LMG Wealth Partners LLC Grows Stake in Alphabet Inc. $GOOG

LMG Wealth Partners LLC grew its position in shares of Alphabet Inc. (NASDAQ:GOOG) by 1.3% in the second quarter, Holdings Channel reports. The firm owned 14,973 shares of the information services provider’s stock after purchasing an additional 188 shares during the period. LMG Wealth Partners LLC’s holdings in Alphabet were worth $2,656,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. grew its position in shares of Alphabet by 2.4% during the 1st quarter. Vanguard Group Inc. now owns 411,570,922 shares of the information services provider’s stock valued at $64,299,725,000 after purchasing an additional 9,687,855 shares in the last quarter. Kingstone Capital Partners Texas LLC lifted its holdings in shares of Alphabet by 580,897.4% during the 2nd quarter. Kingstone Capital Partners Texas LLC now owns 135,087,705 shares of the information services provider’s stock worth $23,963,208,000 after acquiring an additional 135,064,454 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Alphabet by 9.9% during the 1st quarter. JPMorgan Chase & Co. now owns 102,232,997 shares of the information services provider’s stock worth $15,971,861,000 after acquiring an additional 9,243,959 shares during the last quarter. Deutsche Bank AG lifted its holdings in shares of Alphabet by 5.4% during the 1st quarter. Deutsche Bank AG now owns 21,345,784 shares of the information services provider’s stock worth $3,334,852,000 after acquiring an additional 1,098,996 shares during the last quarter. Finally, Invesco Ltd. lifted its holdings in shares of Alphabet by 2.2% during the 1st quarter. Invesco Ltd. now owns 20,380,073 shares of the information services provider’s stock worth $3,183,979,000 after acquiring an additional 440,526 shares during the last quarter. 27.26% of the stock is currently owned by hedge funds and other institutional investors.

Alphabet Stock Up 0.5%

Shares of Alphabet stock opened at $252.53 on Thursday. The company has a market cap of $3.05 trillion, a price-to-earnings ratio of 26.89, a price-to-earnings-growth ratio of 1.70 and a beta of 1.00. The company’s 50 day moving average is $235.22 and its 200 day moving average is $194.81. Alphabet Inc. has a twelve month low of $142.66 and a twelve month high of $257.88. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07.

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

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. JPMorgan Chase & Co. lifted their price objective on shares of Alphabet from $232.00 to $260.00 and gave the stock an “overweight” rating in a report on Wednesday, September 3rd. Weiss Ratings reissued a “buy (b)” rating on shares of Alphabet in a research note on Wednesday, October 8th. Pivotal Research boosted their price target on shares of Alphabet from $245.00 to $300.00 and gave the stock a “buy” rating in a research note on Wednesday, September 3rd. TD Cowen boosted their price target on shares of Alphabet from $270.00 to $280.00 and gave the stock a “buy” rating in a research note on Wednesday, October 8th. Finally, BNP Paribas downgraded shares of Alphabet from a “strong-buy” rating to a “hold” rating in a research note on Thursday, June 26th. Six research analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, five have assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Alphabet has a consensus rating of “Moderate Buy” and a consensus price target of $246.26.

Insider Buying and Selling at Alphabet

In other 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 completion of the sale, the insider owned 42,999 shares in the company, valued at approximately $8,371,905.30. This trade represents a 35.65% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Sundar Pichai sold 32,500 shares of Alphabet stock in a transaction dated Wednesday, September 17th. The shares were sold at an average price of $249.50, for a total transaction of $8,108,750.00. Following the sale, the chief executive officer owned 2,397,392 shares of the company’s stock, valued at $598,149,304. The trade was a 1.34% decrease in their position. The disclosure for this sale can be found here. Insiders sold 246,150 shares of company stock worth $55,805,379 over the last 90 days. 12.99% of the stock is owned by insiders.

About Alphabet

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.