Tower Wealth Partners Inc. grew its stake in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 107.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,336 shares of the information services provider's stock after acquiring an additional 1,729 shares during the quarter. Tower Wealth Partners Inc.'s holdings in Alphabet were worth $516,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently modified their holdings of GOOGL. Norges Bank acquired a new stake in Alphabet during the 4th quarter worth approximately $24,383,677,000. FMR LLC increased its position in Alphabet by 9.8% during the 4th quarter. FMR LLC now owns 248,416,916 shares of the information services provider's stock worth $47,025,322,000 after purchasing an additional 22,100,902 shares in the last quarter. GAMMA Investing LLC increased its position in Alphabet by 16,993.2% during the 1st quarter. GAMMA Investing LLC now owns 16,062,457 shares of the information services provider's stock worth $2,483,898,000 after purchasing an additional 15,968,487 shares in the last quarter. Northern Trust Corp increased its position in Alphabet by 17.0% during the 4th quarter. Northern Trust Corp now owns 69,616,854 shares of the information services provider's stock worth $13,178,470,000 after purchasing an additional 10,135,430 shares in the last quarter. Finally, Capital Research Global Investors increased its position in Alphabet by 16.2% during the 4th quarter. Capital Research Global Investors now owns 72,033,086 shares of the information services provider's stock worth $13,635,878,000 after purchasing an additional 10,037,685 shares in the last quarter. Institutional investors and hedge funds own 40.03% of the company's stock.
Insider Buying and Selling
In other Alphabet news, CAO Amie Thuener O'toole sold 673 shares of the stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $155.33, for a total value of $104,537.09. Following the sale, the chief accounting officer now directly owns 15,303 shares of the company's stock, valued at $2,377,014.99. This trade represents a 4.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director John L. Hennessy sold 200 shares of the stock in a transaction on Thursday, March 13th. The stock was sold at an average price of $165.53, for a total value of $33,106.00. Following the completion of the sale, the director now directly owns 7,813 shares in the company, valued at $1,293,285.89. This represents a 2.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 195,770 shares of company stock worth $32,036,638 over the last ninety days. 11.64% of the stock is owned by insiders.
Alphabet Stock Performance
Shares of GOOGL opened at $173.68 on Friday. The business's fifty day moving average price is $160.14 and its 200 day moving average price is $174.35. Alphabet Inc. has a 12-month low of $140.53 and a 12-month high of $207.05. The stock has a market capitalization of $2.11 trillion, a PE ratio of 21.58, a price-to-earnings-growth ratio of 1.34 and a beta of 1.01. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.84 and a quick ratio of 1.84.
Alphabet (NASDAQ:GOOGL - Get Free Report) last announced its quarterly earnings data on Thursday, April 24th. The information services provider reported $2.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.02 by $0.79. Alphabet had a return on equity of 32.49% and a net margin of 28.60%. The firm had revenue of $76.49 billion for the quarter, compared to analysts' expectations of $89.30 billion. During the same period last year, the business posted $1.89 earnings per share. Equities research analysts forecast that Alphabet Inc. will post 8.9 EPS for the current year.
Alphabet Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Monday, June 9th will be paid a dividend of $0.21 per share. The ex-dividend date of this dividend is Monday, June 9th. This is a boost from Alphabet's previous quarterly dividend of $0.20. This represents a $0.84 annualized dividend and a yield of 0.48%. Alphabet's dividend payout ratio (DPR) is 9.36%.
Wall Street Analyst Weigh In
A number of analysts recently issued reports on the stock. DA Davidson dropped their target price on shares of Alphabet from $200.00 to $160.00 and set a "neutral" rating for the company in a research report on Monday, April 14th. Needham & Company LLC restated a "buy" rating and issued a $178.00 price target on shares of Alphabet in a report on Friday, April 25th. Oppenheimer upped their price target on Alphabet from $185.00 to $200.00 and gave the stock an "outperform" rating in a report on Friday, April 25th. Rosenblatt Securities restated a "neutral" rating and issued a $189.00 price target on shares of Alphabet in a report on Wednesday, May 21st. Finally, BMO Capital Markets restated an "outperform" rating and issued a $200.00 price target (down previously from $230.00) on shares of Alphabet in a report on Thursday, April 17th. Ten investment analysts have rated the stock with a hold rating, twenty-six have given a buy rating and four have issued a strong buy rating to the company's stock. Based on data from MarketBeat, Alphabet has a consensus rating of "Moderate Buy" and an average price target of $199.75.
Check Out Our Latest Analysis on Alphabet
About Alphabet
(
Free Report)
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.
Further Reading
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