Legacy Capital Wealth Partners LLC Takes Position in Alphabet Inc. (NASDAQ:GOOGL)

Legacy Capital Wealth Partners LLC acquired a new position in Alphabet Inc. (NASDAQ:GOOGL) during the 2nd quarter, Holdings Channel reports. The fund acquired 6,555 shares of the information services provider’s stock, valued at approximately $1,210,000.

Other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in shares of Alphabet by 0.8% in the first quarter. Vanguard Group Inc. now owns 497,874,324 shares of the information services provider’s stock valued at $75,144,172,000 after acquiring an additional 4,064,073 shares in the last quarter. Norges Bank acquired a new stake in Alphabet during the fourth quarter worth approximately $15,441,917,000. Capital Research Global Investors grew its stake in Alphabet by 14.4% in the 1st quarter. Capital Research Global Investors now owns 57,803,291 shares of the information services provider’s stock worth $8,724,251,000 after acquiring an additional 7,275,757 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of Alphabet by 0.5% during the second quarter. Bank of New York Mellon Corp now owns 49,472,478 shares of the information services provider’s stock worth $9,011,412,000 after purchasing an additional 238,403 shares during the last quarter. Finally, Fisher Asset Management LLC lifted its position in Alphabet by 3.3% during the fourth quarter. Fisher Asset Management LLC now owns 45,178,075 shares of the information services provider’s stock worth $6,310,925,000 after buying an additional 1,429,261 shares during the period. 40.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Wolfe Research started coverage on shares of Alphabet in a research report on Tuesday, July 16th. They issued an “outperform” rating and a $240.00 target price on the stock. Guggenheim upped their price objective on Alphabet from $195.00 to $205.00 and gave the stock a “buy” rating in a report on Wednesday, July 24th. Wells Fargo & Company lifted their target price on Alphabet from $187.00 to $190.00 and gave the company an “equal weight” rating in a report on Wednesday, July 24th. JPMorgan Chase & Co. upped their price target on Alphabet from $200.00 to $208.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 24th. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $200.00 price objective on shares of Alphabet in a research note on Monday. Eight research analysts have rated the stock with a hold rating, twenty-eight have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $201.08.

Alphabet Trading Up 0.4 %

NASDAQ:GOOGL opened at $158.06 on Tuesday. The company has a market cap of $1.95 trillion, a PE ratio of 24.24, a P/E/G ratio of 1.13 and a beta of 1.04. The business’s 50 day moving average is $166.84 and its two-hundred day moving average is $165.01. The company has a quick ratio of 2.08, a current ratio of 2.08 and a debt-to-equity ratio of 0.04. Alphabet Inc. has a 52 week low of $120.21 and a 52 week high of $191.75.

Alphabet (NASDAQ:GOOGL) last announced its quarterly earnings data on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.85 by $0.04. Alphabet had a return on equity of 30.49% and a net margin of 26.70%. The firm had revenue of $84.74 billion for the quarter, compared to analysts’ expectations of $70.60 billion. During the same period last year, the business posted $1.44 earnings per share. On average, analysts predict that Alphabet Inc. will post 7.64 EPS for the current year.

Alphabet Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Monday, September 9th were issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 0.51%. The ex-dividend date of this dividend was Monday, September 9th. Alphabet’s dividend payout ratio (DPR) is presently 12.27%.

Insider Activity

In related news, CEO Sundar Pichai sold 22,500 shares of Alphabet stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $177.40, for a total value of $3,991,500.00. Following the sale, the chief executive officer now directly owns 2,213,011 shares in the company, valued at approximately $392,588,151.40. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CEO Sundar Pichai sold 22,500 shares of the stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $177.40, for a total value of $3,991,500.00. Following the completion of the transaction, the chief executive officer now directly owns 2,213,011 shares of the company’s stock, valued at approximately $392,588,151.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Amie Thuener O’toole sold 682 shares of Alphabet stock in a transaction on Tuesday, July 2nd. The shares were sold at an average price of $183.47, for a total value of $125,126.54. Following the sale, the chief accounting officer now directly owns 30,650 shares in the company, valued at approximately $5,623,355.50. The disclosure for this sale can be found here. Over the last quarter, insiders sold 180,167 shares of company stock valued at $30,139,931. 11.55% of the stock is currently owned by company insiders.

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.