Precedent Wealth Partners LLC has increased its stake in Alphabet Inc. (NASDAQ: GOOGL) by 10.0% during the second quarter of 2023, according to a recent filing with the Securities and Exchange Commission. The firm now holds 4,198 shares of the technology giant, valued at approximately $740,000 as of the latest reporting period.
The growth in holdings comes amid a broader trend, as several institutional investors have also adjusted their positions in Alphabet. Brighton Jones LLC increased its investment by 3.9% during the fourth quarter, bringing its total to 110,330 shares worth $20.89 million. Similarly, Revolve Wealth Partners LLC raised its stake by 3.5%, now owning 14,930 shares valued at $2.83 million.
In addition, GAMMA Investing LLC reported a 10.5% increase in its position during the first quarter, resulting in ownership of 103,870 shares worth $16.06 million. West Oak Capital LLC also added to its holdings by 4.2%, possessing 3,235 shares valued at $500,000. Furthermore, Accordant Advisory Group Inc. initiated a new investment in Alphabet, acquiring shares worth $193,000.
Alphabet Stock Performance and Market Insights
On Friday, Alphabet’s stock opened at $236.57, experiencing a 2.1% decline. The company’s 50-day moving average stands at $226.31, while the 200-day average is at $188.66. Over the past year, Alphabet’s stock has fluctuated between a low of $140.53 and a high of $256.00.
Alphabet maintains a market capitalization of $2.86 trillion and a price-to-earnings (P/E) ratio of 25.19. The company reported a return on equity of 34.31% and a net margin of 31.12% in its latest quarterly earnings. The firm announced earnings per share (EPS) of $2.31 for the quarter ending July 23, surpassing analysts’ expectations of $2.15.
The firm’s revenue for the same period reached $96.43 billion, exceeding the consensus estimate of $93.60 billion. Analysts expect Alphabet to report an EPS of 8.9 for the current fiscal year.
Dividends and Analyst Ratings
On September 15, 2023, Alphabet declared a quarterly dividend of $0.21 per share, paid to shareholders who were on record as of September 8. This translates to an annualized dividend of $0.84 and a dividend yield of 0.4%, with a payout ratio of 8.95%.
Analysts have generally maintained a positive outlook on Alphabet. Mizuho recently set a price target of $295.00, rating the stock as “outperform.” Tigress Financial upgraded its target from $240.00 to $280.00, while Piper Sandler raised its estimate from $220.00 to $285.00. Currently, four analysts have rated the stock as a Strong Buy, while thirty-four have assigned a Buy rating and ten have given a Hold rating, leading to a consensus rating of “Moderate Buy” with a target price of $245.88.
In insider news, John Kent Walker, a company insider, sold 17,816 shares on September 29 at an average price of $247.42, totaling $4,408,034.72. Post-sale, Walker holds 42,985 shares valued at approximately $10.64 million. Another insider, CAO Amie Thuener O’toole, sold 953 shares on October 1 for $229,863.60.
As of the latest reports, corporate insiders own 11.64% of Alphabet’s stock. The company’s diverse portfolio, including Google Services and Google Cloud, continues to drive its growth across various international markets, contributing to its strong financial performance.
