Granite Bay Wealth Management LLC increases its holdings in shares of Alphabet Inc. (NASDAQ:GOOG)

Granite Bay Wealth Management LLC raised its holdings in shares of Alphabet Inc. (NASDAQ:GOOG – Free Report ) by 16.4% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 33,268 shares of the information services provider’s stock after purchasing an additional 4,683 shares during the quarter. Alphabet makes up about 3.1% of Granite Bay Wealth Management LLC’s portfolio, making the stock its 12th largest position. Granite Bay Wealth Management LLC’s holdings in Alphabet were worth $5,562,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in GOOG. Richardson Financial Services Inc. acquired a new stake in Alphabet in the 4th quarter valued at approximately $34,000. Abich Financial Wealth Management LLC lifted its position in Alphabet by 9,200.0% during the 2nd quarter. Abich Financial Wealth Management LLC now owns 186 shares of the information services provider’s stock worth $34,000 after acquiring an additional 184 shares during the period. 1620 Investment Advisors Inc. acquired a new stake in Alphabet in the second quarter valued at approximately $37,000. HWG Holdings LP purchased a new stake in Alphabet in the second quarter valued at approximately $40,000. Finally, Slocum Gordon & Co LLP purchased a new stake in Alphabet in the second quarter valued at about $44,000. 27.26% of the shares are currently held by hedge funds and other institutional investors.

Alphabet trading down 0.1%

GOOG opened at $167.21 on Friday. Alphabet Inc. it has a one year low of $121.46 and a one year high of $193.31. The stock has a market cap of $2.07 trillion, a PE ratio of 25.65, a P/E/G ratio of 1.21 and a beta of 1.04. The company’s 50-day moving average price is $163.53 and its 200-day moving average price is $168.49. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.08, and a current ratio of 2.08.

Alphabet (NASDAQ:GOOG – Get Your Free Report ) last released its quarterly earnings data on Tuesday, July 23rd. The information services provider reported $1.89 EPS for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $84.22 billion. In the same period last year, the company posted earnings of $1.44 per share. The company’s quarterly revenue was up 13.6% year over year. As a group, equities research analysts expect Alphabet Inc. to post 7.63 EPS for the current year.

Alphabet announces dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Monday, September 9th were paid a dividend of $0.20 per share. This represents a dividend of $0.80 on an annualized basis and a yield of 0.48%. The ex-dividend date of this dividend was Monday, September 9. Alphabet’s dividend payout ratio (DPR) is 12.27%.

Insiders place their bets

In other news, CEO Sundar Pichai sold 22,500 shares of the stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $167.07, for a total value of $3,759,075.00. Following the sale, the chief executive officer now directly owns 2,129,306 shares in the company, valued at $355,743,153.42. The sale was disclosed in a legal filing with the SEC, which can be accessed via this hyperlink. In other Alphabet news, Director John L. Hennessy sold 1,500 shares of the business’s stock in a transaction dated Friday, July 12th. The shares were sold at an average price of $185.85, for a total transaction of $278,775.00. Following the transaction, the director now owns 30,824 shares of the company’s stock, valued at $5,728,640.40. 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, October 2nd. The stock was sold at an average price of $167.07, for a total value of $3,759,075.00. Following the transaction, the chief executive officer now directly owns 2,129,306 shares in the company, valued at approximately $355,743,153.42. The disclosure for this sale can be found here. Insiders have sold 217,592 shares of company stock worth $35,922,911 over the last ninety days. Corporate insiders own 12.99% of the company’s shares.

Analysts on Wall Street are forecasting an increase

A number of brokerages have commented on GOOG. 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. Wolfe Research raised Alphabet to a “strong-buy” rating in a report on Tuesday, July 16th. Oppenheimer decreased their price objective on Alphabet from $210.00 to $185.00 and set an “outperform” rating for the company in a report on Wednesday, September 25th. DA Davidson raised Alphabet to a “hold” rating in a report on Tuesday, September 10th. Finally, Pivotal Research initiated coverage on Alphabet in a report on Tuesday. They issued a “buy” rating and a $215.00 price objective for the company. Three analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. Alphabet has a consensus rating of “Moderate Buy” and a consensus price target of $183.75, according to MarketBeat.

Get the latest analysis on Alphabet

Profile of the alphabet

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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.

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