Correct Capital Wealth Management Sells 8,590 Shares of Alphabet Inc. $GOOGL

Correct Capital Wealth Management lowered its stake in shares of Alphabet Inc. (NASDAQ:GOOGL) by 55.9% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 6,781 shares of the information services provider’s stock after selling 8,590 shares during the period. Correct Capital Wealth Management’s holdings in Alphabet were worth $1,195,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. lifted its stake in Alphabet by 1.3% in the second quarter. Vanguard Group Inc. now owns 516,559,609 shares of the information services provider’s stock valued at $91,033,300,000 after acquiring an additional 6,733,278 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Alphabet by 3.1% in the 2nd quarter. Geode Capital Management LLC now owns 141,615,284 shares of the information services provider’s stock valued at $24,857,017,000 after purchasing an additional 4,224,497 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Alphabet by 11.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 43,865,520 shares of the information services provider’s stock valued at $6,783,364,000 after purchasing an additional 4,473,901 shares during the last quarter. Invesco Ltd. grew its holdings in Alphabet by 1.4% during the first quarter. Invesco Ltd. now owns 43,648,514 shares of the information services provider’s stock worth $6,749,806,000 after purchasing an additional 593,345 shares during the period. Finally, Deutsche Bank AG grew its holdings in Alphabet by 1.9% during the first quarter. Deutsche Bank AG now owns 39,792,300 shares of the information services provider’s stock worth $6,153,481,000 after purchasing an additional 727,335 shares during the period. 40.03% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several analysts have issued reports on the company. Arete Research upped their price objective on Alphabet from $300.00 to $380.00 and gave the company a “buy” rating in a research note on Tuesday, December 2nd. Stifel Nicolaus set a $333.00 price target on Alphabet in a report on Thursday, October 30th. UBS Group reaffirmed a “neutral” rating and set a $306.00 price objective (up from $255.00) on shares of Alphabet in a research report on Thursday, October 30th. Wells Fargo & Company increased their price objective on shares of Alphabet from $236.00 to $268.00 and gave the company an “equal weight” rating in a research report on Thursday, October 30th. Finally, HSBC lifted their target price on shares of Alphabet from $335.00 to $370.00 and gave the stock a “buy” rating in a report on Tuesday, December 2nd. Four investment analysts have rated the stock with a Strong Buy rating, forty-one have given a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $312.65.

Alphabet Price Performance

NASDAQ:GOOGL opened at $321.27 on Friday. Alphabet Inc. has a 52 week low of $140.53 and a 52 week high of $328.83. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.75 and a current ratio of 1.75. The firm’s 50-day simple moving average is $276.15 and its 200 day simple moving average is $224.51. The firm has a market cap of $3.88 trillion, a price-to-earnings ratio of 31.68, a P/E/G ratio of 1.86 and a beta of 1.07.

Alphabet (NASDAQ:GOOGL) last announced its earnings results on Wednesday, October 29th. The information services provider reported $2.87 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.29 by $0.58. Alphabet had a net margin of 32.23% and a return on equity of 35.00%. The firm had revenue of $102.35 billion for the quarter, compared to analyst estimates of $99.90 billion. As a group, sell-side analysts predict that Alphabet Inc. will post 8.9 earnings per share for the current year.

Alphabet Announces Dividend

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

Insider Buying and Selling

In other Alphabet news, CAO Amie Thuener O’toole sold 954 shares of the stock in a transaction dated Tuesday, December 2nd. The shares were sold at an average price of $317.00, for a total transaction of $302,418.00. Following the sale, the chief accounting officer directly owned 11,740 shares in the company, valued at $3,721,580. This represents a 7.52% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Sundar Pichai sold 32,500 shares of the business’s stock in a transaction that occurred on Wednesday, December 3rd. The shares were sold at an average price of $319.50, for a total transaction of $10,383,750.00. Following the completion of the transaction, the chief executive officer owned 2,272,119 shares of the company’s stock, valued at $725,942,020.50. The trade was a 1.41% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 226,128 shares of company stock valued at $61,326,372. Company insiders own 11.64% of the company’s stock.

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.