Nexus Investment Management ULC raised its position in Alphabet Inc. (NASDAQ:GOOG – Free Report) by 1.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 214,040 shares of the information services provider’s stock after buying an additional 3,405 shares during the period. Alphabet makes up about 5.7% of Nexus Investment Management ULC’s holdings, making the stock its 7th biggest holding. Nexus Investment Management ULC’s holdings in Alphabet were worth $37,969,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also modified their holdings of the company. MorganRosel Wealth Management LLC purchased a new position in shares of Alphabet during the 1st quarter valued at approximately $26,000. IFS Advisors LLC increased its stake in shares of Alphabet by 400.0% in the second quarter. IFS Advisors LLC now owns 150 shares of the information services provider’s stock worth $27,000 after buying an additional 120 shares during the last quarter. Robbins Farley raised its holdings in Alphabet by 60.0% in the second quarter. Robbins Farley now owns 160 shares of the information services provider’s stock valued at $28,000 after acquiring an additional 60 shares in the last quarter. WestEnd Advisors LLC boosted its stake in Alphabet by 58.7% during the 2nd quarter. WestEnd Advisors LLC now owns 165 shares of the information services provider’s stock valued at $29,000 after acquiring an additional 61 shares during the last quarter. Finally, Fairman Group LLC grew its holdings in Alphabet by 121.3% during the 2nd quarter. Fairman Group LLC now owns 177 shares of the information services provider’s stock worth $31,000 after acquiring an additional 97 shares in the last quarter. 27.26% of the stock is owned by hedge funds and other institutional investors.
Alphabet Stock Performance
Shares of GOOG stock opened at $253.79 on Friday. The company has a market cap of $3.07 trillion, a P/E ratio of 27.03, a PEG ratio of 1.71 and a beta of 1.00. The business has a 50 day moving average of $232.18 and a two-hundred day moving average of $192.97. Alphabet Inc. has a 52 week low of $142.66 and a 52 week high of $257.58. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07.
Alphabet Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Monday, September 8th were given a dividend of $0.21 per share. The ex-dividend date was Monday, September 8th. This represents a $0.84 annualized dividend and a dividend yield of 0.3%. Alphabet’s dividend payout ratio is currently 8.95%.
Wall Street Analysts Forecast Growth
A number of brokerages have recently issued reports on GOOG. Morgan Stanley upped their target price on shares of Alphabet from $210.00 to $270.00 and gave the company an “overweight” rating in a research note on Thursday, October 2nd. JPMorgan Chase & Co. boosted their price objective on Alphabet from $232.00 to $260.00 and gave the company an “overweight” rating in a report on Wednesday, September 3rd. TD Cowen increased their target price on Alphabet from $270.00 to $280.00 and gave the stock a “buy” rating in a report on Wednesday, October 8th. KeyCorp set a $265.00 target price on Alphabet in a research report on Wednesday, September 3rd. Finally, Phillip Securities lowered Alphabet from a “strong-buy” rating to a “moderate buy” rating in a research report on Monday, September 8th. Six research analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, five have given a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $244.68.
Check Out Our Latest Research Report on Alphabet
Insider Activity
In related news, CAO Amie Thuener O’toole sold 2,778 shares of Alphabet stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $245.00, for a total value of $680,610.00. Following the sale, the chief accounting officer directly owned 17,293 shares in the company, valued at $4,236,785. This trade represents a 13.84% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider John Kent Walker sold 23,820 shares of the business’s stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $194.70, for a total transaction of $4,637,754.00. Following the transaction, the insider directly owned 42,999 shares of the company’s stock, valued at $8,371,905.30. The trade was a 35.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 243,372 shares of company stock worth $55,110,740 over the last ninety days. Insiders own 12.99% of the company’s stock.
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.
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