Bar Harbor Wealth Management Has $3.80 Million Stock Holdings in Alphabet Inc. $GOOG

Key Points

• Bar Harbor Wealth Management has reduced its position in Alphabet Inc.'s stock by 8.0%, holding approximately $3.80 million worth of shares after selling 1,862 shares in the second quarter.
• Several large investors increased their stakes in Alphabet during the same period, with GC Wealth Management RIA LLC boosting its holdings by 115.7% to own over $38 million in shares.
• Alphabet reported impressive earnings, posting $2.31 EPS for the quarter, surpassing estimates and reflecting a 13.8% year-over-year revenue growth.

Bar Harbor Wealth Management reduced its position in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 8.0% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 21,415 shares of the information services provider's stock after selling 1,862 shares during the period. Bar Harbor Wealth Management's holdings in Alphabet were worth $3,799,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of GOOG. RDA Financial Network grew its holdings in Alphabet by 5.3% during the 2nd quarter. RDA Financial Network now owns 11,094 shares of the information services provider's stock worth $1,968,000 after acquiring an additional 554 shares during the last quarter. Tower View Wealth Management LLC boosted its stake in shares of Alphabet by 6.9% in the 2nd quarter. Tower View Wealth Management LLC now owns 27,644 shares of the information services provider's stock valued at $4,904,000 after purchasing an additional 1,776 shares during the last quarter. Oldfather Financial Services LLC bought a new position in shares of Alphabet in the 2nd quarter valued at about $213,000. Truist Financial Corp boosted its stake in shares of Alphabet by 0.4% in the 2nd quarter. Truist Financial Corp now owns 3,626,927 shares of the information services provider's stock valued at $643,381,000 after purchasing an additional 15,065 shares during the last quarter. Finally, GC Wealth Management RIA LLC boosted its stake in shares of Alphabet by 115.7% in the 2nd quarter. GC Wealth Management RIA LLC now owns 214,392 shares of the information services provider's stock valued at $38,031,000 after purchasing an additional 115,003 shares during the last quarter. 27.26% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms recently weighed in on GOOG. Scotiabank lifted their price objective on shares of Alphabet from $200.00 to $240.00 and gave the stock a "sector outperform" rating in a research note on Tuesday, July 22nd. Jefferies Financial Group lifted their price objective on shares of Alphabet from $230.00 to $285.00 and gave the stock a "buy" rating in a research note on Thursday, October 2nd. BNP Paribas lowered shares of Alphabet from a "strong-buy" rating to a "hold" rating in a research note on Thursday, June 26th. Barclays reaffirmed a "buy" rating on shares of Alphabet in a research note on Wednesday, July 9th. Finally, Wells Fargo & Company reaffirmed an "equal weight" rating on shares of Alphabet in a research note on Wednesday, July 9th. Six investment analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, five have given a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $241.00.

Insider Activity at Alphabet

In other Alphabet news, Director Kavitark Ram Shriram sold 18,566 shares of the stock in a transaction dated Friday, July 18th. The shares were sold at an average price of $185.76, for a total transaction of $3,448,820.16. Following the sale, the director directly owned 243,400 shares in the company, valued at $45,213,984. This represents a 7.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider John Kent Walker sold 23,820 shares of the stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $194.70, for a total transaction of $4,637,754.00. Following the completion of the transaction, the insider directly owned 42,999 shares of the company's stock, valued at $8,371,905.30. This trade represents a 35.65% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 276,738 shares of company stock worth $59,135,475. Corporate insiders own 12.99% of the company's stock.

Alphabet Stock Performance

Shares of GOOG stock opened at $237.49 on Friday. The firm has a market cap of $2.87 trillion, a PE ratio of 25.29, a P/E/G ratio of 1.60 and a beta of 1.00. Alphabet Inc. has a 12 month low of $142.66 and a 12 month high of $256.70. The company's fifty day simple moving average is $226.97 and its 200-day simple moving average is $189.81. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07.

Alphabet (NASDAQ:GOOG - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, topping analysts' consensus estimates of $2.12 by $0.19. The business had revenue of $96.43 billion for the quarter, compared to the consensus estimate of $93.67 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The firm's revenue for the quarter was up 13.8% on a year-over-year basis. During the same period in the previous year, the company earned $1.89 earnings per share. Equities research analysts expect that Alphabet Inc. will post 8.89 EPS for the current fiscal year.

Alphabet Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Monday, September 8th were issued a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 0.4%. The ex-dividend date was Monday, September 8th. Alphabet's payout ratio is currently 8.95%.

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.

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