Pacific Wealth Strategies Group Inc. Reduces Stake in Alphabet Inc. (NASDAQ:GOOGL)

Pacific Wealth Strategies Group Inc. trimmed its stake in Alphabet Inc. (NASDAQ:GOOGL) by 6.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 21,885 shares of the information services provider’s stock after selling 1,506 shares during the quarter. Alphabet makes up 3.3% of Pacific Wealth Strategies Group Inc.’s holdings, making the stock its 11th biggest position. Pacific Wealth Strategies Group Inc.’s holdings in Alphabet were worth $3,986,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Tennessee Valley Asset Management Partners purchased a new stake in shares of Alphabet during the 4th quarter valued at approximately $100,000. CWM LLC lifted its stake in shares of Alphabet by 33.7% during the 4th quarter. CWM LLC now owns 711,129 shares of the information services provider’s stock valued at $99,338,000 after buying an additional 179,437 shares in the last quarter. Handelsbanken Fonder AB lifted its stake in shares of Alphabet by 3.8% during the 4th quarter. Handelsbanken Fonder AB now owns 2,864,224 shares of the information services provider’s stock valued at $400,103,000 after buying an additional 105,132 shares in the last quarter. Nikulski Financial Inc. lifted its stake in shares of Alphabet by 2.4% during the 4th quarter. Nikulski Financial Inc. now owns 57,985 shares of the information services provider’s stock valued at $8,100,000 after buying an additional 1,344 shares in the last quarter. Finally, Cetera Trust Company N.A purchased a new stake in shares of Alphabet during the 4th quarter valued at approximately $3,229,000. 40.03% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on GOOGL shares. Morgan Stanley upped their target price on shares of Alphabet from $195.00 to $210.00 and gave the stock an “overweight” rating in a report on Tuesday, July 23rd. Evercore ISI upped their target price on shares of Alphabet from $220.00 to $225.00 and gave the stock an “outperform” rating in a report on Tuesday, June 11th. Tigress Financial upped their target price on shares of Alphabet from $176.00 to $210.00 and gave the stock a “strong-buy” rating in a report on Friday, May 24th. Truist Financial upped their target price on shares of Alphabet from $190.00 to $196.00 and gave the stock a “buy” rating in a report on Wednesday, July 24th. Finally, Loop Capital reaffirmed a “hold” rating and set a $170.00 target price on shares of Alphabet in a report on Wednesday, July 3rd. Six research analysts have rated the stock with a hold rating, twenty-eight have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Alphabet presently has a consensus rating of “Moderate Buy” and a consensus target price of $203.74.

Alphabet Trading Down 0.9 %

Shares of GOOGL opened at $164.68 on Wednesday. The stock has a market capitalization of $2.04 trillion, a P/E ratio of 25.26, a PEG ratio of 1.28 and a beta of 1.05. The company has a quick ratio of 2.08, a current ratio of 2.08 and a debt-to-equity ratio of 0.04. The firm has a fifty day simple moving average of $174.51 and a two-hundred day simple moving average of $163.44. Alphabet Inc. has a twelve month low of $120.21 and a twelve month high of $191.75.

Alphabet (NASDAQ:GOOGL) last announced its quarterly earnings results on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share for the quarter, beating the consensus estimate of $1.85 by $0.04. Alphabet had a net margin of 26.70% and a return on equity of 30.49%. The business had revenue of $84.74 billion during the quarter, compared to analysts’ expectations of $70.60 billion. During the same quarter in the prior year, the company posted $1.44 EPS. On average, research analysts anticipate that Alphabet Inc. will post 7.62 EPS for the current year.

Alphabet Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Monday, September 9th will be given a $0.20 dividend. The ex-dividend date is Monday, September 9th. This represents a $0.80 annualized dividend and a dividend yield of 0.49%. Alphabet’s dividend payout ratio is 12.27%.

Insider Transactions at Alphabet

In related news, CEO Sundar Pichai sold 22,500 shares of the stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $167.66, for a total value of $3,772,350.00. Following the completion of the transaction, the chief executive officer now directly owns 2,159,885 shares in the company, valued at approximately $362,126,319.10. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Alphabet news, CEO Sundar Pichai sold 22,500 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $167.66, for a total transaction of $3,772,350.00. Following the completion of the sale, the chief executive officer now directly owns 2,159,885 shares in the company, valued at approximately $362,126,319.10. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Amie Thuener O’toole sold 682 shares of the firm’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $173.86, for a total transaction of $118,572.52. Following the sale, the chief accounting officer now owns 29,966 shares of the company’s stock, valued at $5,209,888.76. The disclosure for this sale can be found here. In the last ninety days, insiders sold 156,565 shares of company stock valued at $26,823,893. Company insiders own 11.55% of the company’s stock.

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.