Lorne Steinberg Wealth Management Inc. reduce holdings in Alphabet Inc. (NASDAQ:GOOG)

VaselineAugust 17, 2024

0 4 minutes read

Lorne Steinberg Wealth Management Inc. reduced its position in shares of Alphabet Inc. (NASDAQ:GOOG – Free Report ) by 6.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,809 shares of the information services provider’s stock after selling 255 shares during the period. Holdings held by Lorne Steinberg Wealth Management Inc. in Alphabet were worth $699,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Human Investing LLC grew its position in shares of Alphabet by 4.6% in the second quarter. Human Investing LLC now owns 1,801 shares of the information services provider’s stock worth $330,000 after acquiring an additional 79 shares during the last quarter. Financial Strategies Group Inc. raised its stake in Alphabet by 8.6% in the 2nd quarter. Financial Strategies Group Inc. now owns 47,641 shares of the information services provider’s stock worth $9,073,000 after purchasing an additional 3,765 shares during the last quarter. Atwater Malick LLC purchased a new stake in Alphabet in the second quarter valued at $212,000. Narus Financial Partners LLC purchased a new position in shares of Alphabet in the second quarter valued at $220,000. Finally, Clear Harbor Asset Management LLC boosted its holdings in shares of Alphabet by 5.5% in the 2nd quarter. Clear Harbor Asset Management LLC now owns 134,399 shares of the information services provider’s stock worth $24,652,000 USD after acquiring an additional 7,054 shares during the period. 27.26% of the shares are currently owned by institutional investors and hedge funds.

Alphabet trading up 1.0%

Shares of NASDAQ GOOG opened at $164.74 on Friday. The company has a fifty day simple moving average of $177.37 and a 200 day simple moving average of $163.73. The company has a quick ratio of 2.08, a current ratio of 2.08, and a debt-to-equity ratio of 0.04. The company has a market cap of $2.04 trillion, a price-to-earnings ratio of 25.27, a P/E/G ratio of 1.28 and a beta of 1.05. Alphabet Inc. has a 12-month low of $121.46 and a 12-month high of $193.31.

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Alphabet (NASDAQ:GOOG – Get Free Report ) last announced its quarterly earnings data on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.85 by $0.04. Alphabet had a return on equity of 30.49% and a net margin of 26.70%. The firm had revenue of $84.74 billion during the quarter, compared to the consensus estimate of $84.22 billion. During the same period in the prior year, the business earned $1.44 EPS. The company’s revenue for the quarter was up 13.6% year over year. Sell-side analysts predict that Alphabet Inc. will post 7.62 EPS for the current year.

Alphabetical announcement of dividends

The company also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Monday, September 9th will be issued a dividend of $0.20 per share. This represents an annualized dividend of $0.80 and a dividend yield of 0.49%. The ex-dividend date of this dividend is Monday, September 9. Alphabet’s dividend payout ratio is currently 12.27%.

Insider activity at Alphabet

In other news, CAO Amie Thuener O’toole sold 682 shares of the firm’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $173.86, for a total value of $118,572.52. Following the transaction, the chief accounting officer now directly owns 29,966 shares of the company’s stock, valued at $5,209,888.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CAO Amie Thuener O’toole sold 682 shares of the firm’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $173.86, for a total transaction of $118,572.52. Following the transaction, the chief accounting officer now owns 29,966 shares of the company’s stock, valued at $5,209,888.76. The sale was disclosed in a legal filing with the SEC, which is available via this hyperlink. Also, CEO Sundar Pichai sold 22,500 shares of Alphabet stock in a transaction dated Wednesday, July 3rd. The shares were sold at an average price of $186.74, for a total transaction of $4,201,650.00. Following the completion of the sale, the chief executive officer now directly owns 2,227,385 shares of the company’s stock, valued at approximately $415,941,874.90. The disclosure for this sale can be found here. Over the last three months, insiders have sold 155,865 shares of company stock worth $27,137,693. Corporate insiders own 12.99% of the company’s shares.

Analyst upgrades and downgrades

GOOG has been the subject of several analyst reports. TD Cowen upped their target price on shares of Alphabet from $200.00 to $220.00 and gave the company a “buy” rating in a research note on Wednesday, July 10th. Wolfe Research raised Alphabet to a “strong-buy” rating in a research note on Tuesday, July 16th. Oppenheimer boosted their price objective on Alphabet from $205.00 to $210.00 and gave the company an “outperform” rating in a report on Wednesday, July 24th. Finally, Rosenblatt Securities cut Alphabet from a “buy” rating to a “neutral” rating and set a $181.00 target price on the stock. in a report on Friday, June 28. One research analyst has rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $182.86, according to MarketBeat .

See the latest stock analysis on GOOG

Alphabet Company Profile

(Free Report)

Alphabet Inc offers various products and platforms in the United States, Europe, the Middle East, Africa, Asia-Pacific, Canada and Latin America. It works through Google services, Google Cloud and other betting segments. The Google Services segment offers products and services, including ads, Android, Chrome, devices, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search and YouTube.