Arcadia Investment Management Corp MI Raises Position in Alphabet Inc. (NASDAQ:GOOG)

by · The Cerbat Gem

Arcadia Investment Management Corp MI lifted its position in shares of Alphabet Inc. (NASDAQ:GOOG – Free Report) by 7.3% in the third quarter, HoldingsChannel reports. The institutional investor owned 49,361 shares of the information services provider’s stock after purchasing an additional 3,376 shares during the period. Alphabet makes up approximately 1.4% of Arcadia Investment Management Corp MI’s holdings, making the stock its 27th biggest holding. Arcadia Investment Management Corp MI’s holdings in Alphabet were worth $8,253,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Abich Financial Wealth Management LLC increased its holdings in shares of Alphabet by 9,200.0% during the 2nd quarter. Abich Financial Wealth Management LLC now owns 186 shares of the information services provider’s stock worth $34,000 after buying an additional 184 shares during the last quarter. 1620 Investment Advisors Inc. acquired a new stake in shares of Alphabet during the 2nd quarter worth $37,000. HWG Holdings LP acquired a new stake in shares of Alphabet during the 2nd quarter worth $40,000. Slocum Gordon & Co LLP acquired a new stake in shares of Alphabet during the 2nd quarter worth $44,000. Finally, Hoese & Co LLP increased its holdings in shares of Alphabet by 62.5% during the 2nd quarter. Hoese & Co LLP now owns 260 shares of the information services provider’s stock worth $45,000 after buying an additional 100 shares during the last quarter. 27.26% of the stock is currently owned by institutional investors and hedge funds.

Alphabet Stock Performance

Shares of GOOG stock opened at $172.65 on Friday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.08 and a current ratio of 1.95. Alphabet Inc. has a one year low of $128.11 and a one year high of $193.31. The company’s 50-day simple moving average is $163.81 and its 200-day simple moving average is $170.53. The stock has a market capitalization of $2.13 trillion, a price-to-earnings ratio of 22.90, a PEG ratio of 1.24 and a beta of 1.04.

Alphabet (NASDAQ:GOOG – Get Free Report) last issued its quarterly earnings results on Tuesday, October 29th. The information services provider reported $2.12 EPS for the quarter, topping the consensus estimate of $1.83 by $0.29. Alphabet had a net margin of 27.74% and a return on equity of 31.66%. The business had revenue of $88.27 billion for the quarter, compared to analysts’ expectations of $86.39 billion. During the same quarter last year, the company posted $1.55 earnings per share. The company’s quarterly revenue was up 15.1% compared to the same quarter last year. Equities analysts anticipate that Alphabet Inc. will post 7.89 earnings per share for the current fiscal year.

Alphabet Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 9th will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Monday, December 9th. This represents a $0.80 annualized dividend and a dividend yield of 0.46%. Alphabet’s payout ratio is 10.61%.

Insider Transactions at Alphabet

In other news, CEO Sundar Pichai sold 22,500 shares of the stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $162.35, for a total transaction of $3,652,875.00. Following the transaction, the chief executive officer now owns 2,182,385 shares of the company’s stock, valued at approximately $354,310,204.75. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Alphabet news, CEO Sundar Pichai sold 22,500 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $162.35, for a total value of $3,652,875.00. Following the transaction, the chief executive officer now owns 2,182,385 shares of the company’s stock, valued at $354,310,204.75. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director John L. Hennessy sold 800 shares of the firm’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $163.03, for a total transaction of $130,424.00. Following the completion of the transaction, the director now directly owns 30,024 shares in the company, valued at $4,894,812.72. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 230,244 shares of company stock valued at $37,776,954. Insiders own 12.99% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently issued reports on GOOG. JPMorgan Chase & Co. increased their price target on Alphabet from $208.00 to $212.00 and gave the company an “overweight” rating in a report on Wednesday. Citigroup increased their price target on Alphabet from $212.00 to $216.00 and gave the company a “buy” rating in a report on Wednesday. Barclays increased their price target on Alphabet from $200.00 to $220.00 and gave the company an “overweight” rating in a report on Wednesday. Wells Fargo & Company increased their price target on Alphabet from $182.00 to $187.00 and gave the company an “equal weight” rating in a report on Wednesday. Finally, Pivotal Research increased their price target on Alphabet from $215.00 to $225.00 and gave the company a “buy” rating in a report on Wednesday. Five investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Alphabet has an average rating of “Moderate Buy” and an average target price of $200.56.

Check Out Our Latest Analysis on GOOG

Alphabet Profile

(Free Report)

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.

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