Precedent Wealth Partners LLC has expanded its investment in Alphabet Inc. (NASDAQ: GOOGL) by 10% during the second quarter of 2023, according to a recent filing with the Securities and Exchange Commission. The firm now holds 4,198 shares of the technology giant, which are valued at approximately $740,000 as of the latest reporting period.
This increase reflects a broader trend among institutional investors, who have actively traded shares of Alphabet. Notably, Brighton Jones LLC raised its stake by 3.9% in the fourth quarter, acquiring an additional 4,110 shares to reach a total of 110,330 shares worth $20.89 million. Similarly, Revolve Wealth Partners LLC increased its holdings by 3.5%, owning 14,930 shares valued at $2.83 million, while GAMMA Investing LLC raised its position by 10.5%, now holding 103,870 shares worth $16.06 million.
Institutional investors have collectively acquired 40.03% of Alphabet’s stock, reflecting strong confidence in the company’s future prospects.
Stock Performance and Financial Metrics
As of the latest market updates, Alphabet’s stock opened at $236.57, experiencing a slight decline of 2.1%. The company’s 50-day simple moving average stands at $226.31, while the 200-day average is $188.66. Over the past year, Alphabet’s stock has fluctuated between a low of $140.53 and a high of $256.00.
Alphabet boasts a market capitalization of approximately $2.86 trillion with a price-to-earnings (P/E) ratio of 25.19. The company maintains a debt-to-equity ratio of 0.07 and a current ratio of 1.90, indicating strong liquidity. Analysts anticipate Alphabet will post earnings per share of $8.90 for the current fiscal year.
Recent Earnings and Dividend Announcements
On July 23, 2023, Alphabet released its quarterly earnings report, revealing earnings per share (EPS) of $2.31, surpassing the consensus estimate of $2.15 by $0.16. The company generated revenue of $96.43 billion, exceeding expectations of $93.60 billion. With a return on equity of 34.31% and a net margin of 31.12%, Alphabet continues to demonstrate robust financial health.
In addition, Alphabet announced a quarterly dividend of $0.21 per share, which was paid on September 15, 2023, to stockholders on record as of September 8, 2023. This reflects an annualized dividend of $0.84 and a dividend yield of 0.4%, with a payout ratio of 8.95%.
Stock analysts are optimistic about Alphabet’s future, with a consensus rating of “Moderate Buy.” Four analysts have rated the stock as a “Strong Buy,” while thirty-four have assigned a “Buy” rating, and ten analysts have given it a “Hold” rating. The average target price for Alphabet shares is currently $245.88.
In related news, insider transactions have garnered attention. John Kent Walker, a company insider, sold 17,816 shares on September 29, 2023, for a total of $4.41 million. Following the sale, Walker retains 42,985 shares valued at approximately $10.64 million. Additionally, CAO Amie Thuener O’Toole sold 953 shares on October 1, 2023, valued at approximately $229,864.
Over the last quarter, corporate insiders sold a total of 276,738 shares of Alphabet stock, amounting to approximately $59.14 million. Corporate insiders now hold 11.64% of the company’s stock.
Alphabet Inc. continues to be a key player in the global technology sector, offering a variety of products and services through its segments, including Google Services and Google Cloud. The company’s extensive portfolio includes popular platforms such as YouTube, Google Search, and Gmail, solidifying its position as a leader in the information services industry.
