Alphabet Inc. (NASDAQ:GOOG) Shares Purchased by Penobscot Investment Management Company Inc.

Penobscot Investment Management Company Inc. raised its stake in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 2.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 63,672 shares of the information services provider's stock after acquiring an additional 1,670 shares during the quarter. Alphabet makes up approximately 0.9% of Penobscot Investment Management Company Inc.'s investment portfolio, making the stock its 27th largest position. Penobscot Investment Management Company Inc.'s holdings in Alphabet were worth $9,947,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. ARQ Wealth Advisors LLC increased its stake in shares of Alphabet by 39.3% in the 4th quarter. ARQ Wealth Advisors LLC now owns 4,964 shares of the information services provider's stock valued at $945,000 after purchasing an additional 1,400 shares in the last quarter. Independence Bank of Kentucky boosted its position in Alphabet by 10.2% during the first quarter. Independence Bank of Kentucky now owns 14,907 shares of the information services provider's stock worth $2,329,000 after purchasing an additional 1,376 shares in the last quarter. Harvest Investment Services LLC grew its holdings in Alphabet by 3.3% in the fourth quarter. Harvest Investment Services LLC now owns 4,329 shares of the information services provider's stock valued at $824,000 after purchasing an additional 138 shares during the period. North Forty Two & Co. purchased a new stake in shares of Alphabet in the fourth quarter valued at approximately $281,000. Finally, Fermata Advisors LLC raised its stake in shares of Alphabet by 2.7% during the 1st quarter. Fermata Advisors LLC now owns 9,771 shares of the information services provider's stock worth $1,527,000 after buying an additional 259 shares during the period. Hedge funds and other institutional investors own 27.26% of the company's stock.

Insiders Place Their Bets

In other news, CEO Sundar Pichai sold 32,500 shares of the stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $176.68, for a total transaction of $5,742,100.00. Following the completion of the transaction, the chief executive officer now directly owns 2,555,196 shares in the company, valued at approximately $451,452,029.28. This represents a 1.26% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Amie Thuener O'toole sold 673 shares of the business's stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $155.33, for a total transaction of $104,537.09. Following the completion of the sale, the chief accounting officer now owns 15,303 shares in the company, valued at approximately $2,377,014.99. This trade represents a 4.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 216,195 shares of company stock valued at $35,764,898 over the last ninety days. Company insiders own 12.99% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. Oppenheimer lifted their price target on shares of Alphabet from $185.00 to $200.00 and gave the company an "outperform" rating in a research note on Friday, April 25th. JPMorgan Chase & Co. lifted their target price on shares of Alphabet from $180.00 to $195.00 and gave the company an "overweight" rating in a research report on Friday, April 25th. Needham & Company LLC cut shares of Alphabet from a "buy" rating to a "cautious" rating in a research note on Friday, May 2nd. KeyCorp decreased their price target on shares of Alphabet from $202.00 to $185.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 9th. Finally, Citigroup reiterated a "sell" rating on shares of Alphabet in a report on Wednesday, April 23rd. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating, fourteen have issued a buy rating and five have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $204.88.

Alphabet Trading Up 2.2%

Alphabet stock traded up $3.84 during trading on Friday, reaching $178.27. 73,956,281 shares of the company were exchanged, compared to its average volume of 20,960,385. The stock's 50 day simple moving average is $167.33 and its two-hundred day simple moving average is $176.22. The company has a market capitalization of $2.16 trillion, a P/E ratio of 19.87, a PEG ratio of 1.21 and a beta of 1.01. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.77 and a quick ratio of 1.77. Alphabet Inc. has a 52-week low of $142.66 and a 52-week high of $208.70.

Alphabet (NASDAQ:GOOG - Get Free Report) last issued its earnings results on Thursday, April 24th. The information services provider reported $2.81 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.02 by $0.79. The business had revenue of $90.23 billion during the quarter, compared to the consensus estimate of $89.30 billion. Alphabet had a return on equity of 34.54% and a net margin of 30.86%. The company's revenue for the quarter was up 12.0% on a year-over-year basis. During the same period last year, the company earned $1.89 EPS. On average, equities research analysts expect that Alphabet Inc. will post 8.89 earnings per share for the current fiscal year.

Alphabet Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Monday, June 9th were paid a dividend of $0.21 per share. The ex-dividend date of this dividend was Monday, June 9th. This is an increase from Alphabet's previous quarterly dividend of $0.20. This represents a $0.84 dividend on an annualized basis and a yield of 0.47%. Alphabet's payout ratio is 9.36%.

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.