Keudell Morrison Wealth Management Lowers Position in Alphabet Inc. $GOOG

Keudell Morrison Wealth Management trimmed its stake in Alphabet Inc. (NASDAQ:GOOG) by 10.5% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 30,030 shares of the information services provider’s stock after selling 3,530 shares during the quarter. Alphabet comprises 1.2% of Keudell Morrison Wealth Management’s portfolio, making the stock its 14th largest position. Keudell Morrison Wealth Management’s holdings in Alphabet were worth $5,327,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the stock. Kingstone Capital Partners Texas LLC lifted its position in Alphabet by 580,897.4% during 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 buying an additional 135,064,454 shares in the last quarter. Nuveen LLC acquired a new position in Alphabet during the first quarter valued at approximately $2,622,943,000. Vanguard Group Inc. lifted its position in Alphabet by 2.4% during the first quarter. Vanguard Group Inc. now owns 411,570,922 shares of the information services provider’s stock valued at $64,299,725,000 after buying an additional 9,687,855 shares in the last quarter. JPMorgan Chase & Co. lifted its position in Alphabet by 9.9% during the first quarter. JPMorgan Chase & Co. now owns 102,232,997 shares of the information services provider’s stock valued at $15,971,861,000 after buying an additional 9,243,959 shares in the last quarter. Finally, Strs Ohio acquired a new position in shares of Alphabet during the first quarter worth $369,713,000. 27.26% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Morgan Stanley boosted their target price on shares of Alphabet from $210.00 to $270.00 and gave the stock an “overweight” rating in a research report on Thursday, October 2nd. Jefferies Financial Group boosted their target price on shares of Alphabet from $230.00 to $285.00 and gave the stock a “buy” rating in a research report on Thursday, October 2nd. Wells Fargo & Company reissued an “equal weight” rating on shares of Alphabet in a research report on Wednesday, July 9th. Weiss Ratings reissued a “buy (b)” rating on shares of Alphabet in a research report on Saturday, September 27th. Finally, Scotiabank boosted their target price on shares of Alphabet from $200.00 to $240.00 and gave the stock a “sector outperform” rating in a research report on Tuesday, July 22nd. Five investment analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating, five have assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $235.33.

Alphabet Stock Down 1.7%

Shares of NASDAQ:GOOG opened at $247.13 on Wednesday. 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 company has a fifty day simple moving average of $224.07 and a 200 day simple moving average of $188.32. The firm has a market cap of $2.99 trillion, a PE ratio of 26.32, a price-to-earnings-growth ratio of 1.70 and a beta of 1.00. Alphabet Inc. has a 12-month low of $142.66 and a 12-month high of $256.70.

Alphabet (NASDAQ:GOOG) last issued its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.12 by $0.19. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The business had revenue of $96.43 billion during the quarter, compared to analyst estimates of $93.67 billion. During the same quarter in the previous year, the firm earned $1.89 earnings per share. The business’s revenue was up 13.8% compared to the same quarter last year. On average, equities research analysts anticipate that Alphabet Inc. will post 8.89 EPS for the current fiscal year.

Alphabet Announces Dividend

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

Insider Activity

In other Alphabet news, CEO Sundar Pichai sold 32,500 shares of the business’s stock in a transaction on Wednesday, October 1st. The shares were sold at an average price of $243.41, for a total transaction of $7,910,825.00. Following the completion of the sale, the chief executive officer owned 2,402,119 shares in the company, valued at $584,699,785.79. The trade was a 1.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Amie Thuener O’toole sold 953 shares of the business’s stock in a transaction on Wednesday, October 1st. The shares were sold at an average price of $241.20, for a total transaction of $229,863.60. Following the sale, the chief accounting officer owned 17,294 shares of the company’s stock, valued at approximately $4,171,312.80. The trade was a 5.22% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 276,738 shares of company stock valued at $59,135,475 over the last quarter. 12.99% of the stock is owned by company insiders.

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.