Teamwork Financial Advisors LLC Decreases Position in Alphabet Inc. $GOOGL

Key Points

• Teamwork Financial Advisors LLC has reduced its stake in Alphabet Inc. by 28.4%, owning 37,372 shares worth approximately $6.59 million, making it the firm's 27th largest holding.
• Despite this reduction, other institutional investors, such as Value Partners Investments Inc. and Wesbanco Bank Inc., have increased their investments in Alphabet during the same quarter.
• Alphabet recently declared a quarterly dividend of $0.21, with a total annualized dividend yield of 0.3%, highlighting the company's stable financial condition.

Teamwork Financial Advisors LLC cut its stake in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 28.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 37,372 shares of the information services provider's stock after selling 14,800 shares during the quarter. Alphabet makes up approximately 0.8% of Teamwork Financial Advisors LLC's portfolio, making the stock its 27th largest holding. Teamwork Financial Advisors LLC's holdings in Alphabet were worth $6,587,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Value Partners Investments Inc. lifted its stake in Alphabet by 8.8% in the 2nd quarter. Value Partners Investments Inc. now owns 492,378 shares of the information services provider's stock valued at $86,768,000 after buying an additional 39,921 shares in the last quarter. St. Clair Advisors LLC lifted its stake in Alphabet by 14.9% in the 2nd quarter. St. Clair Advisors LLC now owns 22,295 shares of the information services provider's stock valued at $3,929,000 after buying an additional 2,885 shares in the last quarter. Accelerate Investment Advisors LLC lifted its stake in Alphabet by 6.8% in the 2nd quarter. Accelerate Investment Advisors LLC now owns 3,355 shares of the information services provider's stock valued at $591,000 after buying an additional 214 shares in the last quarter. Capital Asset Advisory Services LLC lifted its stake in Alphabet by 7.3% in the 2nd quarter. Capital Asset Advisory Services LLC now owns 57,855 shares of the information services provider's stock valued at $10,173,000 after buying an additional 3,938 shares in the last quarter. Finally, Wesbanco Bank Inc. lifted its stake in Alphabet by 10.4% in the 2nd quarter. Wesbanco Bank Inc. now owns 409,745 shares of the information services provider's stock valued at $72,209,000 after buying an additional 38,608 shares in the last quarter. 40.03% of the stock is owned by hedge funds and other institutional investors.

Alphabet Stock Up 0.2%

Shares of NASDAQ GOOGL opened at $240.80 on Monday. The firm has a market cap of $2.91 trillion, a price-to-earnings ratio of 25.64, a PEG ratio of 1.62 and a beta of 1.01. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07. Alphabet Inc. has a 52-week low of $140.53 and a 52-week high of $242.25. The business's 50 day moving average is $201.89 and its two-hundred day moving average is $177.58.

Alphabet (NASDAQ:GOOGL - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, topping the consensus estimate of $2.15 by $0.16. The business had revenue of $96.43 billion during the quarter, compared to the consensus estimate of $93.60 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. Research analysts predict that Alphabet Inc. will post 8.9 EPS for the current year.

Alphabet Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Monday, September 8th will be paid a $0.21 dividend. The ex-dividend date is Monday, September 8th. This represents a $0.84 annualized dividend and a dividend yield of 0.3%. Alphabet's payout ratio is 8.95%.

Analysts Set New Price Targets

GOOGL has been the topic of a number of research reports. JPMorgan Chase & Co. raised their price target on shares of Alphabet from $200.00 to $232.00 and gave the company an "overweight" rating in a research note on Thursday, July 24th. BMO Capital Markets raised their target price on shares of Alphabet from $208.00 to $225.00 and gave the stock an "outperform" rating in a research note on Thursday, July 24th. BNP Paribas lowered shares of Alphabet from a "strong-buy" rating to a "hold" rating in a research note on Thursday, June 26th. DA Davidson raised their target price on shares of Alphabet from $180.00 to $190.00 and gave the stock a "neutral" rating in a research note on Tuesday, September 2nd. Finally, Morgan Stanley raised their target price on shares of Alphabet from $185.00 to $205.00 and gave the stock an "overweight" rating in a research note on Monday, July 21st. Three equities research analysts have rated the stock with a Strong Buy rating, thirty-two have given a Buy rating and ten have given a Hold rating to the company's stock. According to data from MarketBeat.com, Alphabet currently has an average rating of "Moderate Buy" and an average price target of $221.44.

Insider Buying and Selling at Alphabet

In other Alphabet news, insider John Kent Walker sold 23,820 shares of the business's stock in a transaction on Monday, August 4th. The shares were sold at an average price of $194.70, for a total value of $4,637,754.00. Following the completion of the transaction, the insider owned 42,999 shares in the company, valued at $8,371,905.30. The trade was a 35.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Kavitark Ram Shriram sold 18,566 shares of the business's stock in a transaction on Friday, July 18th. The stock was sold at an average price of $185.76, for a total transaction of $3,448,820.16. Following the completion of the transaction, the director owned 243,400 shares of the company's stock, valued at approximately $45,213,984. This trade represents a 7.09% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 254,710 shares of company stock worth $49,208,380. 11.55% of the stock is currently owned by insiders.

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.

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