New Millennium Group LLC increased its holdings in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 41.1% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 53,359 shares of the information services provider's stock after buying an additional 15,541 shares during the period. Alphabet comprises approximately 5.4% of New Millennium Group LLC's holdings, making the stock its 5th biggest position. New Millennium Group LLC's holdings in Alphabet were worth $8,251,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also modified their holdings of the business. Wealth Group Ltd. raised its holdings in shares of Alphabet by 5.2% in the 4th quarter. Wealth Group Ltd. now owns 1,582 shares of the information services provider's stock worth $299,000 after purchasing an additional 78 shares in the last quarter. Eagle Capital Management LLC grew its position in Alphabet by 0.7% during the fourth quarter. Eagle Capital Management LLC now owns 50,132 shares of the information services provider's stock valued at $9,490,000 after purchasing an additional 371 shares in the last quarter. Brighton Jones LLC grew its position in 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 acquiring an additional 4,110 shares in the last quarter. Union Bancaire Privee UBP SA bought a new stake in Alphabet in the fourth quarter worth approximately $154,716,000. Finally, Revolve Wealth Partners LLC boosted its holdings in shares of Alphabet by 3.5% during the 4th quarter. Revolve Wealth Partners LLC now owns 14,930 shares of the information services provider's stock worth $2,826,000 after buying an additional 506 shares during the period. 40.03% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of analysts have weighed in on GOOGL shares. Jefferies Financial Group reduced their price target on shares of Alphabet from $235.00 to $200.00 and set a "buy" rating for the company in a report on Monday, March 31st. Piper Sandler increased their price objective on shares of Alphabet from $185.00 to $195.00 and gave the company an "overweight" rating in a research note on Friday, April 25th. Wells Fargo & Company increased their price objective on shares of Alphabet from $167.00 to $175.00 and gave the company an "equal weight" rating in a research note on Friday, April 25th. KeyCorp increased their price objective on shares of Alphabet from $185.00 to $195.00 and gave the company an "overweight" rating in a research note on Friday, April 25th. Finally, JMP Securities upgraded shares of Alphabet from a "market perform" rating to a "market outperform" rating and set a $220.00 price objective for the company in a research note on Friday, June 27th. Ten research analysts have rated the stock with a hold rating, twenty-eight have given a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Alphabet has a consensus rating of "Moderate Buy" and a consensus target price of $199.95.
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Insiders Place Their Bets
In other Alphabet news, Director John L. Hennessy sold 600 shares of the firm's stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $175.00, for a total transaction of $105,000.00. Following the sale, the director directly owned 6,813 shares in the company, valued at approximately $1,192,275. This trade represents a 8.09% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Kavitark Ram Shriram sold 9,000 shares of the firm's stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $175.00, for a total transaction of $1,575,000.00. Following the sale, the director owned 255,400 shares in the company, valued at $44,695,000. This trade represents a 3.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 215,643 shares of company stock worth $36,330,928. Company insiders own 11.55% of the company's stock.
Alphabet Trading Down 1.5%
Alphabet stock traded down $2.74 during midday trading on Monday, hitting $176.79. 34,077,951 shares of the stock were exchanged, compared to its average volume of 31,600,532. The company has a fifty day simple moving average of $168.70 and a two-hundred day simple moving average of $173.77. Alphabet Inc. has a 52 week low of $140.53 and a 52 week high of $207.05. The stock has a market capitalization of $2.15 trillion, a PE ratio of 19.71, a P/E/G ratio of 1.26 and a beta of 1.00. The company has a quick ratio of 1.77, a current ratio of 1.77 and a debt-to-equity ratio of 0.03.
Alphabet (NASDAQ:GOOGL - Get Free Report) last released its quarterly earnings data on Thursday, April 24th. The information services provider reported $2.81 earnings per share for the quarter, topping the consensus estimate of $2.02 by $0.79. Alphabet had a net margin of 30.86% and a return on equity of 34.54%. The business had revenue of $76.49 billion for the quarter, compared to analyst estimates of $89.30 billion. During the same quarter last year, the firm earned $1.89 EPS. Equities research analysts anticipate that Alphabet Inc. will post 8.9 EPS for the current fiscal year.
Alphabet Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Monday, June 9th were issued a dividend of $0.21 per share. This is an increase from Alphabet's previous quarterly dividend of $0.20. This represents a $0.84 annualized dividend and a yield of 0.48%. The ex-dividend date was Monday, June 9th. Alphabet's dividend payout ratio (DPR) is 9.36%.
Alphabet Company Profile
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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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