New Millennium Group LLC Buys 15,541 Shares of Alphabet Inc. (NASDAQ:GOOGL)

New Millennium Group LLC boosted its stake in Alphabet Inc. (NASDAQ:GOOGL) by 41.1% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 53,359 shares of the information services provider’s stock after buying an additional 15,541 shares during the quarter. Alphabet makes up about 5.4% of New Millennium Group LLC’s investment portfolio, making the stock its 5th largest position. New Millennium Group LLC’s holdings in Alphabet were worth $8,251,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also bought and sold shares of the company. Anderson Financial Strategies LLC acquired a new stake in Alphabet in the 4th quarter valued at $49,000. Navigoe LLC acquired a new stake in Alphabet in the 4th quarter valued at $51,000. Prudent Man Investment Management Inc. acquired a new stake in Alphabet in the 4th quarter valued at $53,000. Campbell Capital Management Inc. acquired a new stake in Alphabet in the 4th quarter valued at $57,000. Finally, EQ Wealth Advisors LLC acquired a new stake in Alphabet in the 1st quarter valued at $49,000. Institutional investors and hedge funds own 40.03% of the company’s stock.

Alphabet Price Performance

Shares of NASDAQ GOOGL opened at $179.08 on Monday. Alphabet Inc. has a fifty-two week low of $140.53 and a fifty-two week high of $207.05. The company has a 50 day simple moving average of $168.70 and a two-hundred day simple moving average of $173.77. The company has a market capitalization of $2.17 trillion, a price-to-earnings ratio of 19.96, a P/E/G 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.

Alphabet (NASDAQ:GOOGL) last announced its quarterly earnings results on Thursday, April 24th. The information services provider reported $2.81 earnings per share for the quarter, beating the consensus estimate of $2.02 by $0.79. The company had revenue of $76.49 billion during the quarter, compared to the consensus estimate of $89.30 billion. Alphabet had a net margin of 30.86% and a return on equity of 34.54%. During the same quarter last year, the firm earned $1.89 earnings per share. Analysts expect 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 given a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 0.47%. The ex-dividend date of this dividend was Monday, June 9th. This is an increase from Alphabet’s previous quarterly dividend of $0.20. Alphabet’s payout ratio is 9.36%.

Insiders Place Their Bets

In other Alphabet news, Director John L. Hennessy sold 600 shares of Alphabet stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $175.00, for a total value of $105,000.00. Following the completion of the sale, the director owned 6,813 shares of the company’s stock, valued at approximately $1,192,275. The trade was a 8.09% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Sundar Pichai sold 32,500 shares of Alphabet stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $178.52, for a total transaction of $5,801,900.00. Following the completion of the sale, the chief executive officer directly owned 2,559,892 shares of the company’s stock, valued at approximately $456,991,919.84. This trade represents a 1.25% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 215,643 shares of company stock valued at $36,330,928. Company insiders own 11.55% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on GOOGL. Piper Sandler lifted their price objective on Alphabet from $185.00 to $195.00 and gave the company an “overweight” rating in a research report on Friday, April 25th. Bank of America lifted their price objective on Alphabet from $185.00 to $200.00 and gave the company a “buy” rating in a research report on Friday, April 25th. Tigress Financial lifted their price objective on Alphabet from $220.00 to $240.00 and gave the company a “strong-buy” rating in a research report on Wednesday, April 30th. Roth Mkm reiterated a “buy” rating and issued a $220.00 price objective on shares of Alphabet in a research report on Wednesday, March 19th. Finally, Royal Bank Of Canada reiterated an “outperform” rating and issued a $200.00 price objective on shares of Alphabet in a research report on Wednesday, April 23rd. Ten 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’s stock. According to data from MarketBeat.com, Alphabet presently has a consensus rating of “Moderate Buy” and an average target price of $199.95.

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.