New Millennium Group LLC raised its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 41.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 53,359 shares of the information services provider's stock after purchasing an additional 15,541 shares during the quarter. Alphabet makes up 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 have also added to or reduced their stakes in GOOGL. Addison Advisors LLC increased its position in shares of Alphabet by 0.7% during the fourth quarter. Addison Advisors LLC now owns 7,527 shares of the information services provider's stock valued at $1,425,000 after buying an additional 53 shares during the period. Burt Wealth Advisors boosted its stake in Alphabet by 1.0% in the fourth quarter. Burt Wealth Advisors now owns 5,307 shares of the information services provider's stock worth $1,005,000 after buying an additional 54 shares in the last quarter. Perritt Capital Management Inc boosted its stake in shares of Alphabet by 10.4% during the fourth quarter. Perritt Capital Management Inc now owns 618 shares of the information services provider's stock valued at $117,000 after purchasing an additional 58 shares during the period. Nia Impact Advisors LLC boosted its stake in shares of Alphabet by 0.3% during the fourth quarter. Nia Impact Advisors LLC now owns 17,161 shares of the information services provider's stock valued at $3,249,000 after purchasing an additional 59 shares during the period. Finally, Hanlon Investment Management Inc. boosted its stake in shares of Alphabet by 1.7% during the fourth quarter. Hanlon Investment Management Inc. now owns 3,553 shares of the information services provider's stock valued at $673,000 after purchasing an additional 60 shares during the period. Institutional investors and hedge funds own 40.03% of the company's stock.
Alphabet Stock Down 1.0%
Shares of NASDAQ GOOGL traded down $1.74 during midday trading on Tuesday, reaching $175.05. 4,050,790 shares of the company's stock were exchanged, compared to its average volume of 31,501,771. 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 $2.12 trillion, a PE ratio of 19.51, a price-to-earnings-growth ratio of 1.26 and a beta of 1.00. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.77 and a current ratio of 1.77. The business's fifty day moving average price is $169.03 and its two-hundred day moving average price is $173.67.
Alphabet (NASDAQ:GOOGL - Get Free Report) last posted its quarterly earnings results on Thursday, April 24th. The information services provider reported $2.81 EPS for the quarter, topping analysts' consensus estimates of $2.02 by $0.79. The business had revenue of $76.49 billion during the quarter, compared to the consensus estimate of $89.30 billion. Alphabet had a return on equity of 34.54% and a net margin of 30.86%. During the same period last year, the firm earned $1.89 earnings per share. Analysts forecast that Alphabet Inc. will post 8.9 EPS for the current 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 paid a $0.21 dividend. This is an increase from Alphabet's previous quarterly dividend of $0.20. This represents a $0.84 dividend on an annualized basis and a yield of 0.48%. The ex-dividend date was Monday, June 9th. Alphabet's payout ratio is presently 9.36%.
Insider Buying and Selling at Alphabet
In other Alphabet news, Director Kavitark Ram Shriram sold 10,500 shares of Alphabet stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $175.00, for a total value of $1,837,500.00. Following the completion of the transaction, the director directly owned 261,966 shares in the company, valued at $45,844,050. The trade was a 3.85% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director John L. Hennessy sold 600 shares of the business'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 value of $105,000.00. Following the transaction, the director owned 6,813 shares of the company's stock, valued at approximately $1,192,275. This represents a 8.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 215,643 shares of company stock worth $36,330,928 over the last ninety days. Company insiders own 11.55% of the company's stock.
Wall Street Analyst Weigh In
A number of brokerages recently commented on GOOGL. Mizuho dropped their price target on Alphabet from $230.00 to $205.00 and set an "outperform" rating for the company in a research note on Wednesday, April 9th. JPMorgan Chase & Co. dropped their price target on Alphabet from $220.00 to $180.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. Citigroup reaffirmed a "buy" rating and issued a $203.00 price target (up previously from $200.00) on shares of Alphabet in a research note on Tuesday, June 24th. Oppenheimer raised their price target on Alphabet from $185.00 to $200.00 and gave the stock an "outperform" rating in a research note on Friday, April 25th. Finally, KeyCorp raised their price target on Alphabet from $185.00 to $195.00 and gave the stock an "overweight" rating in a research note on Friday, April 25th. Ten equities research analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and four have given a strong buy rating to the company's stock. According to data from MarketBeat, Alphabet presently has a consensus rating of "Moderate Buy" and a consensus price target of $200.00.
Read Our Latest Research Report on GOOGL
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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