Cerro Pacific Wealth Advisors LLC Decreases Stock Holdings in Alphabet Inc. (NASDAQ:GOOGL)

Cerro Pacific Wealth Advisors LLC reduced its holdings in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 12.4% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 12,077 shares of the information services provider's stock after selling 1,711 shares during the quarter. Cerro Pacific Wealth Advisors LLC's holdings in Alphabet were worth $1,868,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in GOOGL. Compass Planning Associates Inc acquired a new stake in Alphabet in the 4th quarter valued at $30,000. E Fund Management Hong Kong Co. Ltd. lifted its position in shares of Alphabet by 518.8% during the 4th quarter. E Fund Management Hong Kong Co. Ltd. now owns 198 shares of the information services provider's stock worth $37,000 after buying an additional 166 shares in the last quarter. Fiduciary Advisors Inc. purchased a new position in Alphabet in the fourth quarter worth $39,000. PayPay Securities Corp boosted its holdings in shares of Alphabet by 36.1% in the 4th quarter. PayPay Securities Corp now owns 245 shares of the information services provider's stock worth $46,000 after buying an additional 65 shares during the last quarter. Finally, Anderson Financial Strategies LLC bought a new position in shares of Alphabet during the 4th quarter valued at approximately $49,000. 40.03% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have issued reports on GOOGL. BMO Capital Markets restated an "outperform" rating and issued a $200.00 target price (down from $230.00) on shares of Alphabet in a research note on Thursday, April 17th. Citigroup boosted their price objective on Alphabet from $195.00 to $200.00 and gave the company a "buy" rating in a research note on Friday, April 25th. Stifel Nicolaus dropped their price objective on shares of Alphabet from $225.00 to $192.00 and set a "buy" rating on the stock in a report on Wednesday, April 23rd. Wedbush set a $190.00 target price on shares of Alphabet and gave the stock an "outperform" rating in a research note on Tuesday, April 15th. Finally, Tigress Financial boosted their price objective on Alphabet from $220.00 to $240.00 and gave the company a "strong-buy" rating in a research note on Wednesday, April 30th. Ten equities research analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and four have issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $199.75.

Insider Buying and Selling

In other Alphabet news, CAO Amie Thuener O'toole sold 673 shares of the firm's stock in a transaction on Tuesday, April 1st. The stock was 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 owns 15,303 shares of the company's stock, valued at approximately $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 SEC, which can be accessed through this link. Also, Director Kavitark Ram Shriram sold 10,500 shares of the firm's stock in a transaction on Thursday, May 22nd. The shares were sold at an average price of $175.00, for a total value of $1,837,500.00. Following the transaction, the director now directly owns 261,966 shares of the company's stock, valued at $45,844,050. This represents a 3.85% decrease in their position. The disclosure for this sale can be found here. Insiders sold 163,270 shares of company stock valued at $26,553,563 over the last quarter. 11.64% of the stock is owned by company insiders.

Alphabet Trading Up 0.5%

GOOGL traded up $0.80 on Wednesday, hitting $166.98. 13,117,453 shares of the company were exchanged, compared to its average volume of 29,991,078. The firm has a fifty day simple moving average of $159.26 and a two-hundred day simple moving average of $174.47. Alphabet Inc. has a 12 month low of $140.53 and a 12 month high of $207.05. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.84 and a current ratio of 1.84. The stock has a market capitalization of $2.03 trillion, a PE ratio of 20.74, a price-to-earnings-growth ratio of 1.34 and a beta of 1.01.

Alphabet (NASDAQ:GOOGL - Get Free Report) last released its quarterly earnings data on Thursday, April 24th. The information services provider reported $2.81 earnings per share 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 business had revenue of $76.49 billion during the quarter, compared to analysts' expectations of $89.30 billion. During the same quarter last year, the business posted $1.89 EPS. Sell-side analysts expect that Alphabet Inc. will post 8.9 earnings per share for the current year.

Alphabet Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Monday, June 9th will be paid a $0.21 dividend. This is a positive change from Alphabet's previous quarterly dividend of $0.20. The ex-dividend date of this dividend is Monday, June 9th. This represents a $0.84 dividend on an annualized basis and a yield of 0.50%. Alphabet's dividend payout ratio (DPR) is presently 9.36%.

Alphabet Company 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.