Bar Harbor Wealth Management Sells 4,764 Shares of Alphabet Inc. (NASDAQ:GOOG)

Bar Harbor Wealth Management reduced its stake in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 17.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 23,277 shares of the information services provider's stock after selling 4,764 shares during the period. Bar Harbor Wealth Management's holdings in Alphabet were worth $3,637,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Sterling Financial Planning Inc. boosted its stake in shares of Alphabet by 2.6% during the fourth quarter. Sterling Financial Planning Inc. now owns 1,941 shares of the information services provider's stock valued at $370,000 after purchasing an additional 50 shares during the period. Arlington Trust Co LLC increased its stake in shares of Alphabet by 0.4% in the fourth quarter. Arlington Trust Co LLC now owns 14,423 shares of the information services provider's stock worth $2,747,000 after buying an additional 52 shares during the period. Ethos Financial Group LLC raised its holdings in Alphabet by 0.7% during the 4th quarter. Ethos Financial Group LLC now owns 7,300 shares of the information services provider's stock valued at $1,395,000 after buying an additional 53 shares during the last quarter. Hutchinson Capital Management CA boosted its position in Alphabet by 1.5% during the 4th quarter. Hutchinson Capital Management CA now owns 3,555 shares of the information services provider's stock valued at $677,000 after buying an additional 54 shares during the period. Finally, M. Kulyk & Associates LLC grew its holdings in Alphabet by 0.9% in the 4th quarter. M. Kulyk & Associates LLC now owns 6,445 shares of the information services provider's stock worth $1,227,000 after acquiring an additional 56 shares during the last quarter. 27.26% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. JPMorgan Chase & Co. upped their price objective on shares of Alphabet from $180.00 to $195.00 and gave the company an "overweight" rating in a research note on Friday, April 25th. KeyCorp lowered their price target on Alphabet from $202.00 to $185.00 and set an "overweight" rating for the company in a research report on Wednesday, April 9th. The Goldman Sachs Group reiterated a "buy" rating and issued a $220.00 price objective on shares of Alphabet in a research report on Monday, June 2nd. Cantor Fitzgerald restated a "neutral" rating and set a $171.00 target price on shares of Alphabet in a report on Friday, April 25th. Finally, Citigroup reaffirmed a "sell" rating on shares of Alphabet in a research note on Wednesday, April 23rd. Three analysts have rated the stock with a sell rating, five have issued a hold rating, fourteen have assigned a buy rating and five have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Alphabet presently has an average rating of "Moderate Buy" and a consensus price target of $204.88.

Insiders Place Their Bets

In other news, CEO Sundar Pichai sold 32,500 shares of the company's stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $168.71, for a total value of $5,483,075.00. Following the transaction, the chief executive officer now owns 2,587,696 shares in the company, valued at approximately $436,570,192.16. This represents a 1.24% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Amie Thuener O'toole sold 673 shares of the stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $155.33, for a total transaction of $104,537.09. Following the sale, the chief accounting officer now owns 15,303 shares in the company, valued at approximately $2,377,014.99. The trade was a 4.21% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 195,570 shares of company stock valued at $32,003,532. 12.99% of the stock is currently owned by corporate insiders.

Alphabet Stock Down 0.6%

NASDAQ GOOG traded down $1.09 during trading hours on Friday, reaching $175.88. 20,848,122 shares of the company's stock traded hands, compared to its average volume of 20,511,658. Alphabet Inc. has a 52-week low of $142.66 and a 52-week high of $208.70. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.84 and a quick ratio of 1.84. The firm has a 50-day simple moving average of $164.57 and a 200 day simple moving average of $176.34. The firm has a market cap of $2.13 trillion, a PE ratio of 21.85, a PEG ratio of 1.34 and a beta of 1.01.

Alphabet (NASDAQ:GOOG - Get Free Report) last released its earnings results on Thursday, April 24th. The information services provider reported $2.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.02 by $0.79. Alphabet had a net margin of 28.60% and a return on equity of 32.49%. The firm had revenue of $90.23 billion during the quarter, compared to analyst estimates of $89.30 billion. During the same period last year, the business earned $1.89 earnings per share. The business's revenue was up 12.0% on a year-over-year basis. Sell-side analysts anticipate that Alphabet Inc. will post 8.89 EPS for the current fiscal year.

Alphabet Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Monday, June 9th will be paid a dividend of $0.21 per share. This is a boost from Alphabet's previous quarterly dividend of $0.20. The ex-dividend date of this dividend is Monday, June 9th. This represents a $0.84 dividend on an annualized basis and a yield of 0.48%. Alphabet's payout ratio is presently 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.