Miracle Mile Advisors LLC lessened its stake in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 1.8% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 102,630 shares of the information services provider's stock after selling 1,883 shares during the quarter. Miracle Mile Advisors LLC's holdings in Alphabet were worth $15,871,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. RDA Financial Network raised its stake in Alphabet by 4.1% in the first quarter. RDA Financial Network now owns 51,821 shares of the information services provider's stock valued at $8,014,000 after purchasing an additional 2,026 shares in the last quarter. Patriot Financial Group Insurance Agency LLC raised its stake in Alphabet by 23.2% during the first quarter. Patriot Financial Group Insurance Agency LLC now owns 34,003 shares of the information services provider's stock worth $5,258,000 after acquiring an additional 6,392 shares in the last quarter. Revolve Wealth Partners LLC raised its stake in Alphabet by 11.6% during the first quarter. Revolve Wealth Partners LLC now owns 16,663 shares of the information services provider's stock worth $2,577,000 after acquiring an additional 1,733 shares in the last quarter. Charter Oak Capital Management LLC raised its stake in Alphabet by 11.5% during the first quarter. Charter Oak Capital Management LLC now owns 4,395 shares of the information services provider's stock worth $680,000 after acquiring an additional 452 shares in the last quarter. Finally, Whitaker Myers Wealth Managers LTD. raised its stake in Alphabet by 6.2% during the first quarter. Whitaker Myers Wealth Managers LTD. now owns 2,418 shares of the information services provider's stock worth $374,000 after acquiring an additional 141 shares in the last quarter. Institutional investors and hedge funds own 40.03% of the company's stock.
Alphabet Stock Up 3.3%
Shares of NASDAQ GOOGL opened at $173.68 on Monday. The firm has a market cap of $2.11 trillion, a PE ratio of 21.58, a P/E/G ratio of 1.34 and a beta of 1.01. Alphabet Inc. has a 12-month low of $140.53 and a 12-month high of $207.05. The company's fifty day simple moving average is $160.14 and its 200 day simple moving average is $174.38. The company has a quick ratio of 1.84, a current ratio of 1.84 and a debt-to-equity ratio of 0.03.
Alphabet (NASDAQ:GOOGL - Get Free Report) last issued its earnings results on Thursday, April 24th. The information services provider reported $2.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.02 by $0.79. The business had revenue of $76.49 billion for the quarter, compared to analyst estimates of $89.30 billion. Alphabet had a net margin of 28.60% and a return on equity of 32.49%. During the same period in the prior year, the firm earned $1.89 earnings per share. As a group, sell-side analysts forecast 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. Shareholders of record on Monday, June 9th will be issued a dividend of $0.21 per share. This is an increase from Alphabet's previous quarterly dividend of $0.20. The ex-dividend date of this dividend is Monday, June 9th. This represents a $0.84 annualized dividend and a yield of 0.48%. Alphabet's dividend payout ratio is presently 9.36%.
Insiders Place Their Bets
In other Alphabet news, insider John Kent Walker sold 11,764 shares of the company's stock in a transaction on Thursday, March 27th. The shares were sold at an average price of $166.84, for a total transaction of $1,962,705.76. Following the transaction, the insider now owns 49,037 shares in the company, valued at approximately $8,181,333.08. This represents a 19.35% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Amie Thuener O'toole sold 673 shares of the company'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 transaction, 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. Over the last 90 days, insiders have sold 195,770 shares of company stock worth $32,036,638. Insiders own 11.64% of the company's stock.
Analysts Set New Price Targets
GOOGL has been the subject of several research analyst reports. Wedbush set a $190.00 target price on Alphabet and gave the stock an "outperform" rating in a research note on Tuesday, April 15th. Roth Mkm reissued a "buy" rating and set a $220.00 target price on shares of Alphabet in a research note on Wednesday, March 19th. Citigroup boosted their target price on Alphabet from $195.00 to $200.00 and gave the stock a "buy" rating in a research note on Friday, April 25th. Mizuho lowered their target price on Alphabet from $230.00 to $205.00 and set an "outperform" rating for the company in a research note on Wednesday, April 9th. Finally, Stifel Nicolaus lowered their target price on Alphabet from $225.00 to $192.00 and set a "buy" rating for the company in a research note on Wednesday, April 23rd. Ten research analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and four have given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $199.75.
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About Alphabet
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Free Report)
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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