Miller Investment Management LP Purchases 4,070 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Key Points

• Miller Investment Management LP increased its stake in Alphabet Inc. by 4.7%, now holding 91,375 shares, which comprise about 1.6% of its investment portfolio.
• Alphabet reported a strong Q2 earnings performance with an EPS of $2.31, beating estimates and showing revenue of $96.4 billion.
• The company announced a quarterly dividend of $0.21 per share, with the ex-dividend date set for September 8th, reflecting a 0.4% dividend yield.

Miller Investment Management LP boosted its holdings in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 4.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 91,375 shares of the information services provider's stock after purchasing an additional 4,070 shares during the quarter. Alphabet makes up 1.6% of Miller Investment Management LP's portfolio, making the stock its 16th biggest holding. Miller Investment Management LP's holdings in Alphabet were worth $14,130,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in GOOGL. Eagle Capital Management LLC increased its position in shares of Alphabet by 0.7% in the fourth quarter. Eagle Capital Management LLC now owns 50,132 shares of the information services provider's stock worth $9,490,000 after acquiring an additional 371 shares in the last quarter. Brighton Jones LLC boosted its position in shares of Alphabet by 3.9% in the fourth quarter. Brighton Jones LLC now owns 110,330 shares of the information services provider's stock worth $20,886,000 after buying an additional 4,110 shares during the period. Revolve Wealth Partners LLC grew its stake in shares of Alphabet by 3.5% in the fourth quarter. Revolve Wealth Partners LLC now owns 14,930 shares of the information services provider's stock valued at $2,826,000 after buying an additional 506 shares in the last quarter. Highview Capital Management LLC DE raised its holdings in shares of Alphabet by 3.6% during the 4th quarter. Highview Capital Management LLC DE now owns 29,100 shares of the information services provider's stock valued at $5,509,000 after buying an additional 1,003 shares during the period. Finally, Hudson Value Partners LLC lifted its position in Alphabet by 22.7% during the 4th quarter. Hudson Value Partners LLC now owns 73,282 shares of the information services provider's stock worth $13,873,000 after acquiring an additional 13,564 shares in the last quarter. 40.03% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

GOOGL has been the subject of several recent research reports. Needham & Company LLC increased their price objective on shares of Alphabet from $210.00 to $220.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. BNP Paribas Exane reaffirmed a "neutral" rating and set a $172.00 price target on shares of Alphabet in a research note on Friday, June 27th. Cantor Fitzgerald upped their price objective on shares of Alphabet from $196.00 to $201.00 and gave the company a "neutral" rating in a research report on Thursday, July 24th. JPMorgan Chase & Co. raised their target price on Alphabet from $200.00 to $232.00 and gave the company an "overweight" rating in a research note on Thursday, July 24th. Finally, KeyCorp boosted their price target on Alphabet from $215.00 to $230.00 and gave the stock an "overweight" rating in a research note on Thursday, July 24th. Ten equities research analysts have rated the stock with a hold rating, twenty-nine have issued a buy rating and four have assigned a strong buy rating to the stock. According to MarketBeat, Alphabet presently has a consensus rating of "Moderate Buy" and an average target price of $211.53.

Alphabet Stock Up 0.2%

Alphabet stock traded up $0.43 during trading hours on Thursday, hitting $196.52. The company had a trading volume of 26,014,319 shares, compared to its average volume of 36,916,484. The firm's fifty day moving average is $179.76 and its 200-day moving average is $173.12. The firm has a market capitalization of $2.38 trillion, a P/E ratio of 20.93, a price-to-earnings-growth ratio of 1.32 and a beta of 1.01. Alphabet Inc. has a fifty-two week low of $140.53 and a fifty-two week high of $207.05. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90.

Alphabet (NASDAQ:GOOGL - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, topping the consensus estimate of $2.15 by $0.16. The company had revenue of $96,428,000 billion for the quarter, compared to analyst estimates of $93.60 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. On average, research analysts forecast that Alphabet Inc. will post 8.9 earnings per share for the current year.

Alphabet Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Monday, September 8th will be given a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 0.4%. The ex-dividend date of this dividend is Monday, September 8th. Alphabet's dividend payout ratio (DPR) is currently 8.95%.

Insiders Place Their Bets

In related news, Director Kavitark Ram Shriram sold 15,000 shares of Alphabet stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $185.76, for a total transaction of $2,786,400.00. Following the sale, the director directly owned 240,400 shares of the company's stock, valued at $44,656,704. This trade represents a 5.87% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John L. Hennessy sold 400 shares of the firm's stock in a transaction that occurred on Monday, July 14th. The stock was sold at an average price of $181.98, for a total value of $72,792.00. Following the completion of the sale, the director owned 6,013 shares of the company's stock, valued at $1,094,245.74. This represents a 6.24% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 273,219 shares of company stock valued at $49,474,273. 11.64% of the stock is owned by company insiders.

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.