Cove Private Wealth LLC Has $4.84 Million Position in Alphabet Inc. (NASDAQ:GOOG)

Cove Private Wealth LLC grew its position in shares of Alphabet Inc. (NASDAQ:GOOG) by 40.2% in the 4th quarter, HoldingsChannel.com reports. The fund owned 25,404 shares of the information services provider’s stock after buying an additional 7,285 shares during the quarter. Alphabet comprises about 2.9% of Cove Private Wealth LLC’s investment portfolio, making the stock its 6th largest position. Cove Private Wealth LLC’s holdings in Alphabet were worth $4,838,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of GOOG. Weiss Asset Management LP bought a new position in Alphabet in the third quarter worth about $25,000. Safe Harbor Fiduciary LLC bought a new position in Alphabet in the third quarter worth about $33,000. Abich Financial Wealth Management LLC raised its stake in Alphabet by 9,200.0% in the second 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 in the last quarter. HWG Holdings LP bought a new position in Alphabet in the second quarter worth about $40,000. Finally, Sanctuary Wealth Management L.L.C. raised its stake in Alphabet by 87.3% in the third quarter. Sanctuary Wealth Management L.L.C. now owns 251 shares of the information services provider’s stock worth $42,000 after buying an additional 117 shares in the last quarter. 27.26% of the stock is owned by institutional investors.

Alphabet Trading Up 0.2 %

Shares of GOOG stock opened at $200.03 on Thursday. Alphabet Inc. has a 12-month low of $131.55 and a 12-month high of $203.84. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 0.04. The firm’s 50 day moving average is $186.56 and its 200 day moving average is $174.89. The stock has a market capitalization of $2.45 trillion, a P/E ratio of 26.53, a P/E/G ratio of 1.25 and a beta of 0.99.

Alphabet (NASDAQ:GOOG) last issued its earnings results on Tuesday, October 29th. The information services provider reported $2.12 earnings per share (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 company 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 firm’s quarterly revenue was up 15.1% on a year-over-year basis. Research analysts expect that Alphabet Inc. will post 8.03 earnings per share for the current year.

Alphabet Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Monday, December 9th were issued a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 0.40%. The ex-dividend date was Monday, December 9th. Alphabet’s dividend payout ratio is currently 10.61%.

Insiders Place Their Bets

In other Alphabet news, CAO Amie Thuener O’toole sold 2,834 shares of the stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $194.32, for a total value of $550,702.88. Following the transaction, the chief accounting officer now directly owns 17,847 shares in the company, valued at approximately $3,468,029.04. This trade represents a 13.70 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Sundar Pichai sold 22,500 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $177.36, for a total transaction of $3,990,600.00. Following the completion of the transaction, the chief executive officer now owns 2,084,306 shares in the company, valued at $369,672,512.16. The trade was a 1.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 133,387 shares of company stock worth $24,368,654. Company insiders own 12.99% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Pivotal Research raised their target price on shares of Alphabet from $215.00 to $225.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. JPMorgan Chase & Co. raised their target price on shares of Alphabet from $208.00 to $212.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Oppenheimer raised their target price on shares of Alphabet from $185.00 to $215.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. UBS Group raised their target price on shares of Alphabet from $187.00 to $192.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Finally, Barclays raised their target price on shares of Alphabet from $200.00 to $220.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Six investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $200.56.

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.