RWA Wealth Partners LLC has increased its stake in Alphabet Inc. (NASDAQ: GOOG) by purchasing an additional 552 shares during the second quarter of 2023. This acquisition raised the firm’s total holdings to 141,836 shares, valued at approximately $25,160,000 according to their most recent SEC filing. The increase represents a 0.4% boost in their investment in the information services provider.
The trend among institutional investors appears robust, with several firms making significant adjustments to their positions in Alphabet. For instance, IFS Advisors LLC reported a remarkable 400% increase in its stake, now owning 150 shares worth $27,000 after acquiring an additional 120 shares. Similarly, Robbins Farley expanded its holdings by 60%, now holding 160 shares valued at $28,000 following a purchase of 60 additional shares.
WestEnd Advisors LLC and Fairman Group LLC also increased their investments in Alphabet by 58.7% and 121.3%, respectively. WestEnd now owns 165 shares worth $29,000, while Fairman has 177 shares valued at $31,000. Additionally, Greykasell Wealth Strategies Inc. entered the fray by purchasing a new stake valued at around $32,000.
Institutional investors collectively own 27.26% of Alphabet’s stock, reflecting the ongoing interest in the tech giant.
Recent Insider Transactions
In notable insider activity, Chief Accounting Officer Amie Thuener O’toole sold 2,778 shares on September 15, 2023, for an average price of $245.00, amounting to a total transaction of $680,610.00. Post-sale, O’toole retains 17,293 shares valued at approximately $4,236,785, marking a 13.84% decrease in her position.
CEO Sundar Pichai also made headlines by selling 32,500 shares on September 3, 2023, for an average price of $229.73, bringing in $7,466,225.00. Following this transaction, Pichai holds 2,429,892 shares valued at around $558,219,089.16, reflecting a 1.32% decline in his holdings. Over the past ninety days, insiders sold a total of 222,396 shares worth $54,105,275, with insiders currently owning 12.99% of Alphabet’s stock.
Strong Financial Performance and Dividends
Alphabet’s recent financial performance reinforces its strong market position. The company reported earnings of $2.87 per share for the third quarter on October 29, outperforming analysts’ expectations of $2.29 by $0.58. The company achieved a return on equity of 36.08% and a net margin of 32.23%. Revenue for the quarter reached $102.35 billion, surpassing analyst estimates of $99.90 billion, and reflected a 15.9% increase compared to the same period last year.
In addition, Alphabet has announced a quarterly dividend of $0.21 per share, set to be paid on December 15, 2023, to stockholders of record on December 8, 2023. This translates to an annualized dividend of $0.84 and a yield of 0.3%, with a current dividend payout ratio of 8.28%.
Analyst Ratings and Market Outlook
The outlook for Alphabet remains positive among analysts. Pivotal Research recently raised its price target from $300.00 to $350.00 and maintained a “buy” rating. Cantor Fitzgerald set a price target of $310.00 with a “neutral” rating, while KeyCorp reiterated an “overweight” rating with a target of $330.00. Oppenheimer also increased its target to $345.00, and TD Cowen raised its objective to $280.00.
Overall, Alphabet Inc. currently enjoys a consensus rating of “Moderate Buy” based on assessments from multiple research analysts, with an average price target of $324.81. As the tech landscape evolves, Alphabet’s strategic investments and strong financial performance position it well for continued growth in the competitive market.
