Red Door Wealth Management LLC Increases Holdings in Alphabet Inc. (NASDAQ:GOOG)

Red Door Wealth Management LLC raised its position in shares of Alphabet Inc. (NASDAQ:GOOG) by 11.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 107,862 shares of the information services provider’s stock after purchasing an additional 11,477 shares during the quarter. Alphabet accounts for about 2.5% of Red Door Wealth Management LLC’s investment portfolio, making the stock its 8th largest position. Red Door Wealth Management LLC’s holdings in Alphabet were worth $16,851,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of GOOG. LaFleur & Godfrey LLC lifted its position in Alphabet by 1.2% during the fourth quarter. LaFleur & Godfrey LLC now owns 31,967 shares of the information services provider’s stock valued at $6,088,000 after acquiring an additional 380 shares during the last quarter. Brighton Jones LLC lifted its holdings in shares of Alphabet by 5.6% in the 4th quarter. Brighton Jones LLC now owns 120,253 shares of the information services provider’s stock valued at $22,901,000 after buying an additional 6,410 shares during the period. Bank Pictet & Cie Europe AG boosted its position in Alphabet by 4.3% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 506,535 shares of the information services provider’s stock worth $96,465,000 after purchasing an additional 20,855 shares in the last quarter. K.J. Harrison & Partners Inc boosted its holdings in Alphabet by 29.8% during the fourth quarter. K.J. Harrison & Partners Inc now owns 42,210 shares of the information services provider’s stock worth $8,046,000 after buying an additional 9,680 shares in the last quarter. Finally, Central Asset Investments & Management Holdings HK Ltd grew its position in shares of Alphabet by 68.3% during the 4th quarter. Central Asset Investments & Management Holdings HK Ltd now owns 9,612 shares of the information services provider’s stock valued at $1,831,000 after acquiring an additional 3,900 shares during the period. Institutional investors own 27.26% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on GOOG shares. Susquehanna reissued a “positive” rating on shares of Alphabet in a research note on Friday, May 2nd. The Goldman Sachs Group reiterated a “buy” rating and set a $220.00 price objective on shares of Alphabet in a research report on Monday, June 2nd. Westpark Capital reaffirmed a “buy” rating and set a $210.00 target price on shares of Alphabet in a research note on Friday, April 25th. Needham & Company LLC lowered Alphabet from a “buy” rating to a “cautious” rating in a research note on Friday, May 2nd. Finally, Scotiabank lowered their price objective on shares of Alphabet from $232.00 to $200.00 and set a “sector outperform” rating for the company in a research report on Monday, April 21st. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating, fourteen have assigned a buy rating and six have issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $206.38.

Alphabet Trading Down 0.5%

GOOG opened at $177.39 on Tuesday. 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 one year low of $142.66 and a one year high of $208.70. The business’s 50-day simple moving average is $168.37 and its 200-day simple moving average is $175.80. The company has a market cap of $2.15 trillion, a P/E ratio of 19.78, a PEG ratio of 1.26 and a beta of 1.01.

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

Alphabet Increases Dividend

The firm also recently announced 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 0.47%. This is a boost from Alphabet’s previous quarterly dividend of $0.20. The ex-dividend date was Monday, June 9th. Alphabet’s dividend payout ratio is presently 9.36%.

Insider Buying and Selling at Alphabet

In related news, Director Kavitark Ram Shriram sold 9,000 shares of the stock in a transaction on Thursday, May 22nd. The stock was sold at an average price of $175.00, for a total transaction of $1,575,000.00. Following the completion of the sale, the director directly owned 255,400 shares of the company’s stock, valued at $44,695,000. This trade represents a 3.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director John L. Hennessy sold 600 shares of the firm’s stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $175.00, for a total transaction of $105,000.00. Following the completion of the sale, the director owned 6,813 shares of the company’s stock, valued at approximately $1,192,275. The trade was a 8.09% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 215,643 shares of company stock valued at $35,682,228 in the last ninety days. Insiders own 12.99% of the company’s stock.

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.