49 Wealth Management LLC Lowers Holdings in Alphabet Inc. $GOOG

49 Wealth Management LLC cut its stake in shares of Alphabet Inc. (NASDAQ:GOOG) by 16.0% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 7,451 shares of the information services provider’s stock after selling 1,422 shares during the quarter. 49 Wealth Management LLC’s holdings in Alphabet were worth $1,322,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. Kingstone Capital Partners Texas LLC boosted its holdings in shares of Alphabet by 580,897.4% in the second quarter. Kingstone Capital Partners Texas LLC now owns 135,087,705 shares of the information services provider’s stock worth $23,963,208,000 after buying an additional 135,064,454 shares during the last quarter. Nuveen LLC bought a new position in Alphabet in the first quarter worth approximately $2,622,943,000. Vanguard Group Inc. boosted its stake in shares of Alphabet by 2.4% during the 1st quarter. Vanguard Group Inc. now owns 411,570,922 shares of the information services provider’s stock worth $64,299,725,000 after acquiring an additional 9,687,855 shares during the last quarter. JPMorgan Chase & Co. grew its position in shares of Alphabet by 9.9% during the 1st quarter. JPMorgan Chase & Co. now owns 102,232,997 shares of the information services provider’s stock valued at $15,971,861,000 after acquiring an additional 9,243,959 shares during the period. Finally, Strs Ohio purchased a new stake in shares of Alphabet in the 1st quarter worth $369,713,000. 27.26% of the stock is owned by hedge funds and other institutional investors.

Alphabet Trading Up 0.4%

GOOG stock opened at $291.74 on Wednesday. Alphabet Inc. has a twelve month low of $142.66 and a twelve month high of $292.34. The stock has a market capitalization of $3.53 trillion, a price-to-earnings ratio of 28.77, a price-to-earnings-growth ratio of 1.86 and a beta of 1.05. 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 firm’s fifty day simple moving average is $254.94 and its two-hundred day simple moving average is $207.64.

Alphabet (NASDAQ:GOOG) last released its quarterly earnings results on Wednesday, October 29th. The information services provider reported $2.87 EPS for the quarter, topping analysts’ consensus estimates of $2.29 by $0.58. The firm had revenue of $102.35 billion during the quarter, compared to analysts’ expectations of $99.90 billion. Alphabet had a net margin of 32.23% and a return on equity of 36.08%. The firm’s revenue for the quarter was up 15.9% compared to the same quarter last year. During the same period in the previous year, the company earned $2.12 EPS. As a group, analysts anticipate that Alphabet Inc. will post 8.89 earnings per share for the current year.

Alphabet Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Monday, December 8th will be paid a dividend of $0.21 per share. The ex-dividend date of this dividend is Monday, December 8th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.3%. Alphabet’s dividend payout ratio is currently 8.28%.

Wall Street Analyst Weigh In

GOOG has been the topic of a number of research reports. Rosenblatt Securities set a $279.00 price objective on Alphabet in a research note on Thursday, October 30th. Oppenheimer raised their target price on shares of Alphabet from $300.00 to $345.00 and gave the company an “outperform” rating in a report on Thursday, October 30th. Jefferies Financial Group upped their price target on shares of Alphabet from $285.00 to $320.00 and gave the company a “buy” rating in a research note on Thursday, October 30th. Hsbc Global Res upgraded shares of Alphabet to a “strong-buy” rating in a research report on Tuesday, October 7th. Finally, Piper Sandler boosted their target price on shares of Alphabet from $285.00 to $330.00 and gave the stock an “overweight” rating in a report on Thursday, October 30th. Five analysts have rated the stock with a Strong Buy rating, twenty-seven have issued a Buy rating, four have given a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $324.81.

Insider Transactions at Alphabet

In other Alphabet news, Director Frances Arnold sold 112 shares of the stock in a transaction on Thursday, October 30th. The stock was sold at an average price of $291.80, for a total value of $32,681.60. Following the sale, the director owned 18,004 shares in the company, valued at $5,253,567.20. This trade represents a 0.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Amie Thuener O’toole sold 954 shares of Alphabet stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $282.33, for a total value of $269,342.82. Following the sale, the chief accounting officer owned 14,517 shares of the company’s stock, valued at approximately $4,098,584.61. This trade represents a 6.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 221,796 shares of company stock valued at $53,983,001. Company insiders own 12.99% of the company’s stock.

About Alphabet

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.