49 Wealth Management LLC Boosts Stake in Alphabet Inc. (NASDAQ:GOOG)

49 Wealth Management LLC boosted its holdings in shares of Alphabet Inc. (NASDAQ:GOOG) by 7.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,642 shares of the information services provider’s stock after acquiring an additional 538 shares during the period. 49 Wealth Management LLC’s holdings in Alphabet were worth $1,278,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Jennison Associates LLC increased its holdings in shares of Alphabet by 9.1% in the third quarter. Jennison Associates LLC now owns 15,424,324 shares of the information services provider’s stock valued at $2,578,793,000 after purchasing an additional 1,291,274 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Alphabet by 4.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 14,657,421 shares of the information services provider’s stock valued at $2,688,743,000 after buying an additional 636,008 shares in the last quarter. American Century Companies Inc. raised its holdings in shares of Alphabet by 2.3% during the 2nd quarter. American Century Companies Inc. now owns 12,327,458 shares of the information services provider’s stock worth $2,261,103,000 after acquiring an additional 282,121 shares during the period. Principal Financial Group Inc. boosted its position in shares of Alphabet by 2.5% during the 3rd quarter. Principal Financial Group Inc. now owns 11,024,276 shares of the information services provider’s stock valued at $1,843,149,000 after acquiring an additional 264,962 shares during the last quarter. Finally, National Pension Service boosted its holdings in Alphabet by 14.0% in the 3rd quarter. National Pension Service now owns 9,903,537 shares of the information services provider’s stock valued at $1,655,772,000 after purchasing an additional 1,218,671 shares during the last quarter. Institutional investors and hedge funds own 27.26% of the company’s stock.

Alphabet Price Performance

Shares of GOOG opened at $169.49 on Friday. The company has a market capitalization of $2.07 trillion, a price-to-earnings ratio of 22.48, a price-to-earnings-growth ratio of 1.26 and a beta of 1.04. Alphabet Inc. has a fifty-two week low of $129.40 and a fifty-two week high of $193.31. The firm has a 50-day simple moving average of $168.93 and a 200-day simple moving average of $171.90. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.95 and a current ratio of 1.95.

Alphabet (NASDAQ:GOOG) last released its quarterly earnings results on Tuesday, October 29th. The information services provider reported $2.12 EPS for the quarter, topping the consensus estimate of $1.83 by $0.29. Alphabet had a return on equity of 31.66% and a net margin of 27.74%. The business had revenue of $88.27 billion during the quarter, compared to analysts’ expectations of $86.39 billion. During the same quarter in the prior year, the business earned $1.55 earnings per share. The company’s quarterly revenue was up 15.1% compared to the same quarter last year. On average, equities research analysts anticipate that Alphabet Inc. will post 7.99 earnings per share for the current year.

Alphabet Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 9th will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.47%. The ex-dividend date of this dividend is Monday, December 9th. Alphabet’s payout ratio is 10.61%.

Insider Transactions at Alphabet

In related news, CAO Amie Thuener O’toole sold 682 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $160.44, for a total transaction of $109,420.08. Following the sale, the chief accounting officer now owns 32,017 shares of the company’s stock, valued at approximately $5,136,807.48. The trade was a 2.09 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Sundar Pichai sold 22,500 shares of the company’s stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $158.68, for a total value of $3,570,300.00. Following the completion of the sale, the chief executive officer now owns 2,137,385 shares in the company, valued at approximately $339,160,251.80. This represents a 1.04 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 206,795 shares of company stock worth $34,673,866 over the last ninety days. 12.99% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. Oppenheimer raised their target price on Alphabet from $185.00 to $215.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. Wells Fargo & Company lifted their price target on shares of Alphabet from $182.00 to $187.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 30th. Scotiabank began coverage on shares of Alphabet in a report on Friday, October 11th. They issued a “sector outperform” rating and a $212.00 price objective on the stock. Seaport Res Ptn upgraded shares of Alphabet from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 29th. Finally, DA Davidson upgraded Alphabet to a “hold” rating in a research note on Tuesday, September 10th. Five analysts have rated the stock with a hold rating, thirteen have given a buy rating and three have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Alphabet presently has a consensus rating of “Moderate Buy” and an average target price of $200.56.

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.