Balentine LLC Buys 5,600 Shares of Alphabet Inc. (NASDAQ:GOOG)

Balentine LLC boosted its position in shares of Alphabet Inc. (NASDAQ:GOOG) by 132.1% during the third quarter, Holdings Channel.com reports. The fund owned 9,840 shares of the information services provider’s stock after acquiring an additional 5,600 shares during the quarter. Balentine LLC’s holdings in Alphabet were worth $1,645,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also added to or reduced their stakes in the company. Long Run Wealth Advisors LLC raised its holdings in Alphabet by 7.8% during the third quarter. Long Run Wealth Advisors LLC now owns 24,072 shares of the information services provider’s stock valued at $4,025,000 after acquiring an additional 1,749 shares during the period. HF Advisory Group LLC grew its position in shares of Alphabet by 7.2% during the third quarter. HF Advisory Group LLC now owns 28,031 shares of the information services provider’s stock worth $4,686,000 after purchasing an additional 1,893 shares in the last quarter. JFG Wealth Management LLC bought a new stake in Alphabet during the 3rd quarter valued at approximately $344,000. Johnson Financial Group LLC lifted its holdings in Alphabet by 2.6% in the 3rd quarter. Johnson Financial Group LLC now owns 2,360 shares of the information services provider’s stock worth $395,000 after purchasing an additional 60 shares in the last quarter. Finally, Focused Wealth Management Inc boosted its stake in Alphabet by 6.4% in the 3rd quarter. Focused Wealth Management Inc now owns 8,624 shares of the information services provider’s stock worth $1,442,000 after purchasing an additional 517 shares during the period. Hedge funds and other institutional investors own 27.26% of the company’s stock.

Insider Activity

In related news, Director John L. Hennessy sold 800 shares of the firm’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $163.03, for a total value of $130,424.00. Following the transaction, the director now owns 30,024 shares of the company’s stock, valued at $4,894,812.72. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, Director John L. Hennessy sold 800 shares of the business’s stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $163.03, for a total value of $130,424.00. Following the completion of the sale, the director now owns 30,024 shares in the company, valued at approximately $4,894,812.72. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Sundar Pichai sold 22,500 shares of the firm’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $167.66, for a total value of $3,772,350.00. Following the transaction, the chief executive officer now owns 2,159,885 shares in the company, valued at $362,126,319.10. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 209,552 shares of company stock valued at $34,433,848. 12.99% of the stock is currently owned by company insiders.

Alphabet Stock Performance

Shares of NASDAQ:GOOG opened at $171.41 on Wednesday. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 0.04. Alphabet Inc. has a 12 month low of $129.40 and a 12 month high of $193.31. The company has a market capitalization of $2.11 trillion, a price-to-earnings ratio of 22.73, a PEG ratio of 1.22 and a beta of 1.04. The firm’s 50-day moving average is $163.97 and its 200 day moving average is $170.83.

Alphabet (NASDAQ:GOOG) last released its earnings results on Tuesday, October 29th. The information services provider reported $2.12 EPS for the quarter, beating analysts’ consensus estimates of $1.83 by $0.29. Alphabet had a return on equity of 31.66% and a net margin of 27.74%. The firm had revenue of $88.27 billion for the quarter, compared to analysts’ expectations of $86.39 billion. During the same quarter in the prior year, the firm posted $1.55 earnings per share. The company’s quarterly revenue was up 15.1% on a year-over-year basis. Research analysts predict that Alphabet Inc. will post 7.97 EPS for the current year.

Alphabet Announces Dividend

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

Wall Street Analysts Forecast Growth

Several research firms have recently commented on GOOG. JPMorgan Chase & Co. boosted their target price on shares of Alphabet from $208.00 to $212.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. Wells Fargo & Company raised their price objective on Alphabet from $182.00 to $187.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 30th. Pivotal Research increased their price target on Alphabet from $215.00 to $225.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Scotiabank initiated coverage on Alphabet in a research note on Friday, October 11th. They issued a “sector outperform” rating and a $212.00 price objective on the stock. Finally, TD Cowen upped their price objective on Alphabet from $200.00 to $220.00 and gave the stock a “buy” rating in a report on Wednesday, July 10th. 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 MarketBeat.com, Alphabet presently has an average rating of “Moderate Buy” and a consensus price target of $200.56.

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.