Penobscot Wealth Management Increases Stake in Alphabet Inc. (NASDAQ:GOOGL)

Penobscot Wealth Management grew its stake in shares of Alphabet Inc. (NASDAQ:GOOGL) by 5.8% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,297 shares of the information services provider’s stock after purchasing an additional 71 shares during the quarter. Penobscot Wealth Management’s holdings in Alphabet were worth $215,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in GOOGL. Manitou Investment Management Ltd. increased its holdings in Alphabet by 1.4% during the 3rd quarter. Manitou Investment Management Ltd. now owns 291,185 shares of the information services provider’s stock valued at $48,293,000 after purchasing an additional 4,041 shares during the period. Stephens Inc. AR grew its position in shares of Alphabet by 3.8% in the 3rd quarter. Stephens Inc. AR now owns 271,612 shares of the information services provider’s stock worth $45,047,000 after buying an additional 9,971 shares during the last quarter. Norris Perne & French LLP MI increased its stake in shares of Alphabet by 1.0% during the third quarter. Norris Perne & French LLP MI now owns 418,256 shares of the information services provider’s stock valued at $69,368,000 after buying an additional 4,255 shares during the period. Lincluden Management Ltd. raised its holdings in shares of Alphabet by 0.9% during the third quarter. Lincluden Management Ltd. now owns 50,204 shares of the information services provider’s stock valued at $8,326,000 after acquiring an additional 469 shares in the last quarter. Finally, Pacific Wealth Strategies Group Inc. boosted its holdings in Alphabet by 23.1% in the third quarter. Pacific Wealth Strategies Group Inc. now owns 26,930 shares of the information services provider’s stock valued at $4,466,000 after acquiring an additional 5,045 shares in the last quarter. Institutional investors own 40.03% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on GOOGL shares. Loop Capital upped their price objective on shares of Alphabet from $170.00 to $185.00 and gave the stock a “hold” rating in a report on Wednesday, November 6th. Wedbush restated an “outperform” rating and issued a $205.00 price objective on shares of Alphabet in a report on Thursday, October 24th. Royal Bank of Canada upped their target price on Alphabet from $204.00 to $210.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. DA Davidson assumed coverage on Alphabet in a research note on Tuesday, September 10th. They issued a “neutral” rating and a $170.00 target price for the company. Finally, Mizuho upped their price target on Alphabet from $205.00 to $210.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 24th. Seven equities research analysts have rated the stock with a hold rating, thirty-one have issued a buy rating and five have issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $205.90.

Insider Buying and Selling

In other Alphabet news, Director Kavitark Ram Shriram sold 10,500 shares of the company’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $177.41, for a total value of $1,862,805.00. Following the completion of the transaction, the director now directly owns 319,966 shares in the company, valued at $56,765,168.06. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, Director Kavitark Ram Shriram sold 10,500 shares of the firm’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $177.41, for a total transaction of $1,862,805.00. Following the completion of the transaction, the director now owns 319,966 shares in the company, valued at $56,765,168.06. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director John L. Hennessy sold 700 shares of the stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $165.00, for a total value of $115,500.00. Following the transaction, the director now directly owns 29,324 shares of the company’s stock, valued at approximately $4,838,460. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 207,495 shares of company stock valued at $34,586,641. 11.55% of the stock is owned by corporate insiders.

Alphabet Stock Down 1.5 %

GOOGL opened at $178.88 on Thursday. The firm’s 50 day simple moving average is $164.37 and its two-hundred day simple moving average is $169.98. The company has a market capitalization of $2.19 trillion, a PE ratio of 23.72, a PEG ratio of 1.29 and a beta of 1.03. Alphabet Inc. has a 1-year low of $127.90 and a 1-year high of $191.75. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 0.04.

Alphabet (NASDAQ:GOOGL) last released its earnings results on Tuesday, October 29th. The information services provider reported $2.12 earnings per share 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 company had revenue of $88.27 billion for the quarter, compared to the consensus estimate of $72.85 billion. During the same period in the previous year, the business earned $1.55 earnings per share. As a group, equities analysts forecast that Alphabet Inc. will post 7.99 EPS for the current year.

Alphabet Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 9th will be paid a dividend of $0.20 per share. The ex-dividend date is Monday, December 9th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.45%. Alphabet’s dividend payout ratio (DPR) is presently 10.61%.

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.