ProVise Management Group LLC Reduces Stock Holdings in Alphabet Inc. $GOOGL

ProVise Management Group LLC decreased its position in Alphabet Inc. (NASDAQ:GOOGL) by 11.0% in the 2nd quarter, Holdings Channel reports. The fund owned 53,410 shares of the information services provider’s stock after selling 6,618 shares during the period. Alphabet accounts for 1.3% of ProVise Management Group LLC’s holdings, making the stock its 21st biggest holding. ProVise Management Group LLC’s holdings in Alphabet were worth $19,087,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the company. NewEdge Wealth LLC grew its stake in Alphabet by 11.8% during the 4th quarter. NewEdge Wealth LLC now owns 887,209 shares of the information services provider’s stock valued at $277,696,000 after purchasing an additional 93,293 shares in the last quarter. PFG Investments LLC raised its position in shares of Alphabet by 2.6% in the 1st quarter. PFG Investments LLC now owns 89,299 shares of the information services provider’s stock valued at $25,679,000 after purchasing an additional 2,269 shares in the last quarter. Retail Employees Superannuation Pty Ltd as trustee for Retail Employees Superannuation Trust acquired a new position in shares of Alphabet in the 4th quarter valued at approximately $28,902,000. W.G. Shaheen & Associates DBA Whitney & Co boosted its stake in shares of Alphabet by 17.1% during the 4th quarter. W.G. Shaheen & Associates DBA Whitney & Co now owns 118,966 shares of the information services provider’s stock valued at $37,236,000 after buying an additional 17,415 shares during the last quarter. Finally, KLCM Advisors Inc. boosted its stake in shares of Alphabet by 66.1% during the 4th quarter. KLCM Advisors Inc. now owns 22,877 shares of the information services provider’s stock valued at $7,161,000 after buying an additional 9,105 shares during the last quarter. Hedge funds and other institutional investors own 40.03% of the company’s stock.

Alphabet Stock Performance

GOOGL stock opened at $344.82 on Friday. The stock’s 50 day simple moving average is $352.00 and its 200 day simple moving average is $341.37. Alphabet Inc. has a 12-month low of $201.30 and a 12-month high of $408.61. The firm has a market cap of $4.22 trillion, a P/E ratio of 17.32, a P/E/G ratio of 0.96 and a beta of 1.24. The company has a current ratio of 2.72, a quick ratio of 2.64 and a debt-to-equity ratio of 0.16.

Alphabet (NASDAQ:GOOGL) last released its quarterly earnings data on Wednesday, July 22nd. The information services provider reported $9.11 EPS for the quarter, topping analysts’ consensus estimates of $2.89 by $6.22. Alphabet had a net margin of 54.77% and a return on equity of 51.32%. The firm had revenue of $119.80 billion during the quarter, compared to the consensus estimate of $117.07 billion. As a group, equities research analysts predict that Alphabet Inc. will post 20.51 EPS for the current year.

Alphabet Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 14th. Stockholders of record on Monday, September 7th will be given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date is Friday, September 4th. Alphabet’s dividend payout ratio (DPR) is presently 4.42%.

Key Alphabet News

Here are the key news stories impacting Alphabet this week:

• Positive Sentiment: Rosenblatt upgraded Alphabet to “strong buy” and reiterated a $410 price target, implying substantial upside and reinforcing the bullish view following Alphabet’s strong earnings report. Alphabet upgraded by Rosenblatt Securities
• Positive Sentiment: Alphabet’s AI spending continues to attract major customers and suppliers. Marvell’s custom-chip agreement includes a warrant structure that would require up to $120 billion of cumulative purchases from Google for full vesting, signaling the potentially enormous scale of Alphabet’s TPU and AI infrastructure buildout. Google’s Marvell warrant
• Positive Sentiment: Waymo received approval to operate up to thousands of commercial robotaxis in Nevada and opened its lower-cost next-generation vehicle to riders in Los Angeles, Phoenix, and San Francisco. Lower production and operating costs could improve the long-term economics of Alphabet’s autonomous-driving unit. Waymo Nevada robotaxi approval
• Positive Sentiment: Alphabet’s earnings momentum remains a support for the stock. The company recently exceeded consensus estimates for both adjusted earnings and revenue, while analysts and prominent investors—including Berkshire Hathaway—continue to highlight Alphabet’s AI positioning and valuation.

Analyst Upgrades and Downgrades

GOOGL has been the subject of a number of research analyst reports. Oppenheimer lifted their price target on shares of Alphabet from $425.00 to $445.00 and gave the stock an “outperform” rating in a research note on Friday, May 15th. UBS Group reduced their price objective on shares of Alphabet from $400.00 to $379.00 and set a “neutral” rating on the stock in a research note on Thursday, July 23rd. Piper Sandler reissued an “overweight” rating and set a $395.00 price objective (down from $445.00) on shares of Alphabet in a report on Thursday, July 23rd. Loop Capital raised their price objective on shares of Alphabet from $355.00 to $490.00 and gave the stock a “buy” rating in a report on Friday, May 15th. Finally, Jefferies Financial Group reissued a “buy” rating on shares of Alphabet in a research report on Monday, June 22nd. Six research analysts have rated the stock with a Strong Buy rating, forty-four have given a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $420.19.

Insider Buying and Selling at Alphabet

In related news, Director John L. Hennessy sold 1,050 shares of the stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $368.63, for a total transaction of $387,061.50. Following the sale, the director owned 1,481 shares in the company, valued at $545,941.03. This represents a 41.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder 2019 Gp L.L.C. Gv sold 196,931 shares of the stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $19.46, for a total transaction of $3,832,277.26. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 451,945 shares of company stock valued at $12,382,714. Corporate insiders own 11.61% of the company’s stock.

Alphabet Profile

Alphabet Inc is the holding company created in 2015 to organize Google and a portfolio of businesses developing technologies beyond Google’s core internet services. Its principal operations are led by Google, which builds and operates consumer-facing products such as Google Search, YouTube, Android, Chrome, Gmail, Google Maps and Google Workspace, as well as advertising platforms (Google Ads and AdSense) that historically generate the majority of its revenue. Google also develops consumer hardware (Pixel phones, Nest smart-home devices, Chromecast) and developer and distribution platforms such as Google Play.

Beyond Google’s consumer and advertising businesses, Alphabet invests in enterprise and infrastructure offerings through Google Cloud, which provides cloud computing, data analytics and productivity services to businesses and institutions.