Wellington Capital Management Inc. Invests $575,000 in Alphabet Inc. $GOOG

Wellington Capital Management Inc. acquired a new stake in Alphabet Inc. (NASDAQ:GOOG) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 3,092 shares of the information services provider’s stock, valued at approximately $575,000.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. IFS Advisors LLC boosted its stake in shares of Alphabet by 400.0% during the 2nd quarter. IFS Advisors LLC now owns 150 shares of the information services provider’s stock worth $27,000 after acquiring an additional 120 shares in the last quarter. Robbins Farley raised its holdings in Alphabet by 60.0% during the second quarter. Robbins Farley now owns 160 shares of the information services provider’s stock worth $28,000 after purchasing an additional 60 shares during the last quarter. WestEnd Advisors LLC raised its holdings in Alphabet by 58.7% during the second quarter. WestEnd Advisors LLC now owns 165 shares of the information services provider’s stock worth $29,000 after purchasing an additional 61 shares during the last quarter. University of Illinois Foundation purchased a new stake in Alphabet during the second quarter worth $31,000. Finally, Fairman Group LLC grew its holdings in Alphabet by 121.3% in the second quarter. Fairman Group LLC now owns 177 shares of the information services provider’s stock valued at $31,000 after purchasing an additional 97 shares during the last quarter. Hedge funds and other institutional investors own 27.26% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. BMO Capital Markets reaffirmed an “outperform” rating and set a $340.00 price target on shares of Alphabet in a research note on Thursday, October 30th. JPMorgan Chase & Co. upped their price target on shares of Alphabet from $260.00 to $300.00 and gave the company an “overweight” rating in a report on Monday, October 27th. Canaccord Genuity Group reiterated a “buy” rating and issued a $330.00 price target on shares of Alphabet in a research report on Thursday, October 30th. HSBC restated a “buy” rating and set a $335.00 price objective on shares of Alphabet in a research report on Thursday, October 30th. Finally, Cowen reiterated a “buy” rating on shares of Alphabet in a report on Friday. Seven investment analysts have rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating, three have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $313.04.

Insider Buying and Selling

In other Alphabet news, CAO Amie Thuener O’toole sold 954 shares of the company’s stock in a transaction that occurred on Tuesday, December 2nd. The stock was sold at an average price of $317.00, for a total value of $302,418.00. Following the completion of the sale, the chief accounting officer directly owned 11,740 shares in the company, valued at $3,721,580. This represents a 7.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Sundar Pichai sold 32,500 shares of Alphabet stock in a transaction that occurred on Wednesday, December 3rd. The stock was sold at an average price of $319.50, for a total transaction of $10,383,750.00. Following the completion of the transaction, the chief executive officer directly owned 2,272,119 shares in the company, valued at $725,942,020.50. This represents a 1.41% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 228,906 shares of company stock valued at $62,127,158 over the last three months. Corporate insiders own 12.99% of the company’s stock.

Alphabet Price Performance

GOOG opened at $310.52 on Friday. The company has a 50 day moving average of $283.75 and a two-hundred day moving average of $230.33. The company has a quick ratio of 1.75, a current ratio of 1.75 and a debt-to-equity ratio of 0.06. Alphabet Inc. has a 52-week low of $142.66 and a 52-week high of $328.67. The company has a market cap of $3.75 trillion, a P/E ratio of 30.62, a P/E/G ratio of 1.80 and a beta of 1.07.

Alphabet (NASDAQ:GOOG) last announced its earnings results on Thursday, October 30th. The information services provider reported $2.87 earnings per share for the quarter, beating the consensus estimate of $2.29 by $0.58. Alphabet had a net margin of 32.23% and a return on equity of 35.00%. The business had revenue of $102.35 billion during the quarter, compared to the consensus estimate of $99.90 billion. During the same period in the prior year, the firm earned $2.12 earnings per share. The business’s quarterly revenue was up 15.9% compared to the same quarter last year. On average, analysts expect that Alphabet Inc. will post 8.89 earnings per share for the current year.

Alphabet Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Monday, December 8th will be paid a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date is Monday, December 8th. Alphabet’s payout ratio is presently 8.28%.

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.