Alphabet Inc. (NASDAQ:GOOGL) Stock Holdings Cut by Cerro Pacific Wealth Advisors LLC

Cerro Pacific Wealth Advisors LLC reduced its position in shares of Alphabet Inc. (NASDAQ:GOOGL) by 12.4% in the first quarter, HoldingsChannel.com reports. The firm owned 12,077 shares of the information services provider’s stock after selling 1,711 shares during the period. Cerro Pacific Wealth Advisors LLC’s holdings in Alphabet were worth $1,868,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Compass Planning Associates Inc bought a new stake in shares of Alphabet during the 4th quarter worth $30,000. E Fund Management Hong Kong Co. Ltd. boosted its stake 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 acquiring an additional 166 shares in the last quarter. Fiduciary Advisors Inc. bought a new stake in shares of Alphabet during the 4th quarter worth $39,000. PayPay Securities Corp boosted its stake in shares of Alphabet by 36.1% during the 4th quarter. PayPay Securities Corp now owns 245 shares of the information services provider’s stock worth $46,000 after acquiring an additional 65 shares in the last quarter. Finally, Anderson Financial Strategies LLC bought a new stake in shares of Alphabet during the 4th quarter worth $49,000. 40.03% of the stock is owned by institutional investors.

Insider Transactions at Alphabet

In other news, insider John Kent Walker sold 11,764 shares of Alphabet stock in a transaction dated Thursday, March 27th. The stock was sold at an average price of $166.84, for a total value of $1,962,705.76. Following the transaction, the insider now directly owns 49,037 shares in the company, valued at approximately $8,181,333.08. The trade was a 19.35% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director John L. Hennessy sold 600 shares of Alphabet stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $175.00, for a total value of $105,000.00. Following the completion of the transaction, the director now owns 6,813 shares in the company, valued at $1,192,275. The trade was a 8.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 164,533 shares of company stock worth $26,772,774. Company insiders own 11.55% of the company’s stock.

Wall Street Analyst Weigh In

GOOGL has been the subject of several research reports. JMP Securities reissued a “market perform” rating on shares of Alphabet in a research note on Wednesday, May 21st. KeyCorp raised their target price on Alphabet from $185.00 to $195.00 and gave the stock an “overweight” rating in a research report on Friday, April 25th. Sanford C. Bernstein raised their target price on Alphabet from $165.00 to $185.00 and gave the stock a “market perform” rating in a research report on Friday, April 25th. Jefferies Financial Group decreased their target price on Alphabet from $235.00 to $200.00 and set a “buy” rating for the company in a research report on Monday, March 31st. Finally, Wedbush set a $190.00 target price on Alphabet and gave the stock an “outperform” rating in a research report on Tuesday, April 15th. Ten equities research analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and four have given a strong buy rating to the company’s stock. Based on data from MarketBeat, Alphabet has an average rating of “Moderate Buy” and a consensus price target of $199.75.

Alphabet Price Performance

NASDAQ GOOGL opened at $169.73 on Friday. Alphabet Inc. has a fifty-two week low of $140.53 and a fifty-two week high of $207.05. The stock’s 50-day moving average is $159.10 and its two-hundred day moving average is $174.56. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.84 and a quick ratio of 1.84. The firm has a market cap of $2.06 trillion, a P/E ratio of 21.08, a price-to-earnings-growth ratio of 1.34 and a beta of 1.01.

Alphabet (NASDAQ:GOOGL) last posted its earnings results on Thursday, April 24th. The information services provider reported $2.81 earnings per share for the quarter, beating 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 company had revenue of $76.49 billion for the quarter, compared to analyst estimates of $89.30 billion. During the same period last year, the company earned $1.89 earnings per share. On average, analysts anticipate that Alphabet Inc. will post 8.9 earnings per share for the current fiscal year.

Alphabet Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Monday, June 9th will be paid a $0.21 dividend. The ex-dividend date of this dividend is Monday, June 9th. This is a positive change from Alphabet’s previous quarterly dividend of $0.20. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.49%. Alphabet’s payout ratio is presently 9.36%.

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.