SK Wealth Management LLC Acquires New Shares in Alphabet Inc. (NASDAQ:GOOGL)

SK Wealth Management LLC purchased a new position in shares of Alphabet Inc. (NASDAQ:GOOGL) in the third quarter, according to its most recent disclosure with the SEC. The firm purchased 1,997 shares of the information services provider’s stock, valued at approximately $331,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in GOOGL. State Street Corp raised its holdings in Alphabet by 0.3% in the 3rd quarter. State Street Corp now owns 222,555,548 shares of the information services provider’s stock worth $36,910,838,000 after acquiring an additional 743,369 shares during the period. Geode Capital Management LLC lifted its position in shares of Alphabet by 2.0% during the 3rd quarter. Geode Capital Management LLC now owns 134,030,679 shares of the information services provider’s stock worth $22,154,651,000 after purchasing an additional 2,626,431 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in Alphabet by 7.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 63,667,407 shares of the information services provider’s stock valued at $10,559,240,000 after purchasing an additional 4,567,275 shares during the period. Fisher Asset Management LLC grew its holdings in Alphabet by 2.5% in the 3rd quarter. Fisher Asset Management LLC now owns 49,857,900 shares of the information services provider’s stock valued at $8,268,933,000 after buying an additional 1,237,385 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its position in Alphabet by 0.5% in the 2nd 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 buying an additional 238,403 shares during the period. Institutional investors own 40.03% of the company’s stock.

Alphabet Trading Down 0.2 %

GOOGL traded down $0.38 during trading on Monday, reaching $192.38. 8,613,525 shares of the stock traded hands, compared to its average volume of 27,476,822. The stock’s 50-day moving average is $177.62 and its 200 day moving average is $171.96. Alphabet Inc. has a 12 month low of $130.66 and a 12 month high of $201.42. 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 capitalization of $2.35 trillion, a PE ratio of 25.51, a P/E/G ratio of 1.39 and a beta of 1.01.

Alphabet (NASDAQ:GOOGL) last posted its quarterly earnings results on Tuesday, October 29th. The information services provider reported $2.12 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to analysts’ expectations of $72.85 billion. During the same period in the prior year, the business earned $1.55 EPS. Equities analysts anticipate that Alphabet Inc. will post 8.01 earnings per share for the current year.

Alphabet Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Monday, December 9th were given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 0.42%. The ex-dividend date of this dividend was Monday, December 9th. Alphabet’s payout ratio is currently 10.61%.

Insider Buying and Selling at Alphabet

In other Alphabet news, CAO Amie Thuener O’toole sold 1,367 shares of Alphabet stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $168.84, for a total value of $230,804.28. Following the sale, the chief accounting officer now owns 29,183 shares of the company’s stock, valued at approximately $4,927,257.72. The trade was a 4.47 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Sundar Pichai sold 22,500 shares of the business’s stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $167.07, for a total value of $3,759,075.00. Following the completion of the sale, the chief executive officer now owns 2,129,306 shares in the company, valued at $355,743,153.42. This represents a 1.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 161,455 shares of company stock worth $28,462,960. Corporate insiders own 11.55% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on GOOGL. Morgan Stanley upped their price target on Alphabet from $190.00 to $205.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Royal Bank of Canada upped their price objective on Alphabet from $204.00 to $210.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. BMO Capital Markets reaffirmed an “outperform” rating and issued a $217.00 price target (up previously from $215.00) on shares of Alphabet in a research note on Wednesday, October 30th. Phillip Securities upgraded Alphabet to a “strong-buy” rating in a research note on Friday, November 1st. Finally, JMP Securities boosted their price target 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. Seven analysts have rated the stock with a hold rating, thirty-one have given a buy rating and four have given a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $206.69.

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.