Miller Investment Management LP Purchases 12,804 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Miller Investment Management LP lifted its position in Alphabet Inc. (NASDAQ:GOOGL) by 17.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 87,093 shares of the information services provider’s stock after purchasing an additional 12,804 shares during the quarter. Alphabet comprises approximately 1.5% of Miller Investment Management LP’s portfolio, making the stock its 20th largest holding. Miller Investment Management LP’s holdings in Alphabet were worth $14,444,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Lantz Financial LLC grew its position in Alphabet by 10.8% in the second quarter. Lantz Financial LLC now owns 4,622 shares of the information services provider’s stock worth $842,000 after acquiring an additional 452 shares in the last quarter. RFG Advisory LLC boosted its holdings in shares of Alphabet by 27.7% in the 2nd quarter. RFG Advisory LLC now owns 67,487 shares of the information services provider’s stock worth $12,293,000 after purchasing an additional 14,647 shares in the last quarter. Realta Investment Advisors increased its position in shares of Alphabet by 5.7% during the 2nd quarter. Realta Investment Advisors now owns 31,879 shares of the information services provider’s stock valued at $5,807,000 after purchasing an additional 1,730 shares during the last quarter. Granite Bay Wealth Management LLC raised its holdings in shares of Alphabet by 6,410.2% during the 2nd quarter. Granite Bay Wealth Management LLC now owns 109,566 shares of the information services provider’s stock valued at $18,488,000 after buying an additional 107,883 shares in the last quarter. Finally, Northwest Investment Counselors LLC lifted its position in Alphabet by 3.5% in the 2nd quarter. Northwest Investment Counselors LLC now owns 17,595 shares of the information services provider’s stock worth $3,205,000 after buying an additional 590 shares during the last quarter. Hedge funds and other institutional investors own 40.03% of the company’s stock.

Wall Street Analysts Forecast Growth

GOOGL has been the topic of a number of recent research reports. Wells Fargo & Company increased their price target on shares of Alphabet from $182.00 to $187.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 30th. Bank of America increased their target price on shares of Alphabet from $206.00 to $210.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Loop Capital boosted their price target on shares of Alphabet from $170.00 to $185.00 and gave the stock a “hold” rating in a research note on Wednesday, November 6th. Piper Sandler restated an “overweight” rating and set a $210.00 price target (up from $200.00) on shares of Alphabet in a research report on Wednesday, October 30th. Finally, KeyCorp lifted their price objective on Alphabet from $200.00 to $215.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. Seven investment analysts have rated the stock with a hold rating, thirty-one have issued a buy rating and five have assigned a strong buy rating to the company. Based on data from MarketBeat, Alphabet currently has a consensus rating of “Moderate Buy” and an average price target of $206.08.

Alphabet Trading Down 1.1 %

NASDAQ:GOOGL opened at $189.82 on Friday. The stock has a market cap of $2.32 trillion, a price-to-earnings ratio of 25.18, a PEG ratio of 1.39 and a beta of 1.01. The company has a quick ratio of 1.95, a current ratio of 1.95 and a debt-to-equity ratio of 0.04. The company’s 50 day moving average price is $171.63 and its 200-day moving average price is $170.71. Alphabet Inc. has a 52 week low of $129.68 and a 52 week high of $195.61.

Alphabet (NASDAQ:GOOGL) last issued its earnings results on Tuesday, October 29th. The information services provider reported $2.12 EPS for the quarter, beating the consensus estimate of $1.83 by $0.29. The business had revenue of $88.27 billion for the quarter, compared to the consensus estimate of $72.85 billion. Alphabet had a return on equity of 31.66% and a net margin of 27.74%. During the same period last year, the business posted $1.55 EPS. On average, equities research analysts forecast that Alphabet Inc. will post 8.01 earnings per share for the current fiscal year.

Alphabet Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 9th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.42%. The ex-dividend date of this dividend is Monday, December 9th. Alphabet’s payout ratio is presently 10.61%.

Insider Activity

In other Alphabet news, Director Frances Arnold sold 441 shares of the stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $171.06, for a total value of $75,437.46. Following the transaction, the director now directly owns 16,490 shares in the company, valued at approximately $2,820,779.40. This trade represents a 2.60 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider John Kent Walker sold 16,802 shares of Alphabet stock in a transaction on Friday, September 27th. The stock was sold at an average price of $165.47, for a total transaction of $2,780,226.94. Following the transaction, the insider now owns 43,999 shares in the company, valued at $7,280,514.53. This represents a 27.63 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 198,623 shares of company stock valued at $34,413,006 over the last three months. Insiders own 11.55% of the company’s stock.

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.