Tower Wealth Partners Inc. Makes New Investment in Alphabet Inc. (NASDAQ:GOOGL)

Tower Wealth Partners Inc. acquired a new position in Alphabet Inc. (NASDAQ:GOOGL) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 1,484 shares of the information services provider’s stock, valued at approximately $270,000.

Several other institutional investors have also recently made changes to their positions in the business. Nebula Research & Development LLC purchased a new stake in Alphabet in the fourth quarter worth about $787,000. New Hampshire Trust boosted its stake in shares of Alphabet by 2.7% during the second quarter. New Hampshire Trust now owns 43,714 shares of the information services provider’s stock valued at $7,963,000 after purchasing an additional 1,132 shares in the last quarter. Berkshire Money Management Inc. purchased a new position in Alphabet during the first quarter valued at approximately $359,000. Schneider Downs Wealth Management Advisors LP raised its stake in Alphabet by 58.4% in the first quarter. Schneider Downs Wealth Management Advisors LP now owns 6,374 shares of the information services provider’s stock worth $962,000 after buying an additional 2,351 shares in the last quarter. Finally, American International Group Inc. lifted its holdings in Alphabet by 11.5% during the fourth quarter. American International Group Inc. now owns 1,951,860 shares of the information services provider’s stock worth $272,655,000 after buying an additional 200,891 shares during the period. Hedge funds and other institutional investors own 40.03% of the company’s stock.

Alphabet Stock Up 1.2 %

Shares of NASDAQ GOOGL opened at $165.85 on Tuesday. The firm has a market cap of $2.05 trillion, a price-to-earnings ratio of 25.44, a PEG ratio of 1.21 and a beta of 1.04. Alphabet Inc. has a 52-week low of $120.21 and a 52-week high of $191.75. The company has a quick ratio of 2.08, a current ratio of 2.08 and a debt-to-equity ratio of 0.04. The business’s 50 day moving average is $162.52 and its two-hundred day moving average is $166.84.

Alphabet (NASDAQ:GOOGL) last announced its quarterly earnings results on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.85 by $0.04. The firm had revenue of $84.74 billion during the quarter, compared to the consensus estimate of $70.60 billion. Alphabet had a return on equity of 30.49% and a net margin of 26.70%. During the same period in the prior year, the company posted $1.44 earnings per share. Research analysts predict that Alphabet Inc. will post 7.63 EPS for the current year.

Alphabet Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Monday, September 9th were issued a dividend of $0.20 per share. The ex-dividend date of this dividend was Monday, September 9th. This represents a $0.80 annualized dividend and a yield of 0.48%. Alphabet’s dividend payout ratio is currently 12.27%.

Insider Activity

In other Alphabet news, CEO Sundar Pichai sold 22,500 shares of Alphabet stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $182.84, for a total transaction of $4,113,900.00. Following the completion of the transaction, the chief executive officer now owns 2,204,885 shares in the company, valued at $403,141,173.40. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, Director John L. Hennessy sold 1,500 shares of Alphabet stock in a transaction that occurred on Friday, July 12th. The shares were sold at an average price of $185.85, for a total transaction of $278,775.00. Following the sale, the director now owns 30,824 shares in the company, valued at $5,728,640.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Sundar Pichai sold 22,500 shares of Alphabet stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $182.84, for a total value of $4,113,900.00. Following the sale, the chief executive officer now owns 2,204,885 shares in the company, valued at $403,141,173.40. The disclosure for this sale can be found here. Insiders sold 193,725 shares of company stock valued at $31,933,031 in the last three months. 11.55% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several analysts have commented on the stock. TD Securities increased their price target on shares of Alphabet from $200.00 to $220.00 in a research report on Wednesday, July 10th. Wolfe Research initiated coverage on shares of Alphabet in a research note on Tuesday, July 16th. They issued an “outperform” rating and a $240.00 target price for the company. JPMorgan Chase & Co. upped their price target on Alphabet from $200.00 to $208.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. Tigress Financial increased their price objective on Alphabet from $210.00 to $220.00 and gave the company a “strong-buy” rating in a report on Thursday, September 26th. Finally, Morgan Stanley dropped their target price on Alphabet from $205.00 to $190.00 and set an “overweight” rating on the stock in a research note on Tuesday, September 3rd. Eight research analysts have rated the stock with a hold rating, twenty-eight have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $201.35.

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.