Tower View Wealth Management LLC Lowers Stock Holdings in Alphabet Inc. (NASDAQ:GOOG)

Tower View Wealth Management LLC trimmed its position in shares of Alphabet Inc. (NASDAQ:GOOG) by 1.5% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 25,868 shares of the information services provider’s stock after selling 391 shares during the quarter. Alphabet accounts for approximately 2.4% of Tower View Wealth Management LLC’s investment portfolio, making the stock its 17th biggest position. Tower View Wealth Management LLC’s holdings in Alphabet were worth $4,041,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Principia Wealth Advisory LLC boosted its stake in shares of Alphabet by 111.8% in the 1st quarter. Principia Wealth Advisory LLC now owns 161 shares of the information services provider’s stock valued at $26,000 after buying an additional 85 shares during the period. LSV Asset Management purchased a new position in shares of Alphabet in the 4th quarter valued at about $27,000. WealthTrak Capital Management LLC purchased a new position in shares of Alphabet in the 4th quarter valued at about $38,000. Mountain Hill Investment Partners Corp. purchased a new position in shares of Alphabet in the 4th quarter valued at about $39,000. Finally, Noble Wealth Management PBC purchased a new position in shares of Alphabet in the 4th quarter valued at about $43,000. 27.26% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Rosenblatt Securities raised Alphabet from a “hold” rating to a “strong-buy” rating in a research report on Friday, April 25th. KeyCorp cut their price objective on shares of Alphabet from $202.00 to $185.00 and set an “overweight” rating on the stock in a report on Wednesday, April 9th. The Goldman Sachs Group reissued a “buy” rating and set a $220.00 price objective on shares of Alphabet in a report on Monday, June 2nd. JPMorgan Chase & Co. raised their price objective on shares of Alphabet from $180.00 to $195.00 and gave the stock an “overweight” rating in a report on Friday, April 25th. Finally, Needham & Company LLC cut shares of Alphabet from a “buy” rating to a “cautious” rating in a report on Friday, May 2nd. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating, fourteen have assigned a buy rating and five have issued a strong buy rating to the company’s stock. According to MarketBeat, Alphabet has a consensus rating of “Moderate Buy” and a consensus target price of $204.88.

Insider Buying and Selling at Alphabet

In other Alphabet news, insider John Kent Walker sold 11,764 shares of the business’s stock in a transaction on Thursday, March 27th. The shares were sold at an average price of $166.84, for a total value of $1,962,705.76. Following the transaction, the insider now directly owns 49,037 shares of the company’s stock, valued at approximately $8,181,333.08. The trade was a 19.35% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Amie Thuener O’toole sold 673 shares of the business’s stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $155.33, for a total transaction of $104,537.09. Following the completion of the transaction, the chief accounting officer now directly owns 15,303 shares in the company, valued at $2,377,014.99. This represents a 4.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 228,070 shares of company stock valued at $37,745,632. 12.99% of the stock is owned by company insiders.

Alphabet Stock Performance

Shares of GOOG opened at $167.73 on Friday. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 0.03. The firm has a market cap of $2.04 trillion, a PE ratio of 18.70, a price-to-earnings-growth ratio of 1.18 and a beta of 1.01. The company’s 50 day simple moving average is $166.31 and its 200-day simple moving average is $176.39. Alphabet Inc. has a 12-month low of $142.66 and a 12-month high of $208.70.

Alphabet (NASDAQ:GOOG) last announced its earnings results on Thursday, April 24th. The information services provider reported $2.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.02 by $0.79. The business had revenue of $90.23 billion for the quarter, compared to analyst estimates of $89.30 billion. Alphabet had a net margin of 30.86% and a return on equity of 34.54%. The company’s revenue for the quarter was up 12.0% compared to the same quarter last year. During the same period last year, the firm posted $1.89 earnings per share. As a group, equities analysts predict that Alphabet Inc. will post 8.89 EPS for the current 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 given a dividend of $0.21 per share. The ex-dividend date of this dividend was Monday, June 9th. This is a positive change from Alphabet’s previous quarterly dividend of $0.20. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.50%. Alphabet’s dividend payout ratio (DPR) is 9.36%.

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.