Midland Wealth Advisors LLC Cuts Stock Position in Alphabet Inc. $GOOGL

Midland Wealth Advisors LLC cut its position in shares of Alphabet Inc. (NASDAQ:GOOGL) by 11.0% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 19,289 shares of the information services provider’s stock after selling 2,376 shares during the quarter. Alphabet makes up about 0.2% of Midland Wealth Advisors LLC’s investment portfolio, making the stock its 27th largest position. Midland Wealth Advisors LLC’s holdings in Alphabet were worth $3,399,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of GOOGL. Mystic Asset Management Inc. lifted its stake in Alphabet by 6.7% in the first quarter. Mystic Asset Management Inc. now owns 28,454 shares of the information services provider’s stock worth $4,400,000 after purchasing an additional 1,791 shares during the last quarter. Bridgeway Capital Management LLC grew its stake in shares of Alphabet by 17.9% during the first quarter. Bridgeway Capital Management LLC now owns 88,187 shares of the information services provider’s stock valued at $13,637,000 after buying an additional 13,371 shares during the last quarter. Alaethes Wealth LLC increased its holdings in shares of Alphabet by 1.1% in the first quarter. Alaethes Wealth LLC now owns 7,646 shares of the information services provider’s stock worth $1,182,000 after buying an additional 84 shares during the period. Moment Partners LLC lifted its stake in shares of Alphabet by 9.3% in the 2nd quarter. Moment Partners LLC now owns 5,896 shares of the information services provider’s stock valued at $1,039,000 after acquiring an additional 504 shares during the last quarter. Finally, Welch Group LLC lifted its stake in shares of Alphabet by 4.0% in the 2nd quarter. Welch Group LLC now owns 64,262 shares of the information services provider’s stock valued at $11,325,000 after acquiring an additional 2,467 shares during the last quarter. Institutional investors own 40.03% of the company’s stock.

Insiders Place Their Bets

In related news, CAO Amie Thuener O’toole sold 2,778 shares of Alphabet stock in a transaction that occurred on Wednesday, October 15th. The stock was sold at an average price of $250.05, for a total transaction of $694,638.90. Following the sale, the chief accounting officer directly owned 14,516 shares in the company, valued at $3,629,725.80. The trade was a 16.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Sundar Pichai sold 32,500 shares of the company’s stock in a transaction on Wednesday, October 15th. The stock was sold at an average price of $250.15, for a total value of $8,129,875.00. Following the completion of the sale, the chief executive officer directly owned 2,369,619 shares in the company, valued at approximately $592,760,192.85. The trade was a 1.35% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 225,174 shares of company stock worth $58,095,223. Company insiders own 11.64% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Morgan Stanley raised their price target on Alphabet from $270.00 to $330.00 and gave the stock an “overweight” rating in a research report on Thursday, October 30th. Evercore ISI increased their price objective on Alphabet from $300.00 to $325.00 and gave the company an “outperform” rating in a research note on Thursday, October 30th. CIBC lifted their target price on shares of Alphabet to $315.00 in a research note on Monday, October 20th. Loop Capital upgraded shares of Alphabet from a “hold” rating to a “buy” rating and upped their price target for the company from $260.00 to $320.00 in a report on Tuesday, November 18th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Alphabet in a report on Wednesday, October 8th. Four investment analysts have rated the stock with a Strong Buy rating, thirty-eight have issued a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat, Alphabet currently has an average rating of “Moderate Buy” and a consensus price target of $305.33.

Alphabet Stock Up 3.5%

Shares of Alphabet stock opened at $299.66 on Friday. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07. Alphabet Inc. has a 12-month low of $140.53 and a 12-month high of $306.42. The company has a market cap of $3.62 trillion, a P/E ratio of 29.55, a PEG ratio of 1.86 and a beta of 1.05. The company’s fifty day simple moving average is $262.39 and its two-hundred day simple moving average is $213.40.

Alphabet (NASDAQ:GOOGL) last posted its earnings results on Wednesday, October 29th. The information services provider reported $2.87 EPS for the quarter, topping the consensus estimate of $2.29 by $0.58. Alphabet had a net margin of 32.23% and a return on equity of 36.08%. The firm had revenue of $102.35 billion during the quarter, compared to analysts’ expectations of $99.90 billion. Research analysts anticipate that Alphabet Inc. will post 8.9 EPS for the current year.

Alphabet Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Monday, December 8th will be given a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 0.3%. The ex-dividend date of this dividend is Monday, December 8th. Alphabet’s payout ratio is presently 8.28%.

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.