Concentric Wealth Management LLC Has $12.06 Million Stock Position in Alphabet Inc. (NASDAQ:GOOGL)

Concentric Wealth Management LLC lowered its holdings in Alphabet Inc. (NASDAQ:GOOGL) by 0.7% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 72,695 shares of the information services provider’s stock after selling 505 shares during the quarter. Alphabet makes up approximately 2.9% of Concentric Wealth Management LLC’s investment portfolio, making the stock its 6th largest holding. Concentric Wealth Management LLC’s holdings in Alphabet were worth $12,057,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the business. Christopher J. Hasenberg Inc lifted its position in shares of Alphabet by 75.0% during the second quarter. Christopher J. Hasenberg Inc now owns 140 shares of the information services provider’s stock worth $26,000 after acquiring an additional 60 shares in the last quarter. LMR Partners LLP purchased a new stake in Alphabet during the 3rd quarter worth about $32,000. Kings Path Partners LLC purchased a new stake in Alphabet during the 2nd quarter worth about $36,000. Denver PWM LLC bought a new position in Alphabet in the 2nd quarter worth about $41,000. Finally, Quarry LP purchased a new position in Alphabet during the 2nd quarter valued at about $53,000. 40.03% of the stock is currently owned by hedge funds and other institutional investors.

Alphabet Stock Up 1.2 %

NASDAQ GOOGL opened at $174.71 on Monday. The business’s 50-day moving average is $169.51 and its 200 day moving average is $170.20. The stock has a market capitalization of $2.14 trillion, a PE ratio of 23.17, a PEG ratio of 1.24 and a beta of 1.01. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.95 and a quick ratio of 1.95. Alphabet Inc. has a 1 year low of $129.68 and a 1 year high of $191.75.

Alphabet (NASDAQ:GOOGL) last posted its earnings results on Tuesday, October 29th. The information services provider reported $2.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.83 by $0.29. The firm had revenue of $88.27 billion for the quarter, compared to analysts’ expectations of $72.85 billion. Alphabet had a return on equity of 31.66% and a net margin of 27.74%. During the same period in the previous year, the firm earned $1.55 earnings per share. Sell-side analysts forecast that Alphabet Inc. will post 8.01 earnings per share for the current year.

Alphabet Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 9th will be issued a $0.20 dividend. 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 presently 10.61%.

Analyst Upgrades and Downgrades

GOOGL has been the subject of a number of analyst reports. Loop Capital raised their price objective on shares of Alphabet from $170.00 to $185.00 and gave the company a “hold” rating in a research report on Wednesday, November 6th. Bank of America raised their price target on shares of Alphabet from $206.00 to $210.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Wedbush reaffirmed an “outperform” rating and issued a $205.00 price target on shares of Alphabet in a report on Thursday, October 24th. Morgan Stanley lifted their price objective on Alphabet from $190.00 to $205.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Finally, Phillip Securities upgraded Alphabet to a “strong-buy” rating in a research report on Friday, November 1st. Seven investment analysts have rated the stock with a hold rating, thirty-one have assigned a buy rating and five have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $205.90.

Insider Transactions at Alphabet

In other Alphabet news, CAO Amie Thuener O’toole sold 1,367 shares of the firm’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $170.41, for a total value of $232,950.47. Following the completion of the sale, the chief accounting officer now directly owns 23,515 shares in the company, valued at $4,007,191.15. This trade represents a 5.49 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director John L. Hennessy sold 800 shares of Alphabet stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $153.75, for a total value of $123,000.00. Following the sale, the director now directly owns 28,524 shares in the company, valued at approximately $4,385,565. The trade was a 2.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 163,624 shares of company stock valued at $27,803,730. Company insiders own 11.55% of the company’s stock.

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.