Smith Salley Wealth Management has increased its stake in Alphabet Inc. (NASDAQ: GOOG) by 3.4% during the third quarter of 2023, according to a recent filing with the Securities and Exchange Commission (SEC). The firm now holds a total of 273,963 shares of the technology giant after acquiring an additional 8,965 shares in this period. This investment represents approximately 3.4% of Smith Salley Wealth Management’s overall portfolio, making Alphabet its fourth largest holding, valued at $66,724,000.
In addition to Smith Salley’s investment, other institutional investors have also been active in trading Alphabet shares. Kingstone Capital Partners Texas LLC remarkably increased its position by 580,897.4% in the second quarter, bringing its total to 135,087,705 shares worth $23.96 billion. Meanwhile, Norges Bank entered the fray with a new stake valued at approximately $4.3 billion during the same quarter. Vanguard Group Inc. also raised its stake by 1.3%, owning 416,753,033 shares valued at around $73.93 billion post-purchase.
Recent Performance and Financial Metrics
Shares of Alphabet opened at $315.32 on Friday, with a market capitalization of $3.80 trillion. The company has demonstrated strong financial performance, with a price-to-earnings (PE) ratio of 31.10 and a price-to-earnings-growth ratio of 1.74. Alphabet’s stock reflects considerable stability, indicated by a beta of 1.09. The stock has fluctuated between a 12-month low of $142.66 and a 12-month high of $328.67.
On October 30, 2023, Alphabet reported impressive quarterly earnings, announcing an earnings per share (EPS) of $2.87, surpassing analysts’ expectations of $2.29 by $0.58. The company generated revenue of $102.35 billion for the quarter, exceeding projections of $99.90 billion and reflecting a year-over-year increase of 15.9%.
Dividend and Insider Activity
Alphabet also announced a quarterly dividend of $0.21 per share, paid to shareholders on December 15, 2023. This dividend, which represents an annualized yield of 0.3%, has a payout ratio of approximately 8.28%.
In terms of insider activity, John Kent Walker, an Alphabet executive, sold 17,829 shares on December 30 at an average price of $314.89, totaling $5,614,173.81. After this transaction, Walker retained 42,972 shares valued at around $13.53 million. Additionally, CAO Amie Thuener O’Toole sold 2,778 shares on November 17, at an average price of $288.26, amounting to $800,786.28.
The total shares sold by insiders in the last quarter reached 195,465, valued at $57.06 million. Insiders currently hold approximately 12.99% of the company’s stock.
In recent analyses, multiple equities research firms have adjusted their price targets for Alphabet. Barclays raised its target to $315.00, while Pivotal Research set a target of $400.00, reflecting a positive outlook on the company’s performance. Overall, the average rating for Alphabet among analysts is “Buy,” with a projected price target of $313.04.
As Alphabet continues to strengthen its position within the technology sector, its robust financial metrics and strategic investments from wealth management firms highlight both its stability and growth potential in a competitive market.
