Palumbo Wealth Management LLC Increases Position in Alphabet Inc. (NASDAQ:GOOGL)

Palumbo Wealth Management LLC boosted its holdings in Alphabet Inc. (NASDAQ:GOOGL) by 34.5% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 16,146 shares of the information services provider’s stock after purchasing an additional 4,141 shares during the period. Alphabet comprises 1.1% of Palumbo Wealth Management LLC’s portfolio, making the stock its 21st largest position. Palumbo Wealth Management LLC’s holdings in Alphabet were worth $3,056,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of GOOGL. Schear Investment Advisers LLC grew its position in shares of Alphabet by 17.0% during the third quarter. Schear Investment Advisers LLC now owns 33,751 shares of the information services provider’s stock worth $5,598,000 after buying an additional 4,905 shares in the last quarter. Landscape Capital Management L.L.C. boosted its stake in Alphabet by 27.9% during the 3rd quarter. Landscape Capital Management L.L.C. now owns 25,275 shares of the information services provider’s stock valued at $4,192,000 after acquiring an additional 5,516 shares during the last quarter. abrdn plc grew its holdings in Alphabet by 10.7% during the 3rd quarter. abrdn plc now owns 6,305,717 shares of the information services provider’s stock worth $1,037,196,000 after acquiring an additional 611,233 shares in the last quarter. Olistico Wealth LLC increased its position in shares of Alphabet by 9.1% in the 4th quarter. Olistico Wealth LLC now owns 8,981 shares of the information services provider’s stock worth $1,700,000 after purchasing an additional 746 shares during the last quarter. Finally, Centaurus Financial Inc. raised its stake in shares of Alphabet by 22.9% in the 3rd quarter. Centaurus Financial Inc. now owns 61,540 shares of the information services provider’s stock valued at $10,206,000 after purchasing an additional 11,481 shares in the last quarter. Institutional investors and hedge funds own 40.03% of the company’s stock.

Insider Activity at Alphabet

In other Alphabet news, Director John L. Hennessy sold 1,500 shares of the company’s stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $194.22, for a total transaction of $291,330.00. Following the completion of the sale, the director now directly owns 23,324 shares in the company, valued at $4,529,987.28. This represents a 6.04 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Amie Thuener O’toole sold 1,367 shares of the firm’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $170.41, for a total value of $232,950.47. Following the completion of the sale, the chief accounting officer now directly owns 23,515 shares in the company, valued at approximately $4,007,191.15. This represents a 5.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 134,188 shares of company stock valued at $25,036,883. Corporate insiders own 11.55% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently commented on GOOGL shares. Piper Sandler decreased their price target on Alphabet from $210.00 to $208.00 and set an “overweight” rating for the company in a research note on Wednesday, February 5th. Morgan Stanley decreased their target price on Alphabet from $215.00 to $210.00 and set an “overweight” rating for the company in a research report on Wednesday, February 5th. Bank of America reissued a “buy” rating and set a $210.00 price target on shares of Alphabet in a research report on Monday, December 23rd. JPMorgan Chase & Co. reduced their price objective on Alphabet from $232.00 to $220.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 5th. Finally, Wolfe Research boosted their target price on shares of Alphabet from $220.00 to $230.00 and gave the company an “outperform” rating in a research note on Friday, January 3rd. Ten investment analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and four have given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $210.62.

Alphabet Price Performance

Shares of NASDAQ:GOOGL opened at $168.27 on Friday. Alphabet Inc. has a 12 month low of $130.66 and a 12 month high of $207.05. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.84 and a quick ratio of 1.84. The stock’s 50 day moving average price is $191.00 and its 200 day moving average price is $176.06. The stock has a market cap of $2.05 trillion, a price-to-earnings ratio of 20.90, a PEG ratio of 1.34 and a beta of 0.99.

Alphabet (NASDAQ:GOOGL) last posted its quarterly earnings results on Tuesday, February 4th. The information services provider reported $2.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.12 by $0.03. Alphabet had a return on equity of 32.49% and a net margin of 28.60%. Equities research analysts anticipate that Alphabet Inc. will post 8.9 earnings per share for the current fiscal year.

Alphabet Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Monday, March 10th will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 0.48%. The ex-dividend date of this dividend is Monday, March 10th. Alphabet’s payout ratio is 9.94%.

Alphabet Profile

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