Corundum Group Inc. Raises Position in Alphabet Inc. $GOOGL

Corundum Group Inc. grew its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL) by 14.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 10,920 shares of the information services provider’s stock after purchasing an additional 1,415 shares during the period. Alphabet makes up about 0.9% of Corundum Group Inc.’s portfolio, making the stock its 24th biggest holding. Corundum Group Inc.’s holdings in Alphabet were worth $1,924,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Boyar Asset Management Inc. lifted its holdings in shares of Alphabet by 7.4% during the 2nd quarter. Boyar Asset Management Inc. now owns 9,960 shares of the information services provider’s stock valued at $1,755,000 after purchasing an additional 685 shares during the last quarter. Segment Wealth Management LLC lifted its holdings in shares of Alphabet by 4.2% during the 2nd quarter. Segment Wealth Management LLC now owns 91,162 shares of the information services provider’s stock valued at $16,065,000 after purchasing an additional 3,657 shares during the last quarter. Financial Council LLC lifted its holdings in shares of Alphabet by 1.0% during the 2nd quarter. Financial Council LLC now owns 5,800 shares of the information services provider’s stock valued at $1,022,000 after purchasing an additional 60 shares during the last quarter. Fortis Capital Advisors LLC lifted its holdings in shares of Alphabet by 17.7% during the 2nd quarter. Fortis Capital Advisors LLC now owns 12,214 shares of the information services provider’s stock valued at $2,153,000 after purchasing an additional 1,833 shares during the last quarter. Finally, Precedent Wealth Partners LLC lifted its holdings in shares of Alphabet by 10.0% during the 2nd quarter. Precedent Wealth Partners LLC now owns 4,198 shares of the information services provider’s stock valued at $740,000 after purchasing an additional 381 shares during the last quarter. Hedge funds and other institutional investors own 40.03% of the company’s stock.

Alphabet Price Performance

NASDAQ:GOOGL opened at $236.57 on Friday. Alphabet Inc. has a 52 week low of $140.53 and a 52 week high of $256.00. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07. The stock has a market capitalization of $2.86 trillion, a PE ratio of 25.19, a price-to-earnings-growth ratio of 1.60 and a beta of 1.00. The stock’s 50-day moving average price is $226.31 and its 200-day moving average price is $188.66.

Alphabet (NASDAQ:GOOGL) last posted its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, beating analysts’ consensus estimates of $2.15 by $0.16. Alphabet had a return on equity of 34.31% and a net margin of 31.12%.The firm had revenue of $96.43 billion for the quarter, compared to analysts’ expectations of $93.60 billion. As a group, equities analysts expect that Alphabet Inc. will post 8.9 EPS for the current fiscal year.

Alphabet Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Monday, September 8th were issued a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 0.4%. The ex-dividend date was Monday, September 8th. Alphabet’s payout ratio is presently 8.95%.

Insider Buying and Selling

In related news, CEO Sundar Pichai sold 32,500 shares of Alphabet stock in a transaction dated Wednesday, October 1st. The stock was sold at an average price of $243.41, for a total value of $7,910,825.00. Following the sale, the chief executive officer directly owned 2,402,119 shares in the company, valued at approximately $584,699,785.79. The trade was a 1.33% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Amie Thuener O’toole sold 953 shares of Alphabet stock in a transaction dated Wednesday, October 1st. The stock was sold at an average price of $241.20, for a total value of $229,863.60. Following the completion of the sale, the chief accounting officer owned 17,294 shares in the company, valued at approximately $4,171,312.80. The trade was a 5.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 276,738 shares of company stock worth $59,135,475 in the last quarter. 11.64% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Bank of America increased their price objective on Alphabet from $210.00 to $217.00 and gave the company a “buy” rating in a report on Thursday, July 24th. Jefferies Financial Group upped their target price on Alphabet from $230.00 to $285.00 and gave the company a “buy” rating in a research report on Thursday, October 2nd. Needham & Company LLC upped their target price on Alphabet from $220.00 to $260.00 and gave the company a “buy” rating in a research report on Wednesday, September 3rd. Wolfe Research upped their target price on Alphabet from $220.00 to $290.00 in a research report on Tuesday, September 30th. Finally, BMO Capital Markets set a $294.00 target price on Alphabet and gave the company an “outperform” rating in a research report on Thursday. Four analysts have rated the stock with a Strong Buy rating, thirty-four have issued a Buy rating and ten have assigned a Hold rating to the stock. According to MarketBeat, Alphabet has an average rating of “Moderate Buy” and an average target price of $245.88.

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.