Financial Management Professionals Inc. Decreases Stake in Alphabet Inc. (NASDAQ:GOOGL)

Financial Management Professionals Inc. reduced its stake in shares of Alphabet Inc. (NASDAQ:GOOGL) by 7.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,743 shares of the information services provider’s stock after selling 393 shares during the period. Financial Management Professionals Inc.’s holdings in Alphabet were worth $716,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the company. Vermillion & White Wealth Management Group LLC acquired a new stake in Alphabet during the fourth quarter worth about $30,000. DiNuzzo Private Wealth Inc. acquired a new stake in shares of Alphabet during the 4th quarter worth approximately $38,000. Armor Investment Advisors LLC increased its holdings in shares of Alphabet by 31.0% during the 4th quarter. Armor Investment Advisors LLC now owns 338 shares of the information services provider’s stock valued at $47,000 after purchasing an additional 80 shares in the last quarter. IAG Wealth Partners LLC lifted its stake in shares of Alphabet by 55.9% in the 4th quarter. IAG Wealth Partners LLC now owns 343 shares of the information services provider’s stock valued at $48,000 after purchasing an additional 123 shares during the period. Finally, Valued Wealth Advisors LLC purchased a new stake in Alphabet during the fourth quarter worth $55,000. 40.03% of the stock is owned by institutional investors and hedge funds.

Alphabet Stock Up 0.5 %

Alphabet stock opened at $182.99 on Tuesday. The firm has a market capitalization of $2.26 trillion, a P/E ratio of 28.07, a P/E/G ratio of 1.37 and a beta of 1.05. The company has a current ratio of 2.15, a quick ratio of 2.15 and a debt-to-equity ratio of 0.05. Alphabet Inc. has a twelve month low of $115.35 and a twelve month high of $186.05. The stock’s fifty day simple moving average is $172.85 and its 200-day simple moving average is $154.44.

Alphabet (NASDAQ:GOOGL) last issued its quarterly earnings results on Thursday, April 25th. The information services provider reported $1.89 earnings per share for the quarter, topping the consensus estimate of $1.49 by $0.40. The company had revenue of $80.54 billion for the quarter, compared to the consensus estimate of $66.04 billion. Alphabet had a return on equity of 29.52% and a net margin of 25.90%. During the same quarter in the prior year, the business earned $1.17 EPS. As a group, equities analysts expect that Alphabet Inc. will post 7.6 earnings per share for the current fiscal year.

Alphabet Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 17th. Stockholders of record on Monday, June 10th were given a dividend of $0.20 per share. The ex-dividend date was Monday, June 10th. This represents a $0.80 annualized dividend and a dividend yield of 0.44%. Alphabet’s dividend payout ratio (DPR) is currently 12.27%.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Piper Sandler reiterated an “overweight” rating and issued a $200.00 price objective (up previously from $160.00) on shares of Alphabet in a research report on Friday, April 26th. Jefferies Financial Group upped their price target on Alphabet from $200.00 to $215.00 and gave the stock a “buy” rating in a report on Wednesday, June 26th. UBS Group increased their target price on Alphabet from $150.00 to $166.00 and gave the company a “neutral” rating in a research report on Tuesday, April 16th. Roth Mkm lifted their target price on shares of Alphabet from $164.00 to $202.00 and gave the company a “buy” rating in a research report on Friday, April 26th. Finally, JPMorgan Chase & Co. upped their price target on shares of Alphabet from $165.00 to $200.00 and gave the stock an “overweight” rating in a research report on Friday, April 26th. Six investment analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $193.66.

Insider Activity at Alphabet

In other news, Director John L. Hennessy sold 1,500 shares of the business’s stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $177.92, for a total transaction of $266,880.00. Following the completion of the sale, the director now owns 3,727 shares in the company, valued at approximately $663,107.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Sundar Pichai sold 22,500 shares of the company’s stock in a transaction on Wednesday, April 3rd. The shares were sold at an average price of $155.67, for a total value of $3,502,575.00. Following the completion of the sale, the chief executive officer now owns 2,325,513 shares in the company, valued at approximately $362,012,608.71. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director John L. Hennessy sold 1,500 shares of the company’s stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $177.92, for a total transaction of $266,880.00. Following the completion of the sale, the director now directly owns 3,727 shares of the company’s stock, valued at $663,107.84. The disclosure for this sale can be found here. Insiders have sold 142,344 shares of company stock valued at $23,920,676 over the last quarter. 11.55% of the stock is owned by insiders.

Alphabet Company 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.