Destination Wealth Management Has $5.59 Million Stake in Alphabet Inc. (NASDAQ:GOOG)

Destination Wealth Management grew its holdings in Alphabet Inc. (NASDAQ:GOOG) by 4.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 29,350 shares of the information services provider’s stock after buying an additional 1,116 shares during the period. Destination Wealth Management’s holdings in Alphabet were worth $5,589,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in GOOG. Raymond James Financial Inc. acquired a new stake in shares of Alphabet in the fourth quarter valued at approximately $1,551,533,000. FMR LLC lifted its holdings in Alphabet by 5.2% during the 3rd quarter. FMR LLC now owns 114,802,133 shares of the information services provider’s stock worth $19,193,768,000 after purchasing an additional 5,655,022 shares during the last quarter. Proficio Capital Partners LLC lifted its holdings in Alphabet by 5,712.8% during the 4th quarter. Proficio Capital Partners LLC now owns 4,367,831 shares of the information services provider’s stock worth $831,810,000 after purchasing an additional 4,292,689 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Alphabet by 10.3% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 33,334,082 shares of the information services provider’s stock worth $5,573,125,000 after purchasing an additional 3,113,395 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in Alphabet by 182.1% during the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,526,055 shares of the information services provider’s stock worth $422,331,000 after purchasing an additional 1,630,701 shares during the last quarter. 27.26% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

GOOG has been the subject of several research reports. Morgan Stanley reissued an “overweight” rating on shares of Alphabet in a report on Wednesday, February 5th. Scotiabank lifted their price target on Alphabet from $212.00 to $240.00 and gave the stock a “sector outperform” rating in a report on Friday, January 24th. The Goldman Sachs Group reissued a “buy” rating on shares of Alphabet in a report on Wednesday, February 5th. Citizens Jmp lowered Alphabet from a “strong-buy” rating to a “hold” rating in a research note on Thursday, January 2nd. Finally, Benchmark restated a “negative” rating on shares of Alphabet in a research note on Wednesday, February 5th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, fourteen have assigned a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat, Alphabet has a consensus rating of “Moderate Buy” and an average price target of $209.13.

Insider Buying and Selling

In related news, CAO Amie Thuener O’toole sold 1,340 shares of the business’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $202.08, for a total transaction of $270,787.20. Following the sale, the chief accounting officer now owns 17,848 shares in the company, valued at $3,606,723.84. The trade was a 6.98 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider John Kent Walker sold 16,820 shares of the business’s stock in a transaction on Monday, December 30th. The stock was sold at an average price of $192.62, for a total value of $3,239,868.40. Following the sale, the insider now owns 43,981 shares in the company, valued at $8,471,620.22. This represents a 27.66 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 134,316 shares of company stock worth $25,062,887 in the last 90 days. Insiders own 12.99% of the company’s stock.

Alphabet Trading Up 0.9 %

Shares of GOOG opened at $175.75 on Friday. Alphabet Inc. has a 52-week low of $134.80 and a 52-week high of $208.70. The business’s fifty day moving average is $189.85 and its 200-day moving average is $178.00. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.84 and a current ratio of 1.84. The firm has a market cap of $2.14 trillion, a price-to-earnings ratio of 21.83, a PEG ratio of 1.34 and a beta of 1.03.

Alphabet (NASDAQ:GOOG) last issued its quarterly earnings results on Tuesday, February 4th. The information services provider reported $2.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.12 by $0.03. Alphabet had a return on equity of 32.49% and a net margin of 28.60%. Equities analysts anticipate that Alphabet Inc. will post 8.89 EPS for the current fiscal year.

Alphabet Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Monday, March 10th will be given a dividend of $0.20 per share. The ex-dividend date is Monday, March 10th. This represents a $0.80 dividend on an annualized basis and a yield of 0.46%. Alphabet’s dividend payout ratio is currently 9.94%.

Alphabet Company 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.