Alphabet Inc. (NASDAQ:GOOGL) is Xcel Wealth Management LLC’s 3rd Largest Position

Xcel Wealth Management LLC cut its stake in Alphabet Inc. (NASDAQ:GOOGL) by 5.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 105,321 shares of the information services provider’s stock after selling 6,085 shares during the quarter. Alphabet accounts for about 6.0% of Xcel Wealth Management LLC’s portfolio, making the stock its 3rd biggest position. Xcel Wealth Management LLC’s holdings in Alphabet were worth $19,184,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently modified their holdings of GOOGL. Tennessee Valley Asset Management Partners purchased a new stake in shares of Alphabet during the fourth quarter valued at approximately $100,000. GUNN & Co INVESTMENT MANAGEMENT INC. purchased a new stake in Alphabet in the fourth quarter worth $1,328,000. Monument Capital Management increased its position in Alphabet by 279.4% in the fourth quarter. Monument Capital Management now owns 15,994 shares of the information services provider’s stock worth $2,234,000 after buying an additional 11,778 shares during the last quarter. Townsend Asset Management Corp NC ADV increased its position in Alphabet by 5.2% in the fourth quarter. Townsend Asset Management Corp NC ADV now owns 25,487 shares of the information services provider’s stock worth $3,560,000 after buying an additional 1,263 shares during the last quarter. Finally, Sage Mountain Advisors LLC increased its position in Alphabet by 2.4% in the fourth quarter. Sage Mountain Advisors LLC now owns 32,477 shares of the information services provider’s stock worth $4,537,000 after buying an additional 769 shares during the last quarter. 40.03% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on GOOGL. Truist Financial raised their price target on Alphabet from $190.00 to $196.00 and gave the stock a “buy” rating in a report on Wednesday, July 24th. JPMorgan Chase & Co. raised their price target on Alphabet from $200.00 to $208.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. Mizuho raised their price target on Alphabet from $205.00 to $210.00 and gave the stock an “outperform” rating in a report on Wednesday, July 24th. Wells Fargo & Company lifted their price objective on Alphabet from $187.00 to $190.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 24th. Finally, Stifel Nicolaus reissued a “buy” rating and set a $196.00 price objective on shares of Alphabet in a research note on Wednesday, May 15th. Six research analysts have rated the stock with a hold rating, twenty-eight have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, Alphabet presently has an average rating of “Moderate Buy” and a consensus price target of $203.74.

Alphabet Stock Performance

Shares of GOOGL opened at $162.85 on Thursday. The business’s fifty day simple moving average is $174.30 and its two-hundred day simple moving average is $163.55. The company has a current ratio of 2.08, a quick ratio of 2.08 and a debt-to-equity ratio of 0.04. Alphabet Inc. has a 12 month low of $120.21 and a 12 month high of $191.75. The company has a market cap of $2.01 trillion, a price-to-earnings ratio of 24.98, a P/E/G ratio of 1.28 and a beta of 1.05.

Alphabet (NASDAQ:GOOGL) last issued its earnings results on Tuesday, July 23rd. The information services provider reported $1.89 EPS for the quarter, beating 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 business had revenue of $84.74 billion for the quarter, compared to the consensus estimate of $70.60 billion. During the same period last year, the business posted $1.44 EPS. Research analysts anticipate that Alphabet Inc. will post 7.62 earnings per share for the current fiscal year.

Alphabet Dividend Announcement

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

Insider Activity

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