Covington Capital Management Increases Position in Alphabet Inc (NASDAQ:GOOGL)

Covington Capital Management lifted its position in shares of Alphabet Inc (NASDAQ:GOOGL) by 4.4% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 13,175 shares of the information services provider’s stock after buying an additional 559 shares during the period. Covington Capital Management’s holdings in Alphabet were worth $14,266,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Belvedere Advisors LLC acquired a new stake in shares of Alphabet in the first quarter worth $38,000. Litman Gregory Asset Management LLC acquired a new stake in shares of Alphabet in the second quarter worth $37,000. Thor Advisors LLC acquired a new stake in shares of Alphabet in the first quarter worth $45,000. Lipe & Dalton acquired a new stake in shares of Alphabet in the second quarter worth $49,000. Finally, Johnson Financial Group Inc. increased its position in shares of Alphabet by 26.3% in the second quarter. Johnson Financial Group Inc. now owns 48 shares of the information services provider’s stock worth $52,000 after acquiring an additional 10 shares in the last quarter. 33.50% of the stock is currently owned by institutional investors and hedge funds.

NASDAQ GOOGL traded up $9.23 during trading hours on Wednesday, reaching $1,227.56. 243,984 shares of the company traded hands, compared to its average volume of 1,132,812. Alphabet Inc has a 12 month low of $977.66 and a 12 month high of $1,296.97. The company has a current ratio of 3.98, a quick ratio of 3.96 and a debt-to-equity ratio of 0.07. The stock has a market capitalization of $851.93 billion, a PE ratio of 25.84, a PEG ratio of 1.37 and a beta of 0.99. The company has a 50 day moving average of $1,196.25 and a two-hundred day moving average of $1,172.07.



Alphabet (NASDAQ:GOOGL) last posted its quarterly earnings data on Thursday, July 25th. The information services provider reported $14.21 EPS for the quarter, beating the Zacks’ consensus estimate of $11.49 by $2.72. Alphabet had a net margin of 23.43% and a return on equity of 20.15%. The firm had revenue of $31.71 billion for the quarter, compared to the consensus estimate of $30.90 billion. On average, equities research analysts anticipate that Alphabet Inc will post 51.29 earnings per share for the current year.

GOOGL has been the subject of several recent research reports. Wedbush increased their price objective on shares of Alphabet from $1,350.00 to $1,500.00 and gave the stock an “outperform” rating in a research report on Friday, July 26th. They noted that the move was a valuation call. Citigroup reissued a “buy” rating and issued a $1,450.00 price objective (up previously from $1,325.00) on shares of Alphabet in a research report on Friday, July 26th. FBN Securities set a $1,400.00 price objective on shares of Alphabet and gave the stock a “buy” rating in a research report on Friday, July 26th. Mizuho upped their target price on shares of Alphabet from $1,350.00 to $1,400.00 and gave the company a “buy” rating in a research note on Friday, July 26th. Finally, Moffett Nathanson decreased their target price on shares of Alphabet from $1,290.00 to $1,250.00 and set a “buy” rating for the company in a research note on Monday, June 24th. Eight analysts have rated the stock with a hold rating and thirty-two have given a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $1,375.78.

About Alphabet

Alphabet Inc, through its subsidiaries, provides online advertising services in the United States and internationally. The company offers performance and brand advertising services. It operates through Google and Other Bets segments. The Google segment includes principal Internet products, such as Ads, Android, Chrome, Commerce, Google Cloud, Google Maps, Google Play, Hardware, Search, and YouTube, as well as technical infrastructure and newer efforts, including Virtual Reality.

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Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOGL)

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