Procyon Advisors LLC Has $11.75 Million Holdings in Alphabet Inc. (NASDAQ:GOOG)

14 Oct 2024, 20:58 by Michael Walen · The Markets Daily

Procyon Advisors LLC lifted its holdings in Alphabet Inc. (NASDAQ:GOOG – Free Report) by 0.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 70,322 shares of the information services provider’s stock after purchasing an additional 453 shares during the quarter. Procyon Advisors LLC’s holdings in Alphabet were worth $11,751,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in GOOG. Park Avenue Securities LLC increased its position in shares of Alphabet by 11.9% during the 1st quarter. Park Avenue Securities LLC now owns 109,878 shares of the information services provider’s stock worth $16,730,000 after purchasing an additional 11,646 shares during the last quarter. Colonial River Wealth Management LLC grew its stake in shares of Alphabet by 5.3% in the second quarter. Colonial River Wealth Management LLC now owns 2,126 shares of the information services provider’s stock valued at $390,000 after buying an additional 107 shares in the last quarter. Oak Ridge Investments LLC increased its holdings in Alphabet by 4.6% during the first quarter. Oak Ridge Investments LLC now owns 187,229 shares of the information services provider’s stock worth $28,508,000 after buying an additional 8,201 shares during the last quarter. Rosenberg Matthew Hamilton raised its position in Alphabet by 4.6% during the second quarter. Rosenberg Matthew Hamilton now owns 11,366 shares of the information services provider’s stock worth $2,097,000 after acquiring an additional 498 shares in the last quarter. Finally, Alliance Wealth Management Group lifted its stake in Alphabet by 93.6% in the first quarter. Alliance Wealth Management Group now owns 3,910 shares of the information services provider’s stock valued at $595,000 after acquiring an additional 1,890 shares during the last quarter. Institutional investors and hedge funds own 27.26% of the company’s stock.

Insider Activity at Alphabet

In other Alphabet news, CEO Sundar Pichai sold 22,500 shares of the stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $167.07, for a total transaction of $3,759,075.00. Following the sale, the chief executive officer now directly owns 2,129,306 shares in the company, valued at $355,743,153.42. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Alphabet news, CEO Sundar Pichai sold 22,500 shares of the company’s stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $167.07, for a total transaction of $3,759,075.00. Following the completion of the sale, the chief executive officer now directly owns 2,129,306 shares in the company, valued at $355,743,153.42. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Amie Thuener O’toole sold 1,367 shares of the firm’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $168.84, for a total value of $230,804.28. Following the completion of the sale, the chief accounting officer now directly owns 29,183 shares in the company, valued at approximately $4,927,257.72. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 216,092 shares of company stock valued at $35,644,136 over the last quarter. 12.99% of the stock is owned by corporate insiders.

Alphabet Stock Performance

NASDAQ GOOG opened at $165.18 on Monday. The firm has a 50-day moving average price of $162.81 and a two-hundred day moving average price of $169.37. Alphabet Inc. has a 12-month low of $121.46 and a 12-month high of $193.31. The company has a market capitalization of $2.04 trillion, a P/E ratio of 25.23, a P/E/G ratio of 1.21 and a beta of 1.04. The company has a quick ratio of 2.08, a current ratio of 2.08 and a debt-to-equity ratio of 0.04.

Alphabet (NASDAQ:GOOG – Get Free Report) last issued its quarterly earnings results on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.85 by $0.04. Alphabet had a return on equity of 30.49% and a net margin of 26.70%. The business had revenue of $84.74 billion during the quarter, compared to analysts’ expectations of $84.22 billion. During the same period in the previous year, the company posted $1.44 earnings per share. The firm’s revenue for the quarter was up 13.6% compared to the same quarter last year. Analysts anticipate that Alphabet Inc. will post 7.64 earnings per share for the current year.

Alphabet Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Monday, September 9th were given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.48%. The ex-dividend date was Monday, September 9th. Alphabet’s payout ratio is currently 12.27%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on GOOG shares. Cantor Fitzgerald upgraded shares of Alphabet to a “hold” rating in a research note on Thursday, September 5th. Wolfe Research upgraded Alphabet to a “strong-buy” rating in a research note on Tuesday, July 16th. Scotiabank assumed coverage on shares of Alphabet in a research report on Friday. They set a “sector outperform” rating and a $212.00 price objective for the company. DA Davidson raised shares of Alphabet to a “hold” rating in a research report on Tuesday, September 10th. Finally, Oppenheimer cut their target price on shares of Alphabet from $210.00 to $185.00 and set an “outperform” rating for the company in a research note on Wednesday, September 25th. Four research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $186.90.

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