Providence Wealth Advisors LLC Increases Stock Position in Alphabet Inc. (NASDAQ:GOOG)

Providence Wealth Advisors LLC grew its position in Alphabet Inc. (NASDAQ:GOOG) by 2.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,042 shares of the information services provider’s stock after purchasing an additional 253 shares during the period. Alphabet comprises about 1.2% of Providence Wealth Advisors LLC’s portfolio, making the stock its 26th largest position. Providence Wealth Advisors LLC’s holdings in Alphabet were worth $1,662,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Martingale Asset Management L P bought a new position in Alphabet during the third quarter valued at about $505,000. Carl P. Sherr & Co. LLC grew its position in Alphabet by 4.2% during the third quarter. Carl P. Sherr & Co. LLC now owns 12,764 shares of the information services provider’s stock valued at $2,134,000 after buying an additional 510 shares during the period. Northwest & Ethical Investments L.P. grew its position in Alphabet by 11.2% during the third quarter. Northwest & Ethical Investments L.P. now owns 339,330 shares of the information services provider’s stock valued at $56,733,000 after buying an additional 34,195 shares during the period. Vinva Investment Management Ltd grew its position in Alphabet by 15.5% during the third quarter. Vinva Investment Management Ltd now owns 255,989 shares of the information services provider’s stock valued at $42,312,000 after buying an additional 34,378 shares during the period. Finally, Elite Wealth Management Inc. grew its position in Alphabet by 3.4% during the third quarter. Elite Wealth Management Inc. now owns 48,204 shares of the information services provider’s stock valued at $8,059,000 after buying an additional 1,595 shares during the period. Hedge funds and other institutional investors own 27.26% of the company’s stock.

Alphabet Trading Up 0.1 %

GOOG stock opened at $170.82 on Friday. The company has a market capitalization of $2.09 trillion, a PE ratio of 22.66, a price-to-earnings-growth ratio of 1.19 and a beta of 1.04. Alphabet Inc. has a one year low of $129.40 and a one year high of $193.31. The company’s 50 day moving average price is $169.86 and its two-hundred day moving average price is $171.84. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.95 and a current ratio of 1.95.

Alphabet (NASDAQ:GOOG) last posted its quarterly earnings results on Tuesday, October 29th. The information services provider reported $2.12 EPS for the quarter, topping the consensus estimate of $1.83 by $0.29. The firm had revenue of $88.27 billion for the quarter, compared to the consensus estimate of $86.39 billion. Alphabet had a net margin of 27.74% and a return on equity of 31.66%. The business’s revenue was up 15.1% compared to the same quarter last year. During the same period last year, the firm posted $1.55 earnings per share. As a group, analysts predict that Alphabet Inc. will post 8.02 earnings per share for the current fiscal year.

Alphabet Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 9th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 0.47%. The ex-dividend date is Monday, December 9th. Alphabet’s dividend payout ratio (DPR) is presently 10.61%.

Insiders Place Their Bets

In other news, CAO Amie Thuener O’toole sold 682 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $160.44, for a total value of $109,420.08. Following the transaction, the chief accounting officer now owns 32,017 shares in the company, valued at approximately $5,136,807.48. This trade represents a 2.09 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Sundar Pichai sold 22,500 shares of the firm’s stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $176.67, for a total transaction of $3,975,075.00. Following the completion of the transaction, the chief executive officer now owns 2,061,806 shares in the company, valued at $364,259,266.02. This represents a 1.08 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 206,795 shares of company stock valued at $34,673,866. 12.99% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. JPMorgan Chase & Co. increased their target price on shares of Alphabet from $208.00 to $212.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Cantor Fitzgerald upgraded shares of Alphabet to a “hold” rating in a research report on Thursday, September 5th. Jefferies Financial Group increased their target price on shares of Alphabet from $220.00 to $235.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. DA Davidson upgraded shares of Alphabet to a “hold” rating in a research report on Tuesday, September 10th. Finally, Barclays increased their target price on shares of Alphabet from $200.00 to $220.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Five analysts have rated the stock with a hold rating, thirteen have given a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat, Alphabet presently has a consensus rating of “Moderate Buy” and an average target price of $200.56.

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.