insider Buying and Selling at Alphabet

In other Alphabet news, CEO Sundar Pichai sold 32,500 shares of the firm's stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $178.52, for a total value of $5,801,900.00. Following the transaction, the chief executive officer directly owned 2,559,892 shares of the company's stock, valued at $456,991,919.84. This trade represents a 1.25% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Kavitark Ram Shriram sold 10,500 shares of the firm's stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $175.00, for a total transaction of $1,837,500.00. Following the completion of the transaction, the director directly owned 261,966 shares in the company, valued at approximately $45,844,050. This represents a 3.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 182,943 shares of company stock valued at $31,223,348 in the last ninety days. 12.99% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. JPMorgan Chase & Co. lifted their price objective on Alphabet from $195.00 to $200.00 and gave the stock an "overweight" rating in a research report on Friday, July 11th. Rosenblatt Securities raised Alphabet from a "hold" rating to a "strong-buy" rating in a research note on Friday, April 25th. Cowen reiterated a "buy" rating on shares of Alphabet in a report on Wednesday, July 9th. Oppenheimer reaffirmed an "outperform" rating and set a $220.00 price target (up from $200.00) on shares of Alphabet in a report on Wednesday, July 9th. Finally, Needham & Company LLC cut Alphabet from a "buy" rating to a "cautious" rating in a research report on Friday, May 2nd. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating, seventeen have issued a buy rating and six have assigned a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $208.40.

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.