Moran Wealth Management LLC Grows Stake in Alphabet Inc. (NASDAQ:GOOG)

20 Nov 2024, 18:35 by Sarita Garza · The Markets Daily

Moran Wealth Management LLC raised its position in Alphabet Inc. (NASDAQ:GOOG – Free Report) by 1.6% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 110,852 shares of the information services provider’s stock after purchasing an additional 1,706 shares during the quarter. Moran Wealth Management LLC’s holdings in Alphabet were worth $18,533,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of GOOG. Abich Financial Wealth Management LLC raised its stake in Alphabet by 9,200.0% in the 2nd quarter. Abich Financial Wealth Management LLC now owns 186 shares of the information services provider’s stock valued at $34,000 after purchasing an additional 184 shares during the last quarter. 1620 Investment Advisors Inc. acquired a new position in Alphabet in the 2nd quarter worth approximately $37,000. HWG Holdings LP bought a new stake in Alphabet in the second quarter worth $40,000. Sanctuary Wealth Management L.L.C. grew its stake in shares of Alphabet by 87.3% in the third quarter. Sanctuary Wealth Management L.L.C. now owns 251 shares of the information services provider’s stock worth $42,000 after acquiring an additional 117 shares during the last quarter. Finally, Slocum Gordon & Co LLP acquired a new stake in Alphabet during the second quarter valued at approximately $44,000. 27.26% of the stock is owned by hedge funds and other institutional investors.

Alphabet Price Performance

NASDAQ GOOG traded down $3.89 on Wednesday, hitting $175.69. 2,484,141 shares of the company’s stock were exchanged, compared to its average volume of 19,484,650. The stock has a 50-day moving average of $168.15 and a 200-day moving average of $171.87. Alphabet Inc. has a 52 week low of $129.40 and a 52 week high of $193.31. The stock has a market cap of $2.15 trillion, a price-to-earnings ratio of 23.82, a P/E/G ratio of 1.22 and a beta of 1.04. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 0.04.

Alphabet (NASDAQ:GOOG – Get Free Report) last announced its quarterly earnings data on Tuesday, October 29th. The information services provider reported $2.12 earnings per share for the quarter, topping the consensus estimate of $1.83 by $0.29. Alphabet had a return on equity of 31.66% and a net margin of 27.74%. The company had revenue of $88.27 billion during the quarter, compared to analyst estimates of $86.39 billion. During the same quarter last year, the firm posted $1.55 EPS. The firm’s revenue for the quarter was up 15.1% on a year-over-year basis. Analysts expect that Alphabet Inc. will post 7.99 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 16th. Investors of record on Monday, December 9th will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 0.46%. The ex-dividend date of this dividend is Monday, December 9th. Alphabet’s dividend payout ratio is currently 10.61%.

Insider Buying and Selling

In other news, CEO Sundar Pichai sold 22,500 shares of the business’s stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $158.68, for a total value of $3,570,300.00. Following the completion of the sale, the chief executive officer now directly owns 2,137,385 shares in the company, valued at $339,160,251.80. The trade was a 1.04 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider John Kent Walker sold 21,467 shares of Alphabet stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $160.35, for a total transaction of $3,442,233.45. Following the transaction, the insider now directly owns 39,334 shares in the company, valued at $6,307,206.90. This trade represents a 35.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 184,295 shares of company stock valued at $30,698,791 in the last ninety days. 12.99% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Oppenheimer increased their target price on Alphabet from $185.00 to $215.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. JPMorgan Chase & Co. lifted their price objective on shares of Alphabet from $208.00 to $212.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. DA Davidson upgraded shares of Alphabet to a “hold” rating in a research report on Tuesday, September 10th. Jefferies Financial Group upped their target price on Alphabet from $220.00 to $235.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Finally, Barclays upped their price target on shares of Alphabet from $200.00 to $220.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Five analysts have rated the stock with a hold rating, thirteen have issued a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $200.56.

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