Old North State Wealth Management LLC Acquires 1,220 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Old North State Wealth Management LLC boosted its holdings in Alphabet Inc. (NASDAQ:GOOGL) by 52.6% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 3,540 shares of the information services provider’s stock after acquiring an additional 1,220 shares during the quarter. Old North State Wealth Management LLC’s holdings in Alphabet were worth $588,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Christopher J. Hasenberg Inc increased its position in shares of Alphabet by 75.0% during the 2nd quarter. Christopher J. Hasenberg Inc now owns 140 shares of the information services provider’s stock valued at $26,000 after purchasing an additional 60 shares during the last quarter. Kings Path Partners LLC bought a new stake in Alphabet in the second quarter worth about $36,000. Denver PWM LLC purchased a new stake in shares of Alphabet during the 2nd quarter worth approximately $41,000. CarsonAllaria Wealth Management Ltd. raised its holdings in shares of Alphabet by 59.2% in the 1st quarter. CarsonAllaria Wealth Management Ltd. now owns 293 shares of the information services provider’s stock worth $44,000 after purchasing an additional 109 shares during the period. Finally, Quarry LP purchased a new position in Alphabet in the second quarter valued at approximately $53,000. 40.03% of the stock is owned by institutional investors.

Alphabet Stock Down 1.8 %

NASDAQ GOOGL opened at $172.49 on Friday. The company has a quick ratio of 1.95, a current ratio of 1.95 and a debt-to-equity ratio of 0.04. Alphabet Inc. has a 52 week low of $127.90 and a 52 week high of $191.75. The business’s fifty day simple moving average is $165.61 and its 200-day simple moving average is $170.13. The firm has a market cap of $2.11 trillion, a PE ratio of 22.88, a P/E/G ratio of 1.27 and a beta of 1.03.

Alphabet (NASDAQ:GOOGL) last posted its earnings results on Tuesday, October 29th. The information services provider reported $2.12 earnings per share for the quarter, beating the consensus estimate of $1.83 by $0.29. The company had revenue of $88.27 billion for the quarter, compared to analyst estimates of $72.85 billion. Alphabet had a net margin of 27.74% and a return on equity of 31.66%. During the same period in the previous year, the business posted $1.55 EPS. As a group, equities analysts anticipate that Alphabet Inc. will post 7.99 earnings per share for the current year.

Alphabet Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 9th will be paid a dividend of $0.20 per share. The ex-dividend date of this dividend is Monday, December 9th. This represents a $0.80 annualized dividend and a yield of 0.46%. Alphabet’s dividend payout ratio (DPR) is 10.61%.

Insider Buying and Selling at Alphabet

In other news, CEO Sundar Pichai sold 22,500 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $177.36, for a total value of $3,990,600.00. Following the completion of the transaction, the chief executive officer now owns 2,084,306 shares of the company’s stock, valued at approximately $369,672,512.16. This trade represents a 1.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, 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 that occurred on Thursday, November 7th. The shares were sold at an average price of $177.41, for a total transaction of $1,862,805.00. Following the completion of the transaction, the director now directly owns 319,966 shares of the company’s stock, valued at $56,765,168.06. This represents a 3.18 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 206,795 shares of company stock worth $34,471,141 over the last quarter. 11.55% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on GOOGL shares. Phillip Securities upgraded Alphabet to a “strong-buy” rating in a research note on Friday, November 1st. Cantor Fitzgerald reissued a “neutral” rating and set a $190.00 price objective on shares of Alphabet in a report on Wednesday, October 30th. Needham & Company LLC reiterated a “buy” rating and set a $210.00 price target on shares of Alphabet in a research report on Wednesday, October 30th. JMP Securities raised their price objective on shares of Alphabet from $200.00 to $220.00 and gave the company a “market outperform” rating in a research report on Wednesday, October 30th. Finally, The Goldman Sachs Group decreased their target price on shares of Alphabet from $217.00 to $208.00 and set a “buy” rating on the stock in a report on Monday, October 14th. Seven investment analysts have rated the stock with a hold rating, thirty-one have given a buy rating and five have given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $205.90.

Alphabet Company 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.