Fortis Capital Advisors LLC Boosts Stake in Alphabet Inc. $GOOG

Fortis Capital Advisors LLC grew its stake in Alphabet Inc. (NASDAQ:GOOG) by 3.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 21,848 shares of the information services provider’s stock after acquiring an additional 643 shares during the quarter. Alphabet comprises about 0.7% of Fortis Capital Advisors LLC’s portfolio, making the stock its 26th biggest position. Fortis Capital Advisors LLC’s holdings in Alphabet were worth $3,876,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in GOOG. Jackson Wealth Management LLC boosted its position in Alphabet by 0.3% during the second quarter. Jackson Wealth Management LLC now owns 41,560 shares of the information services provider’s stock valued at $7,372,000 after purchasing an additional 108 shares in the last quarter. Franklin Street Advisors Inc. NC lifted its position in shares of Alphabet by 0.8% during the second quarter. Franklin Street Advisors Inc. NC now owns 338,236 shares of the information services provider’s stock valued at $60,000,000 after buying an additional 2,716 shares during the last quarter. Curran Financial Partners LLC bought a new stake in shares of Alphabet in the 2nd quarter valued at about $230,000. Barrett & Company Inc. grew its position in shares of Alphabet by 1.5% in the 2nd quarter. Barrett & Company Inc. now owns 10,933 shares of the information services provider’s stock worth $1,939,000 after buying an additional 161 shares during the last quarter. Finally, Montz Harcus Wealth Management LLC raised its stake in shares of Alphabet by 4.9% during the 2nd quarter. Montz Harcus Wealth Management LLC now owns 4,780 shares of the information services provider’s stock worth $848,000 after acquiring an additional 224 shares in the last quarter. 27.26% of the stock is currently owned by hedge funds and other institutional investors.

Alphabet Stock Up 0.0%

GOOG opened at $246.45 on Monday. The company has a fifty day moving average of $221.89 and a two-hundred day moving average of $187.31. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90. Alphabet Inc. has a fifty-two week low of $142.66 and a fifty-two week high of $256.70. The stock has a market capitalization of $2.98 trillion, a price-to-earnings ratio of 26.25, a PEG ratio of 1.66 and a beta of 1.00.

Alphabet (NASDAQ:GOOG) last posted its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, beating analysts’ consensus estimates of $2.12 by $0.19. The firm had revenue of $96.43 billion for the quarter, compared to analysts’ expectations of $93.67 billion. Alphabet had a return on equity of 34.31% and a net margin of 31.12%.The company’s quarterly revenue was up 13.8% on a year-over-year basis. During the same period last year, the firm earned $1.89 EPS. On average, research analysts expect that Alphabet Inc. will post 8.89 earnings per share for the current year.

Alphabet Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Monday, September 8th were paid a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 0.3%. The ex-dividend date of this dividend was Monday, September 8th. Alphabet’s dividend payout ratio is presently 8.95%.

Analyst Ratings Changes

GOOG has been the topic of several analyst reports. Roth Capital reaffirmed a “buy” rating on shares of Alphabet in a report on Wednesday, July 9th. Raymond James Financial restated an “outperform” rating and set a $210.00 target price (up from $185.00) on shares of Alphabet in a research note on Thursday, July 24th. KeyCorp set a $265.00 price target on Alphabet in a research note on Wednesday, September 3rd. UBS Group raised their price target on Alphabet from $186.00 to $192.00 and gave the stock a “neutral” rating in a report on Wednesday, July 16th. Finally, Piper Sandler restated a “neutral” rating on shares of Alphabet in a report on Wednesday, July 9th. Five research analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating, five have issued a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, Alphabet has a consensus rating of “Moderate Buy” and a consensus price target of $235.33.

Insider Activity

In related news, insider John Kent Walker sold 23,820 shares of the firm’s stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $194.70, for a total value of $4,637,754.00. Following the transaction, the insider directly owned 42,999 shares of the company’s stock, valued at approximately $8,371,905.30. This trade represents a 35.65% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Sundar Pichai sold 32,500 shares of the stock in a transaction that occurred on Wednesday, July 16th. The shares were sold at an average price of $184.38, for a total value of $5,992,350.00. Following the transaction, the chief executive officer directly owned 2,527,392 shares of the company’s stock, valued at $466,000,536.96. The trade was a 1.27% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 276,738 shares of company stock worth $59,135,475 in the last quarter. Corporate insiders own 12.99% of the company’s stock.

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.