Tower View Wealth Management LLC Raises Stock Position in Alphabet Inc. $GOOG

Key Points

• Tower View Wealth Management LLC increased its stake in Alphabet Inc. (NASDAQ:GOOG) by 6.9%, now owning 27,644 shares worth approximately $4.9 million.
• Insider selling was notable, with CEO Sundar Pichai offloading 32,500 shares for about $5.99 million, representing a 1.27% reduction in his ownership.
• Alphabet recently announced a quarterly dividend of $0.21 per share, with a 0.3% dividend yield and a dividend payout ratio of 8.95%.

Tower View Wealth Management LLC lifted its stake in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 6.9% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 27,644 shares of the information services provider's stock after acquiring an additional 1,776 shares during the quarter. Alphabet makes up approximately 2.5% of Tower View Wealth Management LLC's holdings, making the stock its 16th biggest holding. Tower View Wealth Management LLC's holdings in Alphabet were worth $4,904,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of GOOG. Brighton Jones LLC increased its position in shares of Alphabet by 5.6% during the fourth quarter. Brighton Jones LLC now owns 120,253 shares of the information services provider's stock worth $22,901,000 after acquiring an additional 6,410 shares during the period. Revisor Wealth Management LLC increased its holdings in Alphabet by 107.9% during the first quarter. Revisor Wealth Management LLC now owns 3,659 shares of the information services provider's stock valued at $572,000 after buying an additional 1,899 shares during the period. Vest Financial LLC increased its holdings in Alphabet by 73.0% during the first quarter. Vest Financial LLC now owns 34,978 shares of the information services provider's stock valued at $5,465,000 after buying an additional 14,757 shares during the period. Foster Group Inc. increased its holdings in Alphabet by 4.9% during the first quarter. Foster Group Inc. now owns 2,160 shares of the information services provider's stock valued at $338,000 after buying an additional 100 shares during the period. Finally, Sovereign Financial Group Inc. increased its holdings in Alphabet by 1.1% during the first quarter. Sovereign Financial Group Inc. now owns 58,173 shares of the information services provider's stock valued at $9,088,000 after buying an additional 639 shares during the period. 27.26% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Alphabet

In other Alphabet news, CEO Sundar Pichai sold 32,500 shares of Alphabet stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $184.38, for a total value of $5,992,350.00. Following the completion of the transaction, the chief executive officer owned 2,527,392 shares of the company's stock, valued at approximately $466,000,536.96. The trade was a 1.27% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider John Kent Walker sold 23,820 shares of Alphabet stock in a transaction on Monday, August 4th. The shares were sold at an average price of $194.70, for a total transaction of $4,637,754.00. Following the completion of the transaction, the insider directly owned 42,999 shares of the company's stock, valued at $8,371,905.30. The trade was a 35.65% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 276,738 shares of company stock valued at $59,135,475. Corporate insiders own 12.99% of the company's stock.

Alphabet Trading Up 0.0%

Shares of Alphabet stock opened at $246.45 on Friday. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90. The firm has a fifty day moving average price of $221.89 and a 200 day moving average price of $187.15. Alphabet Inc. has a 1 year low of $142.66 and a 1 year high of $256.70. The stock has a market cap of $2.98 trillion, a PE ratio of 26.25, a price-to-earnings-growth ratio of 1.66 and a beta of 1.00.

Alphabet (NASDAQ:GOOG - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.12 by $0.19. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The firm had revenue of $96.43 billion during the quarter, compared to analysts' expectations of $93.67 billion. During the same quarter last year, the company posted $1.89 earnings per share. The firm's revenue was up 13.8% compared to the same quarter last year. Equities research analysts predict that Alphabet Inc. will post 8.89 earnings per share for the current year.

Alphabet Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Monday, September 8th were issued a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 0.3%. The ex-dividend date of this dividend was Monday, September 8th. Alphabet's dividend payout ratio (DPR) is 8.95%.

Analysts Set New Price Targets

GOOG has been the topic of several research reports. Robert W. Baird lifted their price objective on shares of Alphabet from $215.00 to $275.00 and gave the company an "outperform" rating in a report on Monday, September 22nd. BNP Paribas lowered shares of Alphabet from a "strong-buy" rating to a "hold" rating in a report on Thursday, June 26th. Piper Sandler reissued a "neutral" rating on shares of Alphabet in a report on Wednesday, July 9th. KeyCorp set a $265.00 price objective on shares of Alphabet in a report on Wednesday, September 3rd. Finally, Jefferies Financial Group lifted their price objective on shares of Alphabet from $230.00 to $285.00 and gave the company a "buy" rating in a report on Thursday. Five research analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating, five have given a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, Alphabet has a consensus rating of "Moderate Buy" and a consensus price target of $235.33.

About Alphabet

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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