Western Wealth Management LLC raised its stake in Alphabet Inc. (NASDAQ:GOOGL – Free Report) by 3.2% in the 4th quarter, Holdings Channel.com reports. The fund owned 92,042 shares of the information services provider’s stock after buying an additional 2,851 shares during the quarter. Alphabet comprises approximately 1.3% of Western Wealth Management LLC’s investment portfolio, making the stock its 13th biggest position. Western Wealth Management LLC’s holdings in Alphabet were worth $28,809,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. CIBC Bancorp USA Inc. bought a new stake in Alphabet during the 3rd quarter worth $416,217,000. NewEdge Wealth LLC grew its position in Alphabet by 11.8% during the 4th quarter. NewEdge Wealth LLC now owns 887,209 shares of the information services provider’s stock worth $277,696,000 after acquiring an additional 93,293 shares during the last quarter. Sovran Advisors LLC grew its position in Alphabet by 23.6% during the 3rd quarter. Sovran Advisors LLC now owns 22,219 shares of the information services provider’s stock worth $5,401,000 after acquiring an additional 4,241 shares during the last quarter. Belpointe Asset Management LLC grew its position in Alphabet by 5.4% during the 3rd quarter. Belpointe Asset Management LLC now owns 72,608 shares of the information services provider’s stock worth $17,652,000 after acquiring an additional 3,740 shares during the last quarter. Finally, CIBC Asset Management Inc grew its position in Alphabet by 3.8% during the 3rd quarter. CIBC Asset Management Inc now owns 1,666,577 shares of the information services provider’s stock worth $405,131,000 after acquiring an additional 60,831 shares during the last quarter. 40.03% of the stock is owned by institutional investors and hedge funds.
Key Headlines Impacting Alphabet
Here are the key news stories impacting Alphabet this week:
- Positive Sentiment: Berkshire Hathaway’s $10 billion investment is a high-profile endorsement of Alphabet’s AI and cloud growth strategy. Alphabet plans to raise $80 billion for AI goals, Berkshire to invest $10 billion
- Positive Sentiment: Alphabet says demand for its AI products is exceeding available supply, supporting the case for heavier investment in compute infrastructure. Alphabet to raise $80 billion in equity capital for AI spending
- Neutral Sentiment: Director Frances Arnold sold a small block of 102 shares, a routine insider transaction that does not appear material on its own. Frances Arnold Sells 102 Shares of Alphabet (NASDAQ:GOOGL) Stock
- Negative Sentiment: The $80 billion capital raise raises dilution concerns and suggests Alphabet will spend heavily before those investments translate into returns. Alphabet plans to raise $80 billion from stock sales to fund AI buildout
- Negative Sentiment: Reports that EU cloud rules could limit Google’s access to strategic government tenders add a regulatory overhang for the company’s cloud business. Exclusive: EU cloud rules to curb Amazon, Google access to strategic tenders, draft document shows
Insider Buying and Selling
Alphabet Stock Down 1.0%
Shares of NASDAQ:GOOGL opened at $376.37 on Tuesday. The company has a market capitalization of $4.56 trillion, a price-to-earnings ratio of 28.71, a P/E/G ratio of 1.63 and a beta of 1.26. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.92 and a quick ratio of 1.92. The business’s 50-day moving average is $347.16 and its 200-day moving average is $325.75. Alphabet Inc. has a 1 year low of $162.00 and a 1 year high of $408.61.
Alphabet (NASDAQ:GOOGL – Get Free Report) last announced its quarterly earnings data on Wednesday, April 29th. The information services provider reported $5.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.64 by $2.47. The company had revenue of $109.90 billion for the quarter, compared to the consensus estimate of $106.98 billion. Alphabet had a return on equity of 38.99% and a net margin of 37.92%. Equities research analysts predict that Alphabet Inc. will post 14.29 earnings per share for the current year.
Alphabet Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Monday, June 8th will be paid a $0.22 dividend. The ex-dividend date of this dividend is Monday, June 8th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.2%. This is a positive change from Alphabet’s previous quarterly dividend of $0.21. Alphabet’s dividend payout ratio (DPR) is presently 6.71%.
Wall Street Analyst Weigh In
A number of equities research analysts recently weighed in on the company. KeyCorp restated an “overweight” rating and set a $425.00 price objective on shares of Alphabet in a research report on Wednesday, May 20th. Wolfe Research reduced their price objective on Alphabet from $390.00 to $360.00 and set an “outperform” rating on the stock in a research report on Friday, April 10th. Oppenheimer boosted their price objective on Alphabet from $425.00 to $445.00 and gave the stock an “outperform” rating in a research report on Friday, May 15th. Freedom Capital lowered Alphabet from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 4th. Finally, CICC Research boosted their price objective on Alphabet from $388.00 to $407.91 and gave the stock an “outperform” rating in a research report on Friday, May 1st. Two research analysts have rated the stock with a Strong Buy rating, forty-seven have given a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $413.33.
Get Our Latest Research Report on GOOGL
About Alphabet
Alphabet Inc is the holding company created in 2015 to organize Google and a portfolio of businesses developing technologies beyond Google’s core internet services. Its principal operations are led by Google, which builds and operates consumer-facing products such as Google Search, YouTube, Android, Chrome, Gmail, Google Maps and Google Workspace, as well as advertising platforms (Google Ads and AdSense) that historically generate the majority of its revenue. Google also develops consumer hardware (Pixel phones, Nest smart-home devices, Chromecast) and developer and distribution platforms such as Google Play.
Beyond Google’s consumer and advertising businesses, Alphabet invests in enterprise and infrastructure offerings through Google Cloud, which provides cloud computing, data analytics and productivity services to businesses and institutions.
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