ProVise Management Group LLC owns $30.17 million in Alphabet Inc. (NASDAQ:GOOG)

VaselineSeptember 21, 2024

0 5 minutes read

ProVise Management Group LLC grew its position in shares of Alphabet Inc. (NASDAQ:GOOG – Free Report) by 2.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 164,475 shares of the information services provider’s stock after acquiring an additional 3,203 shares during the period. Alphabet makes up about 2.6% of ProVise Management Group LLC’s investment portfolio, making the stock its 3rd biggest holding. ProVise Management Group LLC’s holdings in Alphabet were worth $30,168,000 at the end of the most recent reporting period.

A number of other institutional investors have recently added to or reduced their stakes in the company. Capital International Investors boosted its position in shares of Alphabet by 9.3% in the first quarter. Capital International Investors now owns 87,716,562 shares of the information services provider’s stock valued at $13,355,724,000 after buying an additional 7,470,042 shares during the last quarter. JPMorgan Chase & Co. raised its stake in Alphabet by 19.7% in the first quarter. JPMorgan Chase & Co. now owns 84,171,721 shares of the information services provider’s stock valued at $12,815,986,000 after purchasing an additional 13,876,534 shares in the last quarter. Capital World Investors boosted its holdings in Alphabet by 2.2% in the first quarter. Capital World Investors now owns 45,731,826 shares of the information services provider’s stock worth $6,963,128,000 after buying an additional 979,083 shares during the last quarter. Capital Research Global Investors grew its position in Alphabet by 2.0% in the first quarter. Capital Research Global Investors now owns 35,558,778 shares of the information services provider’s stock worth $5,414,179,000 after purchasing an additional 684,968 shares during the last quarter. Finally, Sanders Capital LLC boosted its holdings in shares of Alphabet by 2.9% in the fourth quarter. Sanders Capital LLC now owns 28,558,000 shares of the information services provider’s stock valued at $4,024,679,000 after purchasing an additional 813,428 shares during the last quarter. 27.26% of the shares are currently owned by institutional investors and hedge funds.

Alphabet price performance

Shares of GOOG stock opened at $163.24 on Friday. The company’s 50-day moving average is $166.71 and its 200-day moving average is $166.58. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.08, and a quick ratio of 2.08. The company has a market cap of $2.02 trillion, a price-to-earnings ratio of 25.04, a P/E/G ratio of 1.13 and a beta of 1.04. Alphabet Inc. it has a fifty-two week low of $121.46 and a fifty-two week high of $193.31.

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Alphabet (NASDAQ:GOOG – Get Your Free Report ) last released its quarterly earnings data on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share for the quarter, topping the consensus estimate of $1.85 by $0.04. The company had revenue of $84.74 billion for the quarter, compared to analyst estimates of $84.22 billion. Alphabet had a net margin of 26.70% and a return on equity of 30.49%. The company’s revenue for the quarter was up 13.6% compared to the same quarter last year. In the same quarter in the previous year, the business earned $1.44 EPS. Equities research analysts expect Alphabet Inc. to record 7.63 EPS for the current fiscal year.

Alphabet announces dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Monday, September 9th were given a dividend of $0.20 per share. The ex-dividend date was Monday, September 9. This represents a dividend of $0.80 on an annualized basis and a yield of 0.49%. Alphabet’s payout ratio is 12.27%.

Insider activity at Alphabet

In other news, SVP Prabhakar Raghavan sold 34,257 shares of the company’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $162.60, for a total transaction of $5,570,188.20. Following the completion of the sale, the senior vice president now directly owns 312,210 shares of the company’s stock, valued at approximately $50,765,346. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC’s website. In other news, SVP Prabhakar Raghavan sold 34,257 shares of the stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $162.60, for a total transaction of $5,570,188.20. Following the transaction, the senior vice president now owns 312,210 shares in the company, valued at approximately $50,765,346. The sale was disclosed in a filing with the SEC, which is accessible through the SEC’s website. Also, CEO Sundar Pichai sold 22,500 shares of the firm’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $160.63, for a total transaction of $3,614,175.00. Following the transaction, the chief executive officer now owns 2,114,885 shares in the company, valued at approximately $339,713,977.55. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 202,667 shares of company stock valued at $33,964,256. Insiders own 12.99% of the company’s shares.

Changes in Analyst Ratings

Several equities research analysts recently weighed in on the company. Cantor Fitzgerald raised Alphabet to a “hold” rating in a research note on Thursday, September 5th. Rosenblatt Securities lowered Alphabet from a “buy” rating to a “neutral” rating and set a $181.00 target price for the company. in a research report on Friday, June 28th. DA Davidson upgraded Alphabet to a “hold” rating in a report on Tuesday, September 10th. TD Cowen boosted their target price on shares of Alphabet from $200.00 to $220.00 and gave the stock a “buy” rating in a report on Wednesday, July 10th. Finally, Wolfe Research raised shares of Alphabet to a “strong-buy” rating in a research report on Tuesday, July 16th. Three research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $182.86.

Check out our latest review on GOOG

About Alphabet

(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 advertising, Android, Chrome, devices, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search and YouTube.