Prudential PLC buys 71,452 shares of Alphabet Inc. (NASDAQ:GOOG)

VaselineSeptember 12, 2024

0 4 minutes read

Prudential PLC raised its stake in shares of Alphabet Inc. (NASDAQ:GOOG – Free Report) by 15.7% in the second quarter, according to the company in its most recent SEC disclosure. The fund owned 527,604 shares of the information services provider’s stock after purchasing an additional 71,452 shares during the quarter. Alphabet accounts for 0.7% of Prudential PLC’s holdings, making the stock its 18th biggest holding. Prudential PLC’s holdings in Alphabet were worth $96,773,000 as of its most recent SEC filing.

Several other institutional investors have recently modified their holdings of the stock. Richardson Financial Services Inc. acquired a new stake in Alphabet in the fourth quarter valued at about $34,000. 1620 Investment Advisors Inc. bought a new position in shares of Alphabet in the second quarter valued at $37,000. Slocum Gordon & Co LLP acquired a new position in shares of Alphabet in the second quarter valued at $44,000. Hoese & Co LLP raised its stake in shares of Alphabet by 62.5% in the second quarter. Hoese & Co LLP now owns 260 shares of the information services provider’s stock worth $45,000 after purchasing an additional 100 shares in the last quarter. Finally, Iron Horse Wealth Management LLC purchased a new stake in Alphabet in the second quarter valued at $48,000. 27.26% of the shares are currently owned by institutional investors and hedge funds.

Alphabet trading up 1.4%

NASDAQ:GOOG opened at $152.15 on Thursday. Alphabet Inc. has a 12-month low of $121.46 and a 12-month high of $193.31. The company has a current ratio of 2.08, a quick ratio of 2.08, and a debt-to-equity ratio of 0.04. The stock has a market cap of $1.87 trillion, a price-to-earnings ratio of 23.34, a PEG ratio of 1.13 and a beta of 1.04. The firm has a fifty day simple moving average of $170.36 and a two hundred day simple moving average of $165.90.

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Alphabet (NASDAQ:GOOG – Get Your Free Report ) last posted its earnings results on Tuesday, July 23rd. The information services provider reported $1.89 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 company had revenue of $84.74 billion during the quarter, compared to the consensus estimate of $84.22 billion. The company’s revenue for the quarter was up 13.6% compared to the same quarter last year. In the same period last year, the business posted EPS of $1.44. Analysts expect Alphabet Inc. will record 7.63 EPS for the current fiscal year.

Alphabet announces dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Monday, September 9th will be issued a $0.20 dividend. This represents a dividend of $0.80 on an annualized basis and a dividend yield of 0.53%. The ex-dividend date is Monday, September 9. Alphabet’s dividend payout ratio is currently 12.27%.

Insider activity at Alphabet

In other Alphabet news, CEO Sundar Pichai sold 22,500 shares of the business’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $177.40, for a total value of $3,991,500.00. Following the transaction, the chief executive officer now directly owns 2,213,011 shares of the company’s stock, valued at $392,588,151.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed via this link. In other news, SVP Prabhakar Raghavan sold 3,262 shares of the stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $183.99, for a total value of $600,175.38. Following the completion of the sale, the senior vice president now directly owns 9 shares of the company’s stock, valued at $1,655.91. 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 Alphabet stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $177.40, for a total value of $3,991,500.00. Following the transaction, the chief executive officer now directly owns 2,213,011 shares in the company, valued at approximately $392,588,151.40. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 201,867 shares of company stock valued at $34,218,581. 12.99% of shares are owned by company insiders.

Analysts on Wall Street are forecasting an increase

GOOG has been the subject of several analyst reports. Cantor Fitzgerald upgraded Alphabet to a “hold” rating in a research report on Thursday, September 5th. Oppenheimer upped their target price on Alphabet from $205.00 to $210.00 and gave the company an “outperform” rating in a report on Wednesday, July 24th. TD Cowen upped their target price on shares of Alphabet from $200.00 to $220.00 and gave the stock a “buy” rating in a research report on Wednesday, July 10th. Rosenblatt Securities cut shares of Alphabet from a “buy” rating to a “neutral” rating and set a $181.00 price objective for the company. in a research report on Friday, June 28th. Finally, Wolfe Research raised shares of Alphabet to a “strong-buy” rating in a research note on Tuesday, July 16th. Two analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Moderate Buy” and an average price target of $182.86, according to MarketBeat .

Check out our latest analysis of Alphabet

Profile of the 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.