New England Research & Management Inc. Cuts Stock Holdings in Alphabet Inc. (NASDAQ:GOOG)

New England Research & Management Inc. decreased its position in shares of Alphabet Inc. (NASDAQ:GOOG) by 1.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 10,391 shares of the information services provider’s stock after selling 157 shares during the quarter. New England Research & Management Inc.’s holdings in Alphabet were worth $1,623,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. LSV Asset Management purchased a new stake in shares of Alphabet during the fourth quarter valued at approximately $27,000. Principia Wealth Advisory LLC grew its holdings 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 valued at $26,000 after buying an additional 85 shares during the last quarter. WealthTrak Capital Management LLC purchased a new stake in shares of Alphabet during the fourth quarter valued at approximately $38,000. Mountain Hill Investment Partners Corp. purchased a new stake in shares of Alphabet during the fourth quarter valued at approximately $39,000. Finally, Noble Wealth Management PBC purchased a new stake in Alphabet in the fourth quarter worth approximately $43,000. Hedge funds and other institutional investors own 27.26% of the company’s stock.

Alphabet Stock Down 0.6%

GOOG opened at $175.88 on Friday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.84 and a current ratio of 1.84. Alphabet Inc. has a fifty-two week low of $142.66 and a fifty-two week high of $208.70. The firm’s fifty day moving average is $164.57 and its 200 day moving average is $176.30. The stock has a market cap of $2.13 trillion, a price-to-earnings ratio of 21.85, a price-to-earnings-growth ratio of 1.34 and a beta of 1.01.

Alphabet (NASDAQ:GOOG) last released its earnings results on Thursday, April 24th. The information services provider reported $2.81 earnings per share for the quarter, beating analysts’ consensus estimates of $2.02 by $0.79. Alphabet had a net margin of 28.60% and a return on equity of 32.49%. The company had revenue of $90.23 billion for the quarter, compared to analysts’ expectations of $89.30 billion. During the same quarter in the previous year, the company earned $1.89 EPS. Alphabet’s revenue for the quarter was up 12.0% on a year-over-year basis. On average, sell-side analysts forecast that Alphabet Inc. will post 8.89 earnings per share for the current fiscal year.

Alphabet Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Monday, June 9th will be paid a $0.21 dividend. The ex-dividend date is Monday, June 9th. This represents a $0.84 annualized dividend and a yield of 0.48%. This is a boost from Alphabet’s previous quarterly dividend of $0.20. Alphabet’s payout ratio is presently 9.36%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. The Goldman Sachs Group restated a “buy” rating and issued a $220.00 target price on shares of Alphabet in a report on Monday, June 2nd. Cantor Fitzgerald restated a “neutral” rating and issued a $171.00 target price on shares of Alphabet in a report on Friday, April 25th. Westpark Capital restated a “buy” rating and issued a $210.00 target price on shares of Alphabet in a report on Friday, April 25th. JPMorgan Chase & Co. raised their target price on shares of Alphabet from $180.00 to $195.00 and gave the stock an “overweight” rating in a report on Friday, April 25th. Finally, Scotiabank dropped their target price on shares of Alphabet from $232.00 to $200.00 and set a “sector outperform” rating on the stock in a report on Monday, April 21st. Three investment analysts have rated the stock with a sell rating, five have given a hold rating, fourteen have issued a buy rating and five have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $204.88.

Insiders Place Their Bets

In other Alphabet news, CEO Sundar Pichai sold 32,500 shares of the business’s stock in a transaction on Wednesday, May 7th. The shares were sold at an average price of $155.90, for a total value of $5,066,750.00. Following the sale, the chief executive officer now owns 2,652,696 shares in the company, valued at $413,555,306.40. The trade was a 1.21% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Amie Thuener O’toole sold 673 shares of the business’s stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $155.33, for a total transaction of $104,537.09. Following the completion of the sale, the chief accounting officer now owns 15,303 shares in the company, valued at approximately $2,377,014.99. The trade was a 4.21% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 195,570 shares of company stock worth $32,003,532 in the last 90 days. 12.99% of the stock is currently owned by corporate 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.