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MML Investors Services LLC Increases Its Investment in Alphabet Inc. (NASDAQ:GOOG)

Published December 9, 2024

MML Investors Services LLC has enhanced its stake in Alphabet Inc. (NASDAQ:GOOG) by 2.9% in the third quarter, as reported in its latest filing with the Securities and Exchange Commission (SEC). This adjustment means that the fund now holds 597,547 shares of the tech giant after acquiring an additional 17,015 shares during this period. Based on its recent filings, MML Investors Services LLC's total holdings in Alphabet are valued at approximately $99,904,000.

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In recent months, other hedge funds have also modified their investments in Alphabet. For instance, RFG Advisory LLC increased its stake by 6.6% during the second quarter and now possesses 29,375 shares worth around $5,388,000 after buying an extra 1,817 shares. Granite Bay Wealth Management LLC made a significant jump, boosting its stake by 6,610.0%, leading to a total of 1,769,160 shares valued at $301,312,000 after an acquisition of 1,742,794 shares in the previous quarter. Additionally, Northwest Investment Counselors LLC saw a growth of 1.8% in its holdings, now totaling 45,517 shares valued at $8,349,000 following a purchase of 803 shares. Stordahl Capital Management Inc. also established a new position in Alphabet valued at about $229,000 during the second quarter, while Ballast Inc. raised its stake by 21.4%, owning 5,007 shares worth approximately $918,000 after acquiring an additional 884 shares. Overall, hedge funds and other institutional investors currently own 27.26% of Alphabet's stock.

Performance of Alphabet Stock

As of Friday, shares of GOOG opened at $176.49. The company's fifty-day simple moving average stands at $171.06, and its 200-day simple moving average is at $171.76. Alphabet Inc. exhibits a current ratio of 1.95, a quick ratio of 1.95, and a debt-to-equity ratio of 0.04. The company recorded a 52-week low of $131.06 and a high of $193.31, boasting a market capitalization of $2.16 trillion, along with a PE ratio of 23.41, a P/E/G ratio of 1.23, and a beta of 1.02.

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Alphabet (NASDAQ:GOOG) recently reported its quarterly earnings on October 29th, with earnings per share (EPS) at $2.12, surpassing the consensus estimate of $1.83 by $0.29. The company posted a return on equity of 31.66% and a net margin of 27.74%. Alphabet's revenue for the quarter was reported at $88.27 billion, beating analyst expectations of $86.39 billion. Comparatively, the previous year’s quarter saw earnings of $1.55 per share, showing a remarkable revenue growth of 15.1% year-over-year. According to research analysts, Alphabet Inc. is expected to report an EPS of 8.02 for the current year.

Dividend Announcement by Alphabet

Additionally, the company has announced a quarterly dividend, which will be distributed to shareholders on December 16th. Shareholders recorded on December 9th will receive a dividend of $0.20, translating into an annualized payout of $0.80 and a yield of 0.45%. The ex-dividend date is set for December 9th. Currently, Alphabet's dividend payout ratio stands at 10.61%.

Analyst Ratings and Updates

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A number of analysts have provided updates regarding GOOG shares in recent weeks. On September 10th, DA Davidson upgraded Alphabet shares to a "hold" rating. Scotiabank also began coverage and recommended a "sector outperform" rating with a target price of $212.00 on October 11th. Following suit, JPMorgan Chase & Co. raised their target price from $208.00 to $212.00 and assigned an "overweight" rating on October 30th. Oppenheimer increased its price target from $185.00 to $215.00, giving Alphabet an "outperform" rating on the same day. Meanwhile, Canaccord Genuity Group elevated their price objective from $220.00 to $225.00, categorizing it as a "buy" in their report. Currently, there are five analysts who have rated the stock as a hold, thirteen as a buy, and three as a strong buy. Data from MarketBeat.com indicates that Alphabet enjoys a consensus rating of "Moderate Buy" with an average price target of $200.56.

Check Out Our Latest Stock Analysis on GOOG

Insider Trading Activities at Alphabet

In related insider news, CAO Amie Thuener O'toole sold 2,835 shares on September 10th at an average price of $151.53, accumulating a total of $429,587.55. Post-transaction, the CAO retained 29,182 shares valued at around $4,421,948.46, reflecting an 8.85% decrease in her holdings. The transaction details were filed with the SEC. On November 4th, Director Frances Arnold sold 441 shares, receiving $75,437.46 at an average price of $171.06. Following this sale, Arnold has 16,490 shares remaining, worth roughly $2,820,779.40, indicating a 2.60% reduction in her ownership. Over the last 90 days, corporate insiders sold a total of 163,624 shares valued at $27,803,730, with insider ownership currently at 12.99%.

Overview of Alphabet Inc.

Alphabet Inc. is renowned for offering a diverse range of products and platforms across several regions including the U.S., Europe, the Middle East, Africa, Asia-Pacific, Canada, and Latin America. The company functions through segments such as Google Services, Google Cloud, and Other Bets. Its Google Services segment provides numerous well-known products and services, encompassing ads, Android, Google Search, Gmail, Google Maps, YouTube, and more.

Should you invest $1,000 in Alphabet today?

Before you make any decisions on investing in Alphabet, it’s advisable to stay informed. Market analysts regularly update their recommendations and frequently suggest alternatives based on current market conditions. While Alphabet has received a "Moderate Buy" rating, some analysts suggest exploring other options as potentially better investment choices.

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Investors interested in the energy sector may want to consider the future demand as part of their investment strategy.

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