Institute for Wealth Management LLC. Cuts Stock Holdings in Alphabet Inc. (NASDAQ:GOOGL)

Institute for Wealth Management LLC. reduced its stake in shares of Alphabet Inc. (NASDAQ:GOOGL) by 1.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 60,636 shares of the information services provider’s stock after selling 589 shares during the period. Alphabet accounts for approximately 1.5% of Institute for Wealth Management LLC.’s portfolio, making the stock its 6th biggest holding. Institute for Wealth Management LLC.’s holdings in Alphabet were worth $11,045,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in GOOGL. GUNN & Co INVESTMENT MANAGEMENT INC. bought a new position in shares of Alphabet in the fourth quarter worth about $1,328,000. KFA Private Wealth Group LLC increased its stake in shares of Alphabet by 18.5% in the fourth quarter. KFA Private Wealth Group LLC now owns 4,296 shares of the information services provider’s stock worth $600,000 after purchasing an additional 671 shares during the period. Mountain Pacific Investment Advisers Inc. ID increased its stake in shares of Alphabet by 46.3% in the fourth quarter. Mountain Pacific Investment Advisers Inc. ID now owns 4,110 shares of the information services provider’s stock worth $574,000 after purchasing an additional 1,300 shares during the period. IAG Wealth Partners LLC increased its stake in shares of Alphabet by 55.9% in the fourth quarter. IAG Wealth Partners LLC now owns 343 shares of the information services provider’s stock worth $48,000 after purchasing an additional 123 shares during the period. Finally, Total Investment Management Inc. bought a new position in shares of Alphabet in the fourth quarter worth about $219,000. 40.03% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Royal Bank of Canada boosted their price target on Alphabet from $200.00 to $204.00 and gave the company an “outperform” rating in a research note on Wednesday, July 24th. Loop Capital restated a “hold” rating and set a $170.00 price target on shares of Alphabet in a research note on Wednesday, July 3rd. Wedbush restated an “outperform” rating and set a $205.00 price target on shares of Alphabet in a research note on Monday, July 22nd. Guggenheim boosted their price target on Alphabet from $195.00 to $205.00 and gave the company a “buy” rating in a research note on Wednesday, July 24th. Finally, Argus boosted their price target on Alphabet from $200.00 to $215.00 and gave the company a “buy” rating in a research note on Tuesday, July 16th. Six research analysts have rated the stock with a hold rating, twenty-eight have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $203.74.

Insider Buying and Selling

In other Alphabet news, SVP Prabhakar Raghavan sold 3,262 shares of the company’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $183.99, for a total transaction of $600,175.38. Following the completion of the sale, the senior vice president now owns 9 shares in the company, valued at approximately $1,655.91. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Alphabet news, CAO Amie Thuener O’toole sold 682 shares of the company’s stock in a transaction on Tuesday, July 2nd. The shares were sold at an average price of $183.47, for a total transaction of $125,126.54. Following the completion of the sale, the chief accounting officer now owns 30,650 shares in the company, valued at approximately $5,623,355.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Prabhakar Raghavan sold 3,262 shares of the company’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $183.99, for a total transaction of $600,175.38. Following the sale, the senior vice president now owns 9 shares of the company’s stock, valued at approximately $1,655.91. The disclosure for this sale can be found here. Insiders sold 155,883 shares of company stock worth $26,705,320 in the last quarter. Insiders own 11.55% of the company’s stock.

Alphabet Stock Performance

GOOGL stock opened at $163.38 on Monday. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.08 and a quick ratio of 2.08. The company has a 50 day moving average price of $173.44 and a 200 day moving average price of $163.90. Alphabet Inc. has a fifty-two week low of $120.21 and a fifty-two week high of $191.75. The stock has a market capitalization of $2.01 trillion, a PE ratio of 25.06, a price-to-earnings-growth ratio of 1.22 and a beta of 1.05.

Alphabet (NASDAQ:GOOGL) last posted its quarterly earnings data on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share for the quarter, topping the consensus estimate of $1.85 by $0.04. Alphabet had a net margin of 26.70% and a return on equity of 30.49%. The firm had revenue of $84.74 billion during the quarter, compared to analysts’ expectations of $70.60 billion. During the same quarter in the previous year, the company posted $1.44 EPS. Analysts forecast that Alphabet Inc. will post 7.63 EPS for the current year.

Alphabet Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Monday, September 9th will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 0.49%. The ex-dividend date is Monday, September 9th. Alphabet’s dividend payout ratio (DPR) is presently 12.27%.

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.