Pines Wealth Management LLC Purchases Shares of 16,697 Alphabet Inc. (NASDAQ:GOOG)

Pines Wealth Management LLC acquired a new position in shares of Alphabet Inc. (NASDAQ:GOOG) in the fourth quarter, HoldingsChannel.com reports. The firm acquired 16,697 shares of the information services provider’s stock, valued at approximately $3,225,000. Alphabet makes up about 1.4% of Pines Wealth Management LLC’s holdings, making the stock its 16th largest position.

Several other hedge funds also recently modified their holdings of GOOG. MSA Advisors LLC lifted its holdings in Alphabet by 0.8% during the 2nd quarter. MSA Advisors LLC now owns 116,565 shares of the information services provider’s stock valued at $21,380,000 after purchasing an additional 900 shares during the last quarter. WealthPLAN Partners LLC lifted its position in Alphabet by 14.4% during the second quarter. WealthPLAN Partners LLC now owns 61,367 shares of the information services provider’s stock worth $11,256,000 after acquiring an additional 7,722 shares during the last quarter. Luts & Greenleigh Group Inc. acquired a new stake in Alphabet during the second quarter worth approximately $840,000. Lmcg Investments LLC boosted its holdings in shares of Alphabet by 0.6% during the second quarter. Lmcg Investments LLC now owns 135,514 shares of the information services provider’s stock worth $24,856,000 after acquiring an additional 806 shares during the period. Finally, Excalibur Management Corp increased its stake in shares of Alphabet by 17.0% during the second quarter. Excalibur Management Corp now owns 2,827 shares of the information services provider’s stock worth $519,000 after purchasing an additional 411 shares during the period. Institutional investors own 27.26% of the company’s stock.

Insider Activity at Alphabet

In other Alphabet news, CEO Sundar Pichai sold 22,500 shares of Alphabet stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $177.36, for a total transaction of $3,990,600.00. Following the sale, the chief executive officer now directly owns 2,084,306 shares of the company’s stock, valued at approximately $369,672,512.16. The trade was a 1.07 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Amie Thuener O’toole sold 1,367 shares of Alphabet stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $171.42, for a total value of $234,331.14. Following the sale, the chief accounting officer now owns 26,349 shares in the company, valued at $4,516,745.58. This represents a 4.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 133,387 shares of company stock worth $24,368,654 over the last quarter. Corporate insiders own 12.99% of the company’s stock.

Analyst Upgrades and Downgrades

GOOG has been the subject of a number of research reports. Canaccord Genuity Group lifted their target price on Alphabet from $220.00 to $225.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Scotiabank initiated coverage on shares of Alphabet in a research note on Friday, October 11th. They issued a “sector outperform” rating and a $212.00 price objective for the company. Jefferies Financial Group increased their target price on shares of Alphabet from $220.00 to $235.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Pivotal Research lifted their price target on shares of Alphabet from $215.00 to $225.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Finally, UBS Group increased their price target on Alphabet from $187.00 to $192.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Six analysts have rated the stock with a hold rating, thirteen have given a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $200.56.

Alphabet Price Performance

Shares of NASDAQ:GOOG opened at $196.98 on Thursday. The company has a quick ratio of 1.95, a current ratio of 1.95 and a debt-to-equity ratio of 0.04. The stock has a market cap of $2.41 trillion, a PE ratio of 26.12, a PEG ratio of 1.34 and a beta of 0.99. The company’s fifty day moving average is $184.95 and its 200 day moving average is $174.55. Alphabet Inc. has a 52 week low of $131.55 and a 52 week high of $202.88.

Alphabet (NASDAQ:GOOG) last released its quarterly earnings data on Tuesday, October 29th. The information services provider reported $2.12 earnings per share for the quarter, beating analysts’ consensus estimates of $1.83 by $0.29. Alphabet had a return on equity of 31.66% and a net margin of 27.74%. The firm had revenue of $88.27 billion during the quarter, compared to analyst estimates of $86.39 billion. During the same quarter in the prior year, the firm posted $1.55 earnings per share. The business’s quarterly revenue was up 15.1% compared to the same quarter last year. Research analysts anticipate that Alphabet Inc. will post 8.02 earnings per share for the current year.

Alphabet Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Monday, December 9th were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 0.41%. The ex-dividend date was Monday, December 9th. Alphabet’s payout ratio is 10.61%.

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.