King Wealth Management Group Boosts Stock Holdings in Alphabet Inc. (NASDAQ:GOOG)

King Wealth Management Group increased its position in Alphabet Inc. (NASDAQ:GOOG) by 6.2% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,571 shares of the information services provider’s stock after acquiring an additional 150 shares during the period. King Wealth Management Group’s holdings in Alphabet were worth $490,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the company. Weiss Asset Management LP purchased a new position in shares of Alphabet in the third quarter worth $25,000. Fiduciary Advisors Inc. bought a new stake in Alphabet in the 4th quarter worth about $27,000. Safe Harbor Fiduciary LLC purchased a new position in Alphabet in the 3rd quarter worth about $33,000. Noble Wealth Management PBC bought a new position in Alphabet during the 4th quarter valued at about $43,000. Finally, FPC Investment Advisory Inc. boosted its holdings in shares of Alphabet by 287.9% during the 4th quarter. FPC Investment Advisory Inc. now owns 225 shares of the information services provider’s stock valued at $46,000 after acquiring an additional 167 shares during the last quarter. 27.26% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

GOOG has been the subject of several research reports. Benchmark reissued a “negative” rating on shares of Alphabet in a report on Wednesday, February 5th. Morgan Stanley reiterated an “overweight” rating on shares of Alphabet in a research note on Wednesday, February 5th. Citizens Jmp downgraded Alphabet from a “strong-buy” rating to a “hold” rating in a research note on Thursday, January 2nd. Oppenheimer upped their price objective on Alphabet from $215.00 to $225.00 and gave the company an “outperform” rating in a research report on Thursday, January 30th. Finally, Needham & Company LLC reissued a “buy” rating on shares of Alphabet in a report on Wednesday, February 5th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, fourteen have assigned a buy rating and three have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $209.13.

Insider Buying and Selling

In related news, Director John L. Hennessy sold 200 shares of the firm’s stock in a transaction on Thursday, March 13th. The shares were sold at an average price of $165.53, for a total value of $33,106.00. Following the completion of the transaction, the director now directly owns 7,813 shares of the company’s stock, valued at approximately $1,293,285.89. This trade represents a 2.50 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Amie Thuener O’toole sold 1,374 shares of the business’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $173.47, for a total transaction of $238,347.78. Following the completion of the sale, the chief accounting officer now owns 15,024 shares in the company, valued at $2,606,213.28. This represents a 8.38 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 95,882 shares of company stock worth $17,934,130. Corporate insiders own 12.99% of the company’s stock.

Alphabet Stock Down 2.5 %

GOOG opened at $164.73 on Friday. The firm’s fifty day moving average is $187.92 and its 200 day moving average is $177.92. Alphabet Inc. has a fifty-two week low of $141.13 and a fifty-two week high of $208.70. The stock has a market cap of $2.01 trillion, a price-to-earnings ratio of 20.46, a price-to-earnings-growth ratio of 1.34 and a beta of 1.03. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.84 and a current ratio of 1.84.

Alphabet (NASDAQ:GOOG) last posted its earnings results on Tuesday, February 4th. The information services provider reported $2.15 earnings per share for the quarter, beating the consensus estimate of $2.12 by $0.03. Alphabet had a net margin of 28.60% and a return on equity of 32.49%. On average, sell-side analysts forecast that Alphabet Inc. will post 8.89 earnings per share for the current fiscal year.

Alphabet Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Monday, March 10th will be issued a $0.20 dividend. The ex-dividend date is Monday, March 10th. This represents a $0.80 annualized dividend and a dividend yield of 0.49%. Alphabet’s dividend payout ratio (DPR) is 9.94%.

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.