McAdam LLC Increases Stock Position in Alphabet Inc. $GOOG

McAdam LLC lifted its holdings in shares of Alphabet Inc. (NASDAQ:GOOG) by 15.3% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 12,940 shares of the information services provider’s stock after buying an additional 1,720 shares during the period. McAdam LLC’s holdings in Alphabet were worth $2,295,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of the business. Kingstone Capital Partners Texas LLC lifted its stake in shares of Alphabet by 580,897.4% in the second quarter. Kingstone Capital Partners Texas LLC now owns 135,087,705 shares of the information services provider’s stock valued at $23,963,208,000 after purchasing an additional 135,064,454 shares during the period. Nuveen LLC purchased a new position in Alphabet in the first quarter valued at about $2,622,943,000. GAMMA Investing LLC lifted its position in shares of Alphabet by 18,562.3% during the 1st quarter. GAMMA Investing LLC now owns 14,323,323 shares of the information services provider’s stock valued at $2,237,733,000 after acquiring an additional 14,246,573 shares during the period. Vanguard Group Inc. boosted its stake in shares of Alphabet by 2.4% during the 1st quarter. Vanguard Group Inc. now owns 411,570,922 shares of the information services provider’s stock worth $64,299,725,000 after acquiring an additional 9,687,855 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in shares of Alphabet by 9.9% in the 1st quarter. JPMorgan Chase & Co. now owns 102,232,997 shares of the information services provider’s stock worth $15,971,861,000 after acquiring an additional 9,243,959 shares during the period. 27.26% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

GOOG has been the subject of several research reports. JPMorgan Chase & Co. lifted their price objective on Alphabet from $232.00 to $260.00 and gave the stock an “overweight” rating in a report on Wednesday, September 3rd. BNP Paribas downgraded Alphabet from a “strong-buy” rating to a “hold” rating in a research note on Thursday, June 26th. Citizens Jmp upgraded shares of Alphabet from a “hold” rating to a “strong-buy” rating in a research report on Thursday, June 26th. Piper Sandler restated a “neutral” rating on shares of Alphabet in a report on Wednesday, July 9th. Finally, UBS Group lifted their target price on shares of Alphabet from $186.00 to $192.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 16th. Four analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating, five have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $230.35.

Insiders Place Their Bets

In related news, insider John Kent Walker sold 23,820 shares of the company’s stock in a transaction on Monday, August 4th. The stock was sold at an average price of $194.70, for a total value of $4,637,754.00. Following the completion of the transaction, the insider directly owned 42,999 shares in the company, valued at approximately $8,371,905.30. This represents a 35.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Kavitark Ram Shriram sold 18,566 shares of the firm’s stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $185.76, for a total value of $3,448,820.16. Following the completion of the sale, the director directly owned 243,400 shares in the company, valued at approximately $45,213,984. The trade was a 7.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 258,088 shares of company stock valued at $52,405,304. Insiders own 12.99% of the company’s stock.

Alphabet Trading Down 0.5%

Shares of GOOG stock opened at $246.57 on Friday. The company has a market capitalization of $2.98 trillion, a price-to-earnings ratio of 26.26, a PEG ratio of 1.67 and a beta of 1.01. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07. The firm has a 50-day moving average price of $215.38 and a 200 day moving average price of $183.72. Alphabet Inc. has a twelve month low of $142.66 and a twelve month high of $256.70.

Alphabet (NASDAQ:GOOG) last released its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.12 by $0.19. The company had revenue of $96.43 billion for the quarter, compared to analysts’ expectations of $93.67 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The firm’s revenue for the quarter was up 13.8% compared to the same quarter last year. During the same period last year, the company earned $1.89 EPS. Research analysts forecast that Alphabet Inc. will post 8.89 earnings per share for the current fiscal year.

Alphabet Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Monday, September 8th were paid a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 0.3%. The ex-dividend date of this dividend was Monday, September 8th. Alphabet’s payout ratio is presently 8.95%.

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.