Tower View Wealth Management LLC Grows Holdings in Alphabet Inc. $GOOG

Tower View Wealth Management LLC raised its position in Alphabet Inc. (NASDAQ:GOOG) by 6.9% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 27,644 shares of the information services provider’s stock after buying an additional 1,776 shares during the period. Alphabet comprises 2.5% of Tower View Wealth Management LLC’s investment portfolio, making the stock its 16th biggest position. Tower View Wealth Management LLC’s holdings in Alphabet were worth $4,904,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Principia Wealth Advisory LLC increased its stake in shares of Alphabet by 111.8% during the first quarter. Principia Wealth Advisory LLC now owns 161 shares of the information services provider’s stock worth $26,000 after purchasing an additional 85 shares in the last quarter. MorganRosel Wealth Management LLC purchased a new stake in shares of Alphabet during the first quarter worth about $26,000. Robbins Farley increased its stake in shares of Alphabet by 60.0% during the second quarter. Robbins Farley now owns 160 shares of the information services provider’s stock worth $28,000 after purchasing an additional 60 shares in the last quarter. Goodman Advisory Group LLC purchased a new stake in shares of Alphabet during the first quarter worth about $32,000. Finally, Greykasell Wealth Strategies Inc. purchased a new stake in shares of Alphabet during the first quarter worth about $32,000. Hedge funds and other institutional investors own 27.26% of the company’s stock.

Insider Activity

In related news, CAO Amie Thuener O’toole sold 953 shares of the company’s stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $241.20, for a total transaction of $229,863.60. Following the sale, the chief accounting officer directly owned 17,294 shares of the company’s stock, valued at $4,171,312.80. This represents a 5.22% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John L. Hennessy sold 600 shares of the company’s stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $249.44, for a total transaction of $149,664.00. Following the sale, the director directly owned 5,716 shares in the company, valued at approximately $1,425,799.04. The trade was a 9.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 276,738 shares of company stock worth $59,135,475 over the last 90 days. Company insiders own 12.99% of the company’s stock.

Alphabet Stock Performance

Shares of GOOG stock opened at $246.45 on Friday. The firm’s 50 day moving average price is $221.89 and its 200-day moving average price is $187.15. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90. Alphabet Inc. has a one year low of $142.66 and a one year high of $256.70. The firm has a market cap of $2.98 trillion, a P/E ratio of 26.25, a P/E/G ratio of 1.66 and a beta of 1.00.

Alphabet (NASDAQ:GOOG) last issued its quarterly earnings data on Wednesday, July 23rd. The information services provider reported $2.31 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 for the quarter, compared to analyst estimates of $93.67 billion. During the same period in the prior year, the business posted $1.89 EPS. The business’s revenue for the quarter was up 13.8% compared to the same quarter last year. As a group, equities research analysts predict that Alphabet Inc. will post 8.89 EPS 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 paid a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 0.3%. The ex-dividend date of this dividend was Monday, September 8th. Alphabet’s dividend payout ratio is presently 8.95%.

Analyst Ratings Changes

A number of analysts have recently commented on the stock. BNP Paribas cut shares of Alphabet from a “strong-buy” rating to a “hold” rating in a research note on Thursday, June 26th. Morgan Stanley boosted their price target on shares of Alphabet from $210.00 to $270.00 and gave the stock an “overweight” rating in a research report on Thursday. Pivotal Research boosted their price target on shares of Alphabet from $245.00 to $300.00 and gave the stock a “buy” rating in a research report on Wednesday, September 3rd. Robert W. Baird boosted their price target on shares of Alphabet from $215.00 to $275.00 and gave the stock an “outperform” rating in a research report on Monday, September 22nd. Finally, Barclays restated a “buy” rating on shares of Alphabet in a research report on Wednesday, July 9th. Five investment analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating, five have given a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average 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.