Alphabet Inc. (NASDAQ:GOOGL) Position Lifted by Penobscot Investment Management Company Inc.

Penobscot Investment Management Company Inc. lifted its stake in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 2.3% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 143,288 shares of the information services provider's stock after buying an additional 3,258 shares during the quarter. Alphabet makes up about 2.1% of Penobscot Investment Management Company Inc.'s investment portfolio, making the stock its 7th largest position. Penobscot Investment Management Company Inc.'s holdings in Alphabet were worth $22,158,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Sabal Trust CO increased its holdings in shares of Alphabet by 7.1% in the first quarter. Sabal Trust CO now owns 37,170 shares of the information services provider's stock worth $5,748,000 after purchasing an additional 2,475 shares during the last quarter. Creative Financial Designs Inc. ADV boosted its stake in Alphabet by 1.3% during the first quarter. Creative Financial Designs Inc. ADV now owns 19,516 shares of the information services provider's stock valued at $3,018,000 after buying an additional 254 shares during the last quarter. Nova R Wealth Inc. boosted its stake in Alphabet by 6.7% during the first quarter. Nova R Wealth Inc. now owns 4,005 shares of the information services provider's stock valued at $619,000 after buying an additional 251 shares during the last quarter. Robeco Institutional Asset Management B.V. grew its holdings in Alphabet by 1.7% during the 1st quarter. Robeco Institutional Asset Management B.V. now owns 8,201,180 shares of the information services provider's stock valued at $1,268,230,000 after buying an additional 140,384 shares in the last quarter. Finally, Sequoia Financial Advisors LLC increased its stake in Alphabet by 5.2% in the 1st quarter. Sequoia Financial Advisors LLC now owns 436,681 shares of the information services provider's stock worth $67,528,000 after acquiring an additional 21,725 shares during the last quarter. Institutional investors own 40.03% of the company's stock.

Analyst Ratings Changes

Several analysts have recently issued reports on the company. Jefferies Financial Group decreased their price objective on Alphabet from $235.00 to $200.00 and set a "buy" rating on the stock in a report on Monday, March 31st. Truist Financial reduced their price target on shares of Alphabet from $220.00 to $200.00 and set a "buy" rating on the stock in a research report on Thursday, April 17th. Royal Bank Of Canada reiterated an "outperform" rating and set a $200.00 price objective on shares of Alphabet in a research report on Wednesday, April 23rd. KeyCorp lifted their price objective on shares of Alphabet from $185.00 to $195.00 and gave the stock an "overweight" rating in a research note on Friday, April 25th. Finally, Westpark Capital restated a "buy" rating and issued a $210.00 target price on shares of Alphabet in a report on Thursday, May 8th. Ten investment analysts have rated the stock with a hold rating, twenty-eight have issued a buy rating and four have given a strong buy rating to the stock. According to data from MarketBeat, Alphabet currently has an average rating of "Moderate Buy" and a consensus target price of $199.95.

Alphabet Trading Up 0.6%

GOOGL stock traded up $0.97 during mid-day trading on Wednesday, reaching $176.81. The company had a trading volume of 6,933,725 shares, compared to its average volume of 31,360,939. The company has a market capitalization of $2.15 trillion, a PE ratio of 19.71, a price-to-earnings-growth ratio of 1.24 and a beta of 1.00. The firm has a 50 day moving average of $167.50 and a 200 day moving average of $174.17. Alphabet Inc. has a 12 month low of $140.53 and a 12 month high of $207.05. 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 (NASDAQ:GOOGL - Get Free Report) last announced its quarterly earnings results on Thursday, April 24th. The information services provider reported $2.81 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.02 by $0.79. The firm had revenue of $76.49 billion during the quarter, compared to analyst estimates of $89.30 billion. Alphabet had a return on equity of 34.54% and a net margin of 30.86%. During the same quarter in the previous year, the business earned $1.89 earnings per share. On average, equities analysts predict that Alphabet Inc. will post 8.9 earnings per share for the current fiscal year.

Alphabet Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Monday, June 9th were given a dividend of $0.21 per share. This is an increase from Alphabet's previous quarterly dividend of $0.20. The ex-dividend date was Monday, June 9th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.48%. Alphabet's dividend payout ratio is presently 9.36%.

Insider Activity

In related news, Director Kavitark Ram Shriram sold 10,500 shares of the company's stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $175.00, for a total value of $1,837,500.00. Following the completion of the sale, the director directly owned 261,966 shares of the company's stock, valued at $45,844,050. This represents a 3.85% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Sundar Pichai sold 32,500 shares of the stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $170.87, for a total transaction of $5,553,275.00. Following the transaction, the chief executive officer owned 2,620,196 shares in the company, valued at approximately $447,712,890.52. The trade was a 1.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 183,143 shares of company stock worth $30,529,028. Company insiders own 11.55% of the company's stock.

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.