Pacific Wealth Strategies Group Inc. Acquires 93 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Pacific Wealth Strategies Group Inc. increased its position in shares of Alphabet Inc. (NASDAQ:GOOGL) by 0.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 27,261 shares of the information services provider’s stock after acquiring an additional 93 shares during the period. Alphabet makes up about 3.1% 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 $4,216,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Argent Advisors Inc. grew its stake in Alphabet by 36.6% in the 1st quarter. Argent Advisors Inc. now owns 14,102 shares of the information services provider’s stock worth $2,181,000 after buying an additional 3,778 shares in the last quarter. Canandaigua National Bank & Trust Co. grew its stake in Alphabet by 1.9% in the 1st quarter. Canandaigua National Bank & Trust Co. now owns 22,713 shares of the information services provider’s stock worth $3,512,000 after buying an additional 413 shares in the last quarter. Valley National Advisers Inc. grew its stake in Alphabet by 3.7% in the 1st quarter. Valley National Advisers Inc. now owns 19,493 shares of the information services provider’s stock worth $3,014,000 after buying an additional 693 shares in the last quarter. Kendall Capital Management grew its stake in Alphabet by 3.1% in the 1st quarter. Kendall Capital Management now owns 19,165 shares of the information services provider’s stock worth $2,964,000 after buying an additional 570 shares in the last quarter. Finally, New Wave Wealth Advisors LLC grew its stake in Alphabet by 13.8% in the 1st quarter. New Wave Wealth Advisors LLC now owns 7,349 shares of the information services provider’s stock worth $1,136,000 after buying an additional 891 shares in the last quarter. Institutional investors own 40.03% of the company’s stock.

Insider Buying and Selling

In related news, CEO Sundar Pichai sold 32,500 shares of the stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $170.87, for a total value of $5,553,275.00. Following the transaction, the chief executive officer owned 2,620,196 shares in the company, valued at approximately $447,712,890.52. This represents a 1.23% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John L. Hennessy sold 600 shares of the stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $175.00, for a total transaction of $105,000.00. Following the completion of the transaction, the director owned 6,813 shares in the company, valued at approximately $1,192,275. This trade represents a 8.09% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 215,643 shares of company stock worth $36,330,928. 11.64% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. BNP Paribas cut shares of Alphabet from a “strong-buy” rating to a “hold” rating in a research note on Thursday, June 26th. Wells Fargo & Company upped their price objective on shares of Alphabet from $167.00 to $175.00 and gave the company an “equal weight” rating in a research note on Friday, April 25th. Piper Sandler upped their price objective on shares of Alphabet from $185.00 to $195.00 and gave the company an “overweight” rating in a research note on Friday, April 25th. Roth Mkm reaffirmed a “buy” rating and issued a $220.00 price objective on shares of Alphabet in a research note on Wednesday, March 19th. Finally, Oppenheimer upped their price objective on shares of Alphabet from $185.00 to $200.00 and gave the company an “outperform” rating in a research note on Friday, April 25th. Ten investment analysts have rated the stock with a hold rating, twenty-eight have issued a buy rating and four have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $199.95.

Alphabet Stock Performance

GOOGL stock opened at $179.08 on Friday. The firm has a market cap of $2.17 trillion, a price-to-earnings ratio of 19.96, a PEG ratio of 1.26 and a beta of 1.00. The firm has a 50-day simple moving average of $168.70 and a two-hundred day simple moving average of $173.87. Alphabet Inc. has a one year low of $140.53 and a one year high of $207.05. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.77 and a current ratio of 1.77.

Alphabet (NASDAQ:GOOGL) last posted its quarterly earnings data on Thursday, April 24th. The information services provider reported $2.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.02 by $0.79. Alphabet had a net margin of 30.86% and a return on equity of 34.54%. The firm had revenue of $76.49 billion for the quarter, compared to the consensus estimate of $89.30 billion. During the same quarter in the prior year, the company posted $1.89 earnings per share. On average, equities analysts forecast that Alphabet Inc. will post 8.9 EPS for the current fiscal year.

Alphabet Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Monday, June 9th were issued a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 0.47%. The ex-dividend date of this dividend was Monday, June 9th. This is an increase from Alphabet’s previous quarterly dividend of $0.20. Alphabet’s dividend payout ratio is 9.36%.

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.