Cornerstone Wealth Group LLC Acquires 1,451 Shares of Alphabet Inc. (NASDAQ:GOOG)

Cornerstone Wealth Group LLC lifted its holdings in Alphabet Inc. (NASDAQ:GOOG) by 10.3% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 15,506 shares of the information services provider’s stock after purchasing an additional 1,451 shares during the period. Cornerstone Wealth Group LLC’s holdings in Alphabet were worth $2,844,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. Park Avenue Securities LLC increased its stake in shares of Alphabet by 11.9% in the first quarter. Park Avenue Securities LLC now owns 109,878 shares of the information services provider’s stock worth $16,730,000 after purchasing an additional 11,646 shares during the period. Investment Partners LTD. increased its stake in Alphabet by 5.8% during the fourth quarter. Investment Partners LTD. now owns 7,446 shares of the information services provider’s stock valued at $1,049,000 after acquiring an additional 410 shares during the period. Apexium Financial LP increased its stake in Alphabet by 335.9% during the fourth quarter. Apexium Financial LP now owns 53,823 shares of the information services provider’s stock valued at $7,586,000 after acquiring an additional 41,476 shares during the period. Colonial River Wealth Management LLC increased its stake in Alphabet by 5.3% during the second quarter. Colonial River Wealth Management LLC now owns 2,126 shares of the information services provider’s stock valued at $390,000 after acquiring an additional 107 shares during the period. Finally, Oak Ridge Investments LLC increased its stake in Alphabet by 4.6% during the first quarter. Oak Ridge Investments LLC now owns 187,229 shares of the information services provider’s stock valued at $28,508,000 after acquiring an additional 8,201 shares during the period. 27.26% of the stock is currently owned by institutional investors.

Alphabet Price Performance

NASDAQ GOOG traded up $1.94 during trading on Friday, reaching $167.43. 13,389,075 shares of the company traded hands, compared to its average volume of 20,304,607. The company has a market cap of $2.07 trillion, a price-to-earnings ratio of 25.64, a P/E/G ratio of 1.28 and a beta of 1.05. 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 Inc. has a 1-year low of $121.46 and a 1-year high of $193.31. The stock’s 50 day moving average price is $176.56 and its two-hundred day moving average price is $164.35.

Alphabet (NASDAQ:GOOG) last announced 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. The business had revenue of $84.74 billion for the quarter, compared to the consensus estimate of $84.22 billion. Alphabet had a return on equity of 30.49% and a net margin of 26.70%. Alphabet’s revenue was up 13.6% compared to the same quarter last year. During the same period in the previous year, the business earned $1.44 EPS. As a group, analysts anticipate that Alphabet Inc. will post 7.62 EPS for the current year.

Alphabet Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Monday, September 9th will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.48%. The ex-dividend date is Monday, September 9th. Alphabet’s payout ratio is currently 12.27%.

Insider Transactions at Alphabet

In other news, CEO Sundar Pichai sold 22,500 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $162.35, for a total value of $3,652,875.00. Following the transaction, the chief executive officer now directly owns 2,182,385 shares of the company’s stock, valued at approximately $354,310,204.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CAO Amie Thuener O’toole sold 682 shares of the business’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $173.86, for a total value of $118,572.52. Following the completion of the transaction, the chief accounting officer now owns 29,966 shares in the company, valued at approximately $5,209,888.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Sundar Pichai sold 22,500 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $162.35, for a total transaction of $3,652,875.00. Following the completion of the transaction, the chief executive officer now owns 2,182,385 shares of the company’s stock, valued at approximately $354,310,204.75. The disclosure for this sale can be found here. Insiders have sold 179,065 shares of company stock valued at $31,025,543 in the last three months. 12.99% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Oppenheimer boosted their price target on Alphabet from $205.00 to $210.00 and gave the company an “outperform” rating in a research note on Wednesday, July 24th. Rosenblatt Securities lowered Alphabet from a “buy” rating to a “neutral” rating and set a $181.00 price target on the stock. in a research note on Friday, June 28th. Wolfe Research upgraded Alphabet to a “strong-buy” rating in a research note on Tuesday, July 16th. Finally, TD Cowen boosted their price target on Alphabet from $200.00 to $220.00 and gave the company a “buy” rating in a research note on Wednesday, July 10th. One analyst has rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $182.86.

Alphabet Company 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.