Alphabet Inc. (NASDAQ:GOOGL) Shares Acquired by Parr Mcknight Wealth Management Group LLC

Parr Mcknight Wealth Management Group LLC lifted its position in shares of Alphabet Inc. (NASDAQ:GOOGL) by 0.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 17,788 shares of the information services provider’s stock after purchasing an additional 112 shares during the period. Parr Mcknight Wealth Management Group LLC’s holdings in Alphabet were worth $2,751,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the company. Norges Bank acquired a new stake in Alphabet in the fourth quarter valued at $24,383,677,000. FMR LLC raised its holdings in Alphabet by 9.8% in the fourth quarter. FMR LLC now owns 248,416,916 shares of the information services provider’s stock valued at $47,025,322,000 after acquiring an additional 22,100,902 shares in the last quarter. GAMMA Investing LLC raised its holdings in Alphabet by 16,993.2% in the first quarter. GAMMA Investing LLC now owns 16,062,457 shares of the information services provider’s stock valued at $2,483,898,000 after acquiring an additional 15,968,487 shares in the last quarter. Northern Trust Corp raised its holdings in Alphabet by 17.0% in the fourth quarter. Northern Trust Corp now owns 69,616,854 shares of the information services provider’s stock valued at $13,178,470,000 after acquiring an additional 10,135,430 shares in the last quarter. Finally, Capital Research Global Investors raised its holdings in Alphabet by 16.2% in the fourth quarter. Capital Research Global Investors now owns 72,033,086 shares of the information services provider’s stock valued at $13,635,878,000 after acquiring an additional 10,037,685 shares in the last quarter. 40.03% of the stock is owned by institutional investors and hedge funds.

Alphabet Price Performance

GOOGL stock opened at $182.97 on Thursday. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 0.03. Alphabet Inc. has a one year low of $140.53 and a one year high of $207.05. The firm has a market capitalization of $2.22 trillion, a PE ratio of 20.40, a P/E/G ratio of 1.28 and a beta of 1.00. The firm has a 50-day moving average of $171.67 and a two-hundred day moving average of $173.20.

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

Alphabet Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Monday, June 9th were issued a dividend of $0.21 per share. This is a boost from Alphabet’s previous quarterly dividend of $0.20. This represents a $0.84 annualized dividend and a dividend yield of 0.46%. The ex-dividend date was Monday, June 9th. Alphabet’s dividend payout ratio (DPR) is currently 9.36%.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. JMP Securities raised shares of Alphabet from a “market perform” rating to a “market outperform” rating and set a $220.00 target price on the stock in a report on Friday, June 27th. Morgan Stanley dropped their target price on shares of Alphabet from $210.00 to $185.00 and set an “overweight” rating on the stock in a report on Thursday, April 17th. Piper Sandler increased their target price on shares of Alphabet from $185.00 to $195.00 and gave the stock an “overweight” rating in a report on Friday, April 25th. DA Davidson dropped their target price on shares of Alphabet from $200.00 to $160.00 and set a “neutral” rating on the stock in a report on Monday, April 14th. Finally, Jefferies Financial Group dropped their target price on shares of Alphabet from $235.00 to $200.00 and set a “buy” rating on the stock in a report on Monday, March 31st. Ten research analysts have rated the stock with a hold rating, twenty-eight have assigned a buy rating and four have issued a strong buy rating to the company. According to MarketBeat.com, Alphabet currently has an average rating of “Moderate Buy” and an average target price of $200.86.

Insider Buying and Selling

In related news, CEO Sundar Pichai sold 32,500 shares of the firm’s stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $178.52, for a total transaction of $5,801,900.00. Following the completion of the sale, the chief executive officer directly owned 2,559,892 shares in the company, valued at approximately $456,991,919.84. This trade represents a 1.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Kavitark Ram Shriram sold 9,000 shares of the firm’s 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 $1,575,000.00. Following the sale, the director owned 255,400 shares of the company’s stock, valued at approximately $44,695,000. This represents a 3.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 183,343 shares of company stock worth $31,296,140. 11.64% of the stock is 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.