Burling Wealth Partners LLC Increases Stake in Alphabet Inc. $GOOG

Burling Wealth Partners LLC boosted its stake in shares of Alphabet Inc. (NASDAQ:GOOG) by 4.0% during the second quarter, HoldingsChannel.com reports. The firm owned 49,952 shares of the information services provider’s stock after acquiring an additional 1,910 shares during the period. Alphabet comprises approximately 1.6% of Burling Wealth Partners LLC’s holdings, making the stock its 15th biggest holding. Burling Wealth Partners LLC’s holdings in Alphabet were worth $8,861,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the stock. Kingstone Capital Partners Texas LLC raised its stake in shares of Alphabet by 580,897.4% in the 2nd quarter. Kingstone Capital Partners Texas LLC now owns 135,087,705 shares of the information services provider’s stock valued at $23,963,208,000 after acquiring an additional 135,064,454 shares during the period. Nuveen LLC purchased a new stake in shares of Alphabet in the first quarter worth about $2,622,943,000. Vanguard Group Inc. grew its stake in shares of Alphabet by 2.4% in the first quarter. Vanguard Group Inc. now owns 411,570,922 shares of the information services provider’s stock valued at $64,299,725,000 after buying an additional 9,687,855 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Alphabet by 9.9% during the 1st quarter. JPMorgan Chase & Co. now owns 102,232,997 shares of the information services provider’s stock valued at $15,971,861,000 after buying an additional 9,243,959 shares during the period. Finally, Strs Ohio acquired a new position in Alphabet during the 1st quarter worth approximately $369,713,000. Institutional investors and hedge funds own 27.26% of the company’s stock.

Alphabet Price Performance

GOOG opened at $279.12 on Friday. The company has a market capitalization of $3.37 trillion, a P/E ratio of 27.53, a PEG ratio of 1.86 and a beta of 1.05. The company has a 50-day moving average of $257.00 and a 200-day moving average of $208.69. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90. Alphabet Inc. has a 1-year low of $142.66 and a 1-year high of $292.36.

Alphabet (NASDAQ:GOOG) last issued its quarterly earnings results on Thursday, October 30th. The information services provider reported $2.87 EPS for the quarter, topping the consensus estimate of $2.29 by $0.58. The business had revenue of $102.35 billion for the quarter, compared to analysts’ expectations of $99.90 billion. Alphabet had a net margin of 32.23% and a return on equity of 36.08%. The company’s quarterly revenue was up 15.9% compared to the same quarter last year. During the same quarter last year, the company posted $2.12 earnings per share. Equities analysts expect that Alphabet Inc. will post 8.89 EPS for the current fiscal year.

Alphabet Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Monday, December 8th will be issued a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date of this dividend is Monday, December 8th. Alphabet’s payout ratio is currently 8.28%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. TD Cowen increased their price objective on shares of Alphabet from $270.00 to $280.00 and gave the company a “buy” rating in a research report on Wednesday, October 8th. Scotiabank set a $336.00 target price on shares of Alphabet and gave the company a “sector outperform” rating in a research note on Thursday, October 30th. Mizuho set a $325.00 price target on shares of Alphabet in a report on Thursday, October 30th. Piper Sandler boosted their price objective on shares of Alphabet from $285.00 to $330.00 and gave the stock an “overweight” rating in a report on Thursday, October 30th. Finally, Bank of America upped their price objective on shares of Alphabet from $280.00 to $335.00 and gave the company a “buy” rating in a research report on Thursday, October 30th. Six equities research analysts have rated the stock with a Strong Buy rating, twenty-six have given a Buy rating, four have issued a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $324.81.

Insider Activity

In other Alphabet news, CEO Sundar Pichai sold 32,500 shares of the firm’s stock in a transaction dated Wednesday, November 5th. The shares were sold at an average price of $283.48, for a total value of $9,213,100.00. Following the transaction, the chief executive officer owned 2,337,119 shares of the company’s stock, valued at $662,526,494.12. This trade represents a 1.37% 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, CAO Amie Thuener O’toole sold 954 shares of Alphabet stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $282.33, for a total value of $269,342.82. Following the completion of the transaction, the chief accounting officer owned 14,517 shares of the company’s stock, valued at approximately $4,098,584.61. The trade was a 6.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 221,796 shares of company stock valued at $53,983,001 over the last quarter. 12.99% of the stock is owned by company insiders.

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.