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

Miller Investment Management LP boosted its position in shares of Alphabet Inc. (NASDAQ:GOOGL) by 17.2% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 87,093 shares of the information services provider’s stock after acquiring an additional 12,804 shares during the period. Alphabet accounts for about 1.5% of Miller Investment Management LP’s investment portfolio, making the stock its 20th largest position. Miller Investment Management LP’s holdings in Alphabet were worth $14,444,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in GOOGL. Lantz Financial LLC raised its holdings in Alphabet by 10.8% during the second quarter. Lantz Financial LLC now owns 4,622 shares of the information services provider’s stock valued at $842,000 after acquiring an additional 452 shares during the period. RFG Advisory LLC grew its position in shares of Alphabet by 27.7% during the second 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 raised its stake in 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 period. Granite Bay Wealth Management LLC lifted its holdings in Alphabet by 6,410.2% in the 2nd quarter. Granite Bay Wealth Management LLC now owns 109,566 shares of the information services provider’s stock worth $18,488,000 after purchasing an additional 107,883 shares in the last quarter. Finally, Northwest Investment Counselors LLC boosted its stake 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 purchasing an additional 590 shares during the period. Hedge funds and other institutional investors own 40.03% of the company’s stock.

Insider Activity

In other Alphabet news, CEO Sundar Pichai sold 22,500 shares of the stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $160.63, for a total transaction of $3,614,175.00. Following the completion of the sale, the chief executive officer now directly owns 2,114,885 shares of the company’s stock, valued at approximately $339,713,977.55. This represents a 1.05 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider John Kent Walker sold 16,802 shares of the firm’s stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $165.47, for a total transaction of $2,780,226.94. Following the completion of the sale, the insider now owns 43,999 shares in the company, valued at $7,280,514.53. This represents a 27.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 198,623 shares of company stock worth $34,413,006. Corporate insiders own 11.55% of the company’s stock.

Alphabet Trading Down 1.1 %

GOOGL opened at $189.82 on Friday. 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 stock’s fifty day moving average is $171.63 and its two-hundred day moving average is $170.71. The company has a market capitalization of $2.32 trillion, a P/E ratio of 25.18, a PEG ratio of 1.39 and a beta of 1.01. Alphabet Inc. has a 52 week low of $129.68 and a 52 week high of $195.61.

Alphabet (NASDAQ:GOOGL) last announced its quarterly 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. Alphabet had a return on equity of 31.66% and a net margin of 27.74%. The firm had revenue of $88.27 billion for the quarter, compared to analyst estimates of $72.85 billion. During the same quarter last year, the firm posted $1.55 earnings per share. Analysts forecast that Alphabet Inc. will post 8.01 earnings per share for the current year.

Alphabet Dividend Announcement

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

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on GOOGL shares. China Renaissance raised shares of Alphabet from a “hold” rating to a “buy” rating in a report on Thursday, October 31st. Seaport Res Ptn upgraded shares of Alphabet from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 29th. Loop Capital raised their price objective on Alphabet from $170.00 to $185.00 and gave the company a “hold” rating in a research report on Wednesday, November 6th. Scotiabank upgraded Alphabet to a “strong-buy” rating in a research report on Friday, October 11th. Finally, KeyCorp raised their price target on Alphabet from $200.00 to $215.00 and gave the company 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 given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $206.08.

Alphabet Company 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.