Modern Wealth Management LLC Boosts Position in Alphabet Inc. (NASDAQ:GOOG)

Modern Wealth Management LLC grew its holdings in Alphabet Inc. (NASDAQ:GOOG) by 367.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 76,752 shares of the information services provider’s stock after acquiring an additional 60,327 shares during the period. Modern Wealth Management LLC’s holdings in Alphabet were worth $14,445,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Weiss Asset Management LP acquired a new position in Alphabet in the third quarter valued at approximately $25,000. Fiduciary Advisors Inc. purchased a new position in shares of Alphabet during the 4th quarter valued at approximately $27,000. Safe Harbor Fiduciary LLC acquired a new position in shares of Alphabet in the 3rd quarter valued at $33,000. Mountain Hill Investment Partners Corp. purchased a new stake in Alphabet during the fourth quarter worth $39,000. Finally, Noble Wealth Management PBC acquired a new stake in Alphabet during the fourth quarter valued at $43,000. Institutional investors and hedge funds own 27.26% of the company’s stock.

Alphabet Price Performance

NASDAQ:GOOG opened at $169.93 on Tuesday. The stock has a 50 day moving average price of $183.93 and a 200 day moving average price of $178.30. The stock has a market cap of $2.07 trillion, a PE ratio of 21.11, a P/E/G ratio of 1.34 and a beta of 1.03. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.84 and a current ratio of 1.84. Alphabet Inc. has a one year low of $148.20 and a one year high of $208.70.

Alphabet (NASDAQ:GOOG) last posted its quarterly earnings results on Tuesday, February 4th. The information services provider reported $2.15 EPS for the quarter, topping the consensus estimate of $2.12 by $0.03. Alphabet had a return on equity of 32.49% and a net margin of 28.60%. Equities research analysts expect that Alphabet Inc. will post 8.89 EPS for the current fiscal year.

Alphabet Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Monday, March 10th were issued a $0.20 dividend. The ex-dividend date of this dividend was Monday, March 10th. This represents a $0.80 annualized dividend and a yield of 0.47%. Alphabet’s payout ratio is 9.94%.

Analysts Set New Price Targets

GOOG has been the subject of a number of analyst reports. Benchmark reiterated a “negative” rating on shares of Alphabet in a research report on Wednesday, February 5th. Needham & Company LLC reiterated a “buy” rating on shares of Alphabet in a research report on Wednesday, February 5th. Oppenheimer boosted their price objective on Alphabet from $215.00 to $225.00 and gave the company an “outperform” rating in a research report on Thursday, January 30th. Citizens Jmp lowered Alphabet from a “strong-buy” rating to a “hold” rating in a research report on Thursday, January 2nd. Finally, The Goldman Sachs Group reissued a “buy” rating on shares of Alphabet in a report on Wednesday, February 5th. One research analyst has rated the stock with a sell rating, six have given a hold rating, fourteen have assigned a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $209.13.

Insider Transactions at Alphabet

In other news, insider Ruth Porat sold 17,690 shares of the company’s stock in a transaction on Friday, February 21st. The stock was sold at an average price of $183.48, for a total value of $3,245,761.20. Following the transaction, the insider now owns 1,449,286 shares of the company’s stock, valued at $265,914,995.28. This represents a 1.21 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Amie Thuener O’toole sold 1,368 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $191.55, for a total value of $262,040.40. Following the sale, the chief accounting officer now directly owns 20,681 shares of the company’s stock, valued at $3,961,445.55. The trade was a 6.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 93,048 shares of company stock worth $17,374,274 in the last 90 days. 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.