Smith Salley Wealth Management has raised its investment in Alphabet Inc. (NASDAQ: GOOG) by 3.4% during the third quarter of 2023. The firm now holds 273,963 shares of the technology giant, having acquired an additional 8,965 shares in that period. This increase positions Alphabet as the firm’s fourth largest holding, representing approximately 3.4% of its total investment portfolio, valued at around $66.72 million.
Several other institutional investors have also altered their positions in Alphabet recently. Kingstone Capital Partners Texas LLC has dramatically increased its stake by 580,897.4%, now owning a staggering 135,087,705 shares worth approximately $23.96 billion after acquiring an additional 135,064,454 shares in the last quarter. Similarly, Norges Bank has purchased a new stake valued at $4.30 billion during the same period.
Vanguard Group Inc. has also boosted its holdings in Alphabet by 1.3%, bringing its total to 416,753,033 shares, worth about $73.93 billion. Meanwhile, Assenagon Asset Management S.A. increased its stake by 73.5%, owning 9,808,152 shares with a total value of $2.39 billion. Laurel Wealth Advisors LLC made headlines with a remarkable increase of 17,547.9% in its position, now holding 4,122,727 shares valued at approximately $731.33 million.
As of October 27, 2023, Alphabet’s shares opened at $315.32, reflecting a market capitalization of $3.80 trillion. The company has a price-to-earnings (P/E) ratio of 31.10 and a price-to-earnings-growth (PEG) ratio of 1.74. Alphabet’s stock has experienced a 12-month low of $142.66 and a high of $328.67.
Recent Earnings Performance
Alphabet recently announced its quarterly earnings on October 30, 2023, reporting earnings per share (EPS) of $2.87. This figure surpassed the consensus estimate of $2.29 by $0.58. The company’s revenue for the quarter reached $102.35 billion, exceeding analyst projections of $99.90 billion. Alphabet demonstrated a robust net margin of 32.23% and a return on equity of 35.00%, with revenue increasing by 15.9% compared to the same quarter in the previous year.
In terms of dividends, Alphabet declared a quarterly dividend of $0.21 per share, paid to shareholders on December 15, 2023. This results in an annualized dividend of $0.84, with a yield of 0.3%. The company’s dividend payout ratio currently stands at 8.28%.
Insider Trading Activity
Recent insider trading activity has also drawn attention. On December 30, 2023, insider John Kent Walker sold 17,829 shares of Alphabet at an average price of $314.89, totaling over $5.61 million. Following this transaction, Walker holds 42,972 shares valued at approximately $13.53 million, reflecting a decrease of 29.32% in his position.
In a separate transaction, Chief Accounting Officer Amie Thuener O’Toole sold 2,778 shares on November 17, 2023, for a total of $800,786.28. After this sale, O’Toole directly owns 11,739 shares, valued at around $3.38 million, marking a 19.14% decrease in her ownership.
Over the last quarter, insiders sold a total of 195,465 shares valued at $57.06 million. Insiders currently own 12.99% of the company’s stock.
Overall, the recent activity surrounding Alphabet Inc. highlights strong institutional interest and a positive outlook, driven by robust earnings and strategic investments. As the company continues to innovate and expand its market presence, analysts remain optimistic about its future potential.
