Granite Bay Wealth Management LLC Has $301.31 Million Stock Position in Alphabet Inc. (NASDAQ:GOOG)

Granite Bay Wealth Management LLC grew its holdings in shares of Alphabet Inc. (NASDAQ:GOOG) by 6,610.0% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,769,160 shares of the information services provider’s stock after acquiring an additional 1,742,794 shares during the quarter. Alphabet accounts for approximately 3.0% of Granite Bay Wealth Management LLC’s investment portfolio, making the stock its 12th largest position. Granite Bay Wealth Management LLC’s holdings in Alphabet were worth $301,312,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. International Assets Investment Management LLC bought a new stake in shares of Alphabet during the fourth quarter worth about $8,232,000. E&G Advisors LP increased its position in Alphabet by 1.6% in the 4th quarter. E&G Advisors LP now owns 7,869 shares of the information services provider’s stock valued at $1,109,000 after acquiring an additional 127 shares during the period. Trifecta Capital Advisors LLC raised its stake in shares of Alphabet by 0.5% during the fourth quarter. Trifecta Capital Advisors LLC now owns 120,120 shares of the information services provider’s stock valued at $16,929,000 after acquiring an additional 620 shares during the last quarter. Financial Futures Ltd Liability Co. lifted its holdings in shares of Alphabet by 98.2% during the fourth quarter. Financial Futures Ltd Liability Co. now owns 7,955 shares of the information services provider’s stock worth $1,121,000 after purchasing an additional 3,941 shares during the period. Finally, RFG Advisory LLC grew its stake in shares of Alphabet by 2.1% in the fourth quarter. RFG Advisory LLC now owns 24,134 shares of the information services provider’s stock worth $3,401,000 after purchasing an additional 504 shares during the last quarter. Institutional investors own 27.26% of the company’s stock.

Alphabet Trading Down 0.9 %

GOOG traded down $1.44 during trading on Monday, hitting $163.95. The company’s stock had a trading volume of 12,344,569 shares, compared to its average volume of 20,555,691. The firm has a market capitalization of $2.03 trillion, a P/E ratio of 25.37, a PEG ratio of 1.28 and a beta of 1.05. Alphabet Inc. has a twelve month low of $121.46 and a twelve month high of $193.31. The stock’s fifty day moving average price is $178.60 and its 200-day moving average price is $163.51. The company has a quick ratio of 2.08, a current ratio of 2.08 and a debt-to-equity ratio of 0.04.

Alphabet (NASDAQ:GOOG) last released its earnings results on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.85 by $0.04. The company had revenue of $84.74 billion for the quarter, compared to the consensus estimate of $84.22 billion. Alphabet had a net margin of 26.70% and a return on equity of 30.49%. Alphabet’s quarterly revenue was up 13.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.44 EPS. Analysts anticipate that Alphabet Inc. will post 7.62 EPS for the current year.

Alphabet Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Monday, September 9th will be paid a $0.20 dividend. The ex-dividend date is Monday, September 9th. This represents a $0.80 annualized dividend and a dividend yield of 0.49%. Alphabet’s dividend payout ratio is presently 12.27%.

Analysts Set New Price Targets

Several research analysts recently issued reports on GOOG shares. Stifel Nicolaus raised their target price on Alphabet from $154.00 to $174.00 and gave the stock a “buy” rating in a research report on Tuesday, April 16th. Oppenheimer lifted their price objective on Alphabet from $205.00 to $210.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 24th. TD Cowen increased their target price on shares of Alphabet from $200.00 to $220.00 and gave the company a “buy” rating in a research report on Wednesday, July 10th. Wolfe Research upgraded shares of Alphabet to a “strong-buy” rating in a research report on Tuesday, July 16th. Finally, Rosenblatt Securities lowered shares of Alphabet from a “buy” rating to a “neutral” rating and set a $181.00 price objective on the stock. in a research note on Friday, June 28th. One analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $182.86.

Insider Activity at Alphabet

In related news, CEO Sundar Pichai sold 22,500 shares of the company’s stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $173.22, for a total transaction of $3,897,450.00. Following the transaction, the chief executive officer now directly owns 2,258,011 shares of the company’s stock, valued at approximately $391,132,665.42. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, Director John L. Hennessy sold 1,500 shares of Alphabet 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 completion of the transaction, the director now directly owns 30,824 shares in the company, valued at $5,728,640.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Sundar Pichai sold 22,500 shares of the company’s stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $173.22, for a total transaction of $3,897,450.00. Following the completion of the sale, the chief executive officer now owns 2,258,011 shares in the company, valued at approximately $391,132,665.42. The disclosure for this sale can be found here. Insiders sold 143,308 shares of company stock valued at $25,334,530 in the last three months. Corporate insiders own 12.99% of the company’s stock.

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.