Smith Salley Wealth Management has enhanced its stake in Alphabet Inc. (NASDAQ: GOOG) by 3.4% during the third quarter of 2023, according to the firm’s recent 13F filing with the Securities and Exchange Commission (SEC). The investment firm now holds 273,963 shares of Alphabet, having acquired an additional 8,965 shares in the quarter. This positions Alphabet as approximately 3.4% of Smith Salley’s total portfolio, making it the fourth largest holding, valued at approximately $66,724,000.
Several other institutional investors have also adjusted their positions in Alphabet recently. For instance, Kingstone Capital Partners Texas LLC significantly increased its holdings by an astonishing 580,897.4% in the second quarter, acquiring an additional 135,064,454 shares. This brings their total ownership to 135,087,705 shares, valued at approximately $23.96 billion. Similarly, Norges Bank entered the fray by purchasing a stake worth $4.29 billion during the same quarter.
Recent Market Performance and Earnings
As of the latest trading session, shares of Alphabet opened at $315.32. The company boasts a market capitalization of $3.80 trillion, with a price-to-earnings (PE) ratio of 31.10. Alphabet’s stock has shown volatility over the past year, with a 12-month low of $142.66 and a high of $328.67.
The firm recently reported its quarterly earnings on October 30, 2023, revealing an earnings per share (EPS) of $2.87, surpassing analysts’ expectations of $2.29 by $0.58. Revenue for the quarter reached $102.35 billion, exceeding the forecast of $99.90 billion. This performance highlights a year-over-year revenue growth of 15.9% compared to the same quarter last year, when Alphabet reported an EPS of $2.12.
Dividends and Insider Activity
Alphabet recently announced a quarterly dividend of $0.21 per share, which was paid on December 15, 2023, to shareholders on record as of December 8. This dividend represents an annualized payout of $0.84, yielding approximately 0.3%.
In terms of insider activity, John Kent Walker, an insider at Alphabet, sold 17,829 shares on December 30, 2023, at an average price of $314.89, totaling over $5.61 million. Post-sale, Walker retained 42,972 shares valued at approximately $13.53 million. Similarly, Amie Thuener O’toole, the Chief Accounting Officer, sold 2,778 shares on November 17, 2023, for around $800,786.28.
The overall landscape indicates that insiders have collectively sold 195,465 shares, valued at over $57 million, in the last quarter. Currently, insiders own approximately 12.99% of Alphabet’s stock.
In summary, Alphabet Inc. continues to attract significant investment from both institutional and retail investors, highlighted by an increase in holdings from various firms and a strong showing in recent earnings reports. The ongoing interest in shares, alongside positive forecasts from several analysts, suggests a robust outlook for the technology giant as it navigates the complexities of the market.
