Correct Capital Wealth Management Has $1.20 Million Stake in Alphabet Inc. $GOOGL

Correct Capital Wealth Management lowered its stake in Alphabet Inc. (NASDAQ:GOOGL) by 55.9% in the second quarter, Holdings Channel reports. The fund owned 6,781 shares of the information services provider’s stock after selling 8,590 shares during the quarter. Correct Capital Wealth Management’s holdings in Alphabet were worth $1,195,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in GOOGL. NBZ Investment Advisors LLC boosted its position in Alphabet by 85.7% in the first quarter. NBZ Investment Advisors LLC now owns 195 shares of the information services provider’s stock valued at $30,000 after buying an additional 90 shares in the last quarter. Financial Gravity Companies Inc. acquired a new stake in shares of Alphabet during the 2nd quarter valued at $31,000. CarsonAllaria Wealth Management Ltd. grew its position in Alphabet by 36.4% during the 2nd quarter. CarsonAllaria Wealth Management Ltd. now owns 251 shares of the information services provider’s stock worth $44,000 after acquiring an additional 67 shares during the last quarter. Christopher J. Hasenberg Inc grew its position in Alphabet by 77.6% during the 2nd quarter. Christopher J. Hasenberg Inc now owns 348 shares of the information services provider’s stock worth $61,000 after acquiring an additional 152 shares during the last quarter. Finally, S&T Bank PA increased its holdings in Alphabet by 40.2% in the 2nd quarter. S&T Bank PA now owns 345 shares of the information services provider’s stock worth $61,000 after purchasing an additional 99 shares in the last quarter. 40.03% of the stock is owned by institutional investors.

Alphabet Stock Performance

Shares of GOOGL opened at $321.27 on Friday. The company has a current ratio of 1.75, a quick ratio of 1.75 and a debt-to-equity ratio of 0.06. The firm’s fifty day simple moving average is $276.15 and its two-hundred day simple moving average is $224.51. Alphabet Inc. has a 12 month low of $140.53 and a 12 month high of $328.83. The stock has a market capitalization of $3.88 trillion, a P/E ratio of 31.68, a price-to-earnings-growth ratio of 1.86 and a beta of 1.07.

Alphabet (NASDAQ:GOOGL) last posted its quarterly earnings data on Wednesday, October 29th. The information services provider reported $2.87 earnings per share for the quarter, topping the consensus estimate of $2.29 by $0.58. Alphabet had a return on equity of 35.00% and a net margin of 32.23%.The firm had revenue of $102.35 billion during the quarter, compared to analyst estimates of $99.90 billion. As a group, analysts predict that Alphabet Inc. will post 8.9 EPS for the current year.

Alphabet Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Monday, December 8th will be issued a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date is Monday, December 8th. Alphabet’s dividend payout ratio is presently 8.28%.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. Roth Capital upped their price objective on Alphabet from $210.00 to $265.00 and gave the company a “buy” rating in a research note on Thursday, October 16th. JPMorgan Chase & Co. upped their price target on shares of Alphabet from $300.00 to $340.00 and gave the company an “overweight” rating in a research report on Thursday, October 30th. Canaccord Genuity Group raised their price target on shares of Alphabet from $270.00 to $330.00 and gave the company a “buy” rating in a research note on Thursday, October 30th. Morgan Stanley boosted their price objective on shares of Alphabet from $270.00 to $330.00 and gave the stock an “overweight” rating in a research note on Thursday, October 30th. Finally, Deutsche Bank Aktiengesellschaft raised their target price on Alphabet from $260.00 to $340.00 and gave the stock a “buy” rating in a research report on Thursday, October 30th. Four analysts have rated the stock with a Strong Buy rating, forty-one have assigned a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $312.65.

Insider Activity at Alphabet

In other news, Director John L. Hennessy sold 600 shares of Alphabet stock in a transaction on Thursday, November 13th. The shares were sold at an average price of $280.06, for a total value of $168,036.00. Following the completion of the sale, the director owned 4,516 shares in the company, valued at $1,264,750.96. The trade was a 11.73% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Sundar Pichai sold 32,500 shares of the business’s stock in a transaction on Wednesday, December 3rd. The shares were sold at an average price of $319.50, for a total transaction of $10,383,750.00. Following the transaction, the chief executive officer owned 2,272,119 shares in the company, valued at $725,942,020.50. The trade was a 1.41% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 226,128 shares of company stock worth $61,326,372. Corporate insiders own 11.64% of the company’s stock.

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.