Riverbend Wealth Management LLC Has $621,000 Stock Holdings in Alphabet Inc. (NASDAQ:GOOG)

Riverbend Wealth Management LLC boosted its holdings in shares of Alphabet Inc. (NASDAQ:GOOG) by 5.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,972 shares of the information services provider’s stock after purchasing an additional 208 shares during the quarter. Riverbend Wealth Management LLC’s holdings in Alphabet were worth $621,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Ethos Financial Group LLC boosted its position in Alphabet by 0.7% during the fourth quarter. Ethos Financial Group LLC now owns 7,300 shares of the information services provider’s stock worth $1,395,000 after purchasing an additional 53 shares during the period. Hutchinson Capital Management CA boosted its position in Alphabet by 1.5% during the fourth quarter. Hutchinson Capital Management CA now owns 3,555 shares of the information services provider’s stock worth $677,000 after purchasing an additional 54 shares during the period. M. Kulyk & Associates LLC boosted its position in Alphabet by 0.9% during the fourth quarter. M. Kulyk & Associates LLC now owns 6,445 shares of the information services provider’s stock worth $1,227,000 after purchasing an additional 56 shares during the period. Retirement Planning Co of New England Inc. boosted its position in Alphabet by 0.4% during the fourth quarter. Retirement Planning Co of New England Inc. now owns 15,977 shares of the information services provider’s stock worth $3,043,000 after purchasing an additional 56 shares during the period. Finally, Concentrum Wealth Management boosted its position in Alphabet by 0.3% during the fourth quarter. Concentrum Wealth Management now owns 17,328 shares of the information services provider’s stock worth $3,300,000 after purchasing an additional 57 shares during the period. Institutional investors and hedge funds own 27.26% of the company’s stock.

Insider Transactions at Alphabet

In related news, Director John L. Hennessy sold 200 shares of the company’s stock in a transaction on Monday, April 14th. The shares were sold at an average price of $161.90, for a total transaction of $32,380.00. Following the completion of the sale, the director now directly owns 7,613 shares in the company, valued at $1,232,544.70. This represents a 2.56% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Sundar Pichai sold 32,500 shares of the company’s stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $158.56, for a total transaction of $5,153,200.00. Following the sale, the chief executive officer now owns 2,717,696 shares of the company’s stock, valued at $430,917,877.76. This represents a 1.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 216,306 shares of company stock worth $35,782,927. 12.99% of the stock is currently owned by insiders.

Alphabet Trading Up 2.2%

Shares of GOOG opened at $171.49 on Thursday. The firm has a market cap of $2.08 trillion, a price-to-earnings ratio of 19.12, a PEG ratio of 1.18 and a beta of 1.01. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.77 and a current ratio of 1.77. Alphabet Inc. has a fifty-two week low of $142.66 and a fifty-two week high of $208.70. The firm has a 50 day moving average price of $166.90 and a 200-day moving average price of $176.24.

Alphabet (NASDAQ:GOOG) last announced its quarterly earnings data on Thursday, April 24th. The information services provider reported $2.81 earnings per share for the quarter, topping analysts’ consensus estimates of $2.02 by $0.79. The firm had revenue of $90.23 billion during the quarter, compared to analyst estimates of $89.30 billion. Alphabet had a net margin of 30.86% and a return on equity of 34.54%. The business’s quarterly revenue was up 12.0% on a year-over-year basis. During the same period in the previous year, the business posted $1.89 EPS. As a group, equities research analysts forecast that Alphabet Inc. will post 8.89 earnings per share for the current year.

Alphabet Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Monday, June 9th were issued a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.49%. This is a positive change from Alphabet’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend was Monday, June 9th. Alphabet’s payout ratio is presently 9.36%.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. KeyCorp reduced their price objective on shares of Alphabet from $202.00 to $185.00 and set an “overweight” rating for the company in a research note on Wednesday, April 9th. Rosenblatt Securities raised shares of Alphabet from a “hold” rating to a “strong-buy” rating in a research note on Friday, April 25th. Tigress Financial reaffirmed a “strong-buy” rating on shares of Alphabet in a research note on Friday, May 2nd. Susquehanna reaffirmed a “positive” rating on shares of Alphabet in a research note on Friday, May 2nd. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Alphabet from $180.00 to $195.00 and gave the company an “overweight” rating in a research note on Friday, April 25th. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, fourteen have given a buy rating and five have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $204.88.

Alphabet Profile

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.