Alphabet Inc. (NASDAQ:GOOG) is Smith Salley Wealth Management’s 5th Largest Position

Smith Salley Wealth Management raised its position in Alphabet Inc. (NASDAQ:GOOG) by 5.2% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 222,636 shares of the information services provider’s stock after purchasing an additional 10,947 shares during the period. Alphabet accounts for approximately 2.9% of Smith Salley Wealth Management’s portfolio, making the stock its 5th biggest holding. Smith Salley Wealth Management’s holdings in Alphabet were worth $40,836,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Partnership Wealth Management LLC purchased a new stake in Alphabet during the 4th quarter valued at about $26,000. 1620 Investment Advisors Inc. acquired a new position in shares of Alphabet during the 2nd quarter worth approximately $37,000. DiNuzzo Private Wealth Inc. purchased a new stake in shares of Alphabet in the fourth quarter valued at approximately $32,000. Richardson Financial Services Inc. acquired a new stake in shares of Alphabet in the fourth quarter valued at approximately $34,000. Finally, Pacific Capital Wealth Advisors Inc. purchased a new position in Alphabet during the fourth quarter worth approximately $34,000. Institutional investors and hedge funds own 27.26% of the company’s stock.

Alphabet Stock Performance

Shares of GOOG traded up $1.71 during midday trading on Friday, reaching $165.11. 18,492,391 shares of the stock were exchanged, compared to its average volume of 20,161,213. The company has a market capitalization of $2.04 trillion, a price-to-earnings ratio of 25.32, a PEG ratio of 1.28 and a beta of 1.05. Alphabet Inc. has a twelve month low of $121.46 and a twelve month high of $193.31. The business’s 50-day moving average price is $175.40 and its 200 day moving average price is $165.01. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.08 and a quick ratio of 2.08.

Alphabet (NASDAQ:GOOG) last announced its earnings results on Tuesday, July 23rd. The information services provider reported $1.89 EPS for the quarter, beating analysts’ consensus estimates of $1.85 by $0.04. The business had revenue of $84.74 billion for the quarter, compared to analysts’ expectations of $84.22 billion. Alphabet had a net margin of 26.70% and a return on equity of 30.49%. The company’s quarterly revenue was up 13.6% on a year-over-year basis. During the same period in the previous year, the company posted $1.44 EPS. On average, sell-side analysts expect that Alphabet Inc. will post 7.62 EPS for the current fiscal year.

Alphabet Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Monday, September 9th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.48%. The ex-dividend date is Monday, September 9th. Alphabet’s dividend payout ratio is currently 12.27%.

Insider Activity at Alphabet

In related news, CAO Amie Thuener O’toole sold 682 shares of the stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $173.86, for a total transaction of $118,572.52. Following the completion of the sale, the chief accounting officer now directly owns 29,966 shares of the company’s stock, valued at $5,209,888.76. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CEO Sundar Pichai sold 22,500 shares of the firm’s stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $176.58, for a total value of $3,973,050.00. Following the completion of the sale, the chief executive officer now owns 2,235,511 shares in the company, valued at $394,746,532.38. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO Amie Thuener O’toole sold 682 shares of the business’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $173.86, for a total value of $118,572.52. Following the transaction, the chief accounting officer now owns 29,966 shares in the company, valued at approximately $5,209,888.76. The disclosure for this sale can be found here. Insiders have sold 179,065 shares of company stock worth $31,025,543 in the last quarter. Company insiders own 12.99% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. TD Cowen lifted their price target on shares of Alphabet from $200.00 to $220.00 and gave the company a “buy” rating in a research report on Wednesday, July 10th. Oppenheimer boosted their price target on shares of Alphabet from $205.00 to $210.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 24th. Rosenblatt Securities cut shares of Alphabet from a “buy” rating to a “neutral” rating and set a $181.00 price target for the company. in a research report on Friday, June 28th. Finally, Wolfe Research raised Alphabet to a “strong-buy” rating in a research note on Tuesday, July 16th. One research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Alphabet presently has a consensus rating of “Buy” and an average price target of $182.86.

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.