Palumbo Wealth Management LLC Grows Position in Alphabet Inc. (NASDAQ:GOOGL)

Palumbo Wealth Management LLC raised its position in Alphabet Inc. (NASDAQ:GOOGL) by 34.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 16,146 shares of the information services provider’s stock after buying an additional 4,141 shares during the quarter. Alphabet makes up approximately 1.1% of Palumbo Wealth Management LLC’s portfolio, making the stock its 21st biggest position. Palumbo Wealth Management LLC’s holdings in Alphabet were worth $3,056,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Pure Portfolios Holdings LLC purchased a new stake in shares of Alphabet in the third quarter valued at about $922,000. Cyndeo Wealth Partners LLC increased its position in Alphabet by 18.8% in the 3rd quarter. Cyndeo Wealth Partners LLC now owns 105,949 shares of the information services provider’s stock valued at $17,572,000 after acquiring an additional 16,758 shares during the period. West Branch Capital LLC raised its stake in Alphabet by 1.4% during the 3rd quarter. West Branch Capital LLC now owns 84,752 shares of the information services provider’s stock valued at $14,056,000 after acquiring an additional 1,161 shares during the last quarter. Stegent Equity Advisors Inc. raised its stake in Alphabet by 2.2% during the 3rd quarter. Stegent Equity Advisors Inc. now owns 9,355 shares of the information services provider’s stock valued at $1,552,000 after acquiring an additional 204 shares during the last quarter. Finally, Lee Johnson Capital Management LLC acquired a new stake in Alphabet during the 3rd quarter worth approximately $4,056,000. 40.03% of the stock is owned by institutional investors and hedge funds.

Alphabet Price Performance

Alphabet stock opened at $168.27 on Friday. The stock has a market capitalization of $2.05 trillion, a P/E ratio of 20.90, a P/E/G ratio of 1.34 and a beta of 0.99. Alphabet Inc. has a 12-month low of $130.66 and a 12-month high of $207.05. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.84 and a quick ratio of 1.84. The firm’s 50-day moving average is $191.00 and its two-hundred day moving average is $176.06.

Alphabet (NASDAQ:GOOGL) last announced its earnings results on Tuesday, February 4th. The information services provider reported $2.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.12 by $0.03. Alphabet had a net margin of 28.60% and a return on equity of 32.49%. Equities analysts predict that Alphabet Inc. will post 8.9 earnings per share for the current year.

Alphabet Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Monday, March 10th will be given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.48%. The ex-dividend date of this dividend is Monday, March 10th. Alphabet’s dividend payout ratio is currently 9.94%.

Insider Activity at Alphabet

In related news, CAO Amie Thuener O’toole sold 1,340 shares of the firm’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $202.08, for a total value of $270,787.20. Following the sale, the chief accounting officer now directly owns 17,848 shares of the company’s stock, valued at approximately $3,606,723.84. This trade represents a 6.98 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Ruth Porat sold 17,690 shares of the company’s stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $183.48, for a total transaction of $3,245,761.20. Following the transaction, the insider now directly owns 1,449,286 shares of the company’s stock, valued at $265,914,995.28. This trade represents a 1.21 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 134,188 shares of company stock worth $25,036,883. 11.55% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on GOOGL. China Renaissance raised Alphabet from a “hold” rating to a “buy” rating in a report on Thursday, October 31st. Robert W. Baird reissued an “outperform” rating and issued a $205.00 price objective on shares of Alphabet in a research note on Tuesday, December 10th. Cantor Fitzgerald reduced their target price on shares of Alphabet from $215.00 to $210.00 and set a “neutral” rating for the company in a research note on Wednesday, January 22nd. Wedbush boosted their price target on shares of Alphabet from $210.00 to $220.00 and gave the stock an “outperform” rating in a research note on Monday, January 6th. Finally, The Goldman Sachs Group restated a “buy” rating and issued a $210.00 price objective on shares of Alphabet in a research report on Thursday, December 12th. Ten investment analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and four have assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $210.62.

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.