King Wealth Management Group Purchases 4,666 Shares of Alphabet Inc. (NASDAQ:GOOGL)

King Wealth Management Group lifted its position in Alphabet Inc. (NASDAQ:GOOGL) by 8.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 60,789 shares of the information services provider’s stock after buying an additional 4,666 shares during the quarter. Alphabet comprises approximately 1.6% of King Wealth Management Group’s holdings, making the stock its 18th biggest position. King Wealth Management Group’s holdings in Alphabet were worth $10,082,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in GOOGL. Dearborn Partners LLC boosted its position in Alphabet by 2.8% during the third quarter. Dearborn Partners LLC now owns 28,661 shares of the information services provider’s stock worth $4,753,000 after purchasing an additional 790 shares during the period. CIBC Asset Management Inc boosted its position in Alphabet by 5.6% during the third quarter. CIBC Asset Management Inc now owns 1,632,345 shares of the information services provider’s stock worth $270,722,000 after purchasing an additional 86,019 shares during the period. OneDigital Investment Advisors LLC boosted its position in Alphabet by 3.7% during the third quarter. OneDigital Investment Advisors LLC now owns 271,488 shares of the information services provider’s stock worth $45,026,000 after purchasing an additional 9,657 shares during the period. Sargent Investment Group LLC boosted its position in Alphabet by 10.6% during the third quarter. Sargent Investment Group LLC now owns 41,808 shares of the information services provider’s stock worth $6,934,000 after purchasing an additional 3,990 shares during the period. Finally, Omnia Family Wealth LLC boosted its position in Alphabet by 15.8% during the third quarter. Omnia Family Wealth LLC now owns 9,751 shares of the information services provider’s stock worth $1,617,000 after purchasing an additional 1,328 shares during the period. 40.03% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. China Renaissance raised shares of Alphabet from a “hold” rating to a “buy” rating in a research report on Thursday, October 31st. Phillip Securities raised shares of Alphabet to a “strong-buy” rating in a research report on Friday, November 1st. Scotiabank raised shares of Alphabet to a “strong-buy” rating in a research report on Friday, October 11th. Sanford C. Bernstein boosted their target price on shares of Alphabet from $180.00 to $185.00 and gave the company a “market perform” rating in a research report on Wednesday, October 30th. Finally, Bank of America boosted their target price on shares of Alphabet from $206.00 to $210.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Seven analysts have rated the stock with a hold rating, thirty-one have issued a buy rating and five have assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $205.90.

Insider Activity

In related news, CAO Amie Thuener O’toole sold 682 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $160.44, for a total value of $109,420.08. Following the completion of the sale, the chief accounting officer now directly owns 32,017 shares in the company, valued at $5,136,807.48. This represents a 2.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Sundar Pichai sold 22,500 shares of the stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $176.67, for a total value of $3,975,075.00. Following the completion of the sale, the chief executive officer now owns 2,061,806 shares of the company’s stock, valued at $364,259,266.02. The trade was a 1.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 206,795 shares of company stock valued at $34,673,866. Insiders own 11.55% of the company’s stock.

Alphabet Price Performance

Shares of GOOGL opened at $169.23 on Friday. The company has a quick ratio of 1.95, a current ratio of 1.95 and a debt-to-equity ratio of 0.04. The stock has a market cap of $2.07 trillion, a PE ratio of 22.44, a PEG ratio of 1.19 and a beta of 1.03. Alphabet Inc. has a 12-month low of $127.90 and a 12-month high of $191.75. The business has a 50-day simple moving average of $168.36 and a two-hundred day simple moving average of $170.33.

Alphabet (NASDAQ:GOOGL) last released its quarterly earnings data on Tuesday, October 29th. The information services provider reported $2.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.83 by $0.29. The company had revenue of $88.27 billion during the quarter, compared to the consensus estimate of $72.85 billion. Alphabet had a return on equity of 31.66% and a net margin of 27.74%. During the same quarter in the prior year, the firm posted $1.55 earnings per share. Analysts anticipate that Alphabet Inc. will post 8.01 earnings per share for the current fiscal year.

Alphabet Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 9th will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 0.47%. The ex-dividend date is Monday, December 9th. Alphabet’s dividend payout ratio (DPR) is currently 10.61%.

Alphabet 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.