Miller Wealth Advisors LLC Lowers Position in Alphabet Inc. $GOOG

Key Points

• Miller Wealth Advisors LLC reduced its position in Alphabet Inc. by 1.5%, selling 1,921 shares in the second quarter, which now makes Alphabet 10.1% of their portfolio.
• Insider trading activity includes Kavitark Ram Shriram selling 18,566 shares and John Kent Walker selling 23,820 shares, with both experiencing significant decreases in ownership percentage.
• Alphabet recently reported a revenue of $96.43 billion for the last quarter, surpassing expectations with a quarterly EPS of $2.31, leading analysts to project an 8.89 EPS for the current year.

Miller Wealth Advisors LLC decreased its holdings in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 1.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 122,187 shares of the information services provider's stock after selling 1,921 shares during the quarter. Alphabet comprises approximately 10.1% of Miller Wealth Advisors LLC's portfolio, making the stock its 5th biggest holding. Miller Wealth Advisors LLC's holdings in Alphabet were worth $21,675,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Principia Wealth Advisory LLC raised its holdings in Alphabet by 111.8% during the 1st quarter. Principia Wealth Advisory LLC now owns 161 shares of the information services provider's stock valued at $26,000 after acquiring an additional 85 shares during the period. MorganRosel Wealth Management LLC purchased a new position in shares of Alphabet during the 1st quarter valued at $26,000. Robbins Farley grew its position in shares of Alphabet by 60.0% during the 2nd quarter. Robbins Farley now owns 160 shares of the information services provider's stock valued at $28,000 after purchasing an additional 60 shares in the last quarter. Goodman Advisory Group LLC purchased a new position in shares of Alphabet during the 1st quarter valued at $32,000. Finally, Greykasell Wealth Strategies Inc. purchased a new position in shares of Alphabet during the 1st quarter valued at $32,000. Institutional investors own 27.26% of the company's stock.

Insider Activity

In other news, Director Kavitark Ram Shriram sold 18,566 shares of the company's stock in a transaction dated Friday, July 18th. The shares were sold at an average price of $185.76, for a total transaction of $3,448,820.16. Following the completion of the transaction, the director directly owned 243,400 shares of the company's stock, valued at approximately $45,213,984. This represents a 7.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider John Kent Walker sold 23,820 shares of the company's stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $194.70, for a total transaction of $4,637,754.00. Following the transaction, the insider directly owned 42,999 shares of the company's stock, valued at approximately $8,371,905.30. This trade represents a 35.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 276,738 shares of company stock valued at $59,135,475. Insiders own 12.99% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on GOOG. Oppenheimer restated an "outperform" rating and set a $270.00 price target (up from $235.00) on shares of Alphabet in a research report on Wednesday, September 3rd. Mizuho upgraded shares of Alphabet to a "strong-buy" rating in a research report on Monday, September 29th. BNP Paribas lowered shares of Alphabet from a "strong-buy" rating to a "hold" rating in a research report on Thursday, June 26th. Robert W. Baird upped their target price 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, Lake Street Capital reiterated a "buy" rating on shares of Alphabet in a research report on Wednesday, July 9th. Five analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating, five have issued a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $235.33.

Alphabet Stock Performance

Shares of NASDAQ:GOOG opened at $246.45 on Friday. The company has a market cap of $2.98 trillion, a price-to-earnings ratio of 26.25, a price-to-earnings-growth ratio of 1.66 and a beta of 1.00. The company has a 50-day moving average price of $221.89 and a 200-day moving average price of $187.01. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07. Alphabet Inc. has a 12 month low of $142.66 and a 12 month high of $256.70.

Alphabet (NASDAQ:GOOG - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, beating the consensus estimate of $2.12 by $0.19. The firm had revenue of $96.43 billion during the quarter, compared to the consensus estimate of $93.67 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The company's quarterly revenue was up 13.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.89 earnings per share. As a group, equities analysts anticipate that Alphabet Inc. will post 8.89 EPS for the current year.

Alphabet Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Monday, September 8th were paid a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 0.3%. The ex-dividend date of this dividend was Monday, September 8th. Alphabet's dividend payout ratio is 8.95%.

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.

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