Bangor Savings Bank Sells 8,948 Shares of Alphabet Inc. (NASDAQ:GOOG)

Bangor Savings Bank reduced its position in Alphabet Inc. (NASDAQ:GOOG) by 29.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 20,950 shares of the information services provider’s stock after selling 8,948 shares during the quarter. Bangor Savings Bank’s holdings in Alphabet were worth $3,843,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of GOOG. Norges Bank bought a new position in Alphabet in the 4th quarter valued at about $4,101,040,000. JPMorgan Chase & Co. increased its holdings in Alphabet by 19.7% in the 1st quarter. JPMorgan Chase & Co. now owns 84,171,721 shares of the information services provider’s stock valued at $12,815,986,000 after buying an additional 13,876,534 shares during the period. Swedbank AB bought a new position in Alphabet in the 1st quarter valued at about $1,378,708,000. Capital International Investors increased its holdings in Alphabet by 9.3% in the 1st quarter. Capital International Investors now owns 87,716,562 shares of the information services provider’s stock valued at $13,355,724,000 after buying an additional 7,470,042 shares during the period. Finally, Cerity Partners LLC increased its holdings in Alphabet by 198.7% in the 4th quarter. Cerity Partners LLC now owns 3,882,882 shares of the information services provider’s stock valued at $547,215,000 after buying an additional 2,583,128 shares during the period. 27.26% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. TD Cowen raised their price target on shares of Alphabet from $200.00 to $220.00 and gave the company a “buy” rating in a research note on Wednesday, July 10th. Rosenblatt Securities downgraded shares of Alphabet from a “buy” rating to a “neutral” rating and set a $181.00 price target on the stock. in a research note on Friday, June 28th. Stifel Nicolaus raised their price target on shares of Alphabet from $154.00 to $174.00 and gave the company a “buy” rating in a research note on Tuesday, April 16th. Wolfe Research upgraded shares of Alphabet to a “strong-buy” rating in a research note on Tuesday, July 16th. Finally, Oppenheimer raised their price target on shares of Alphabet from $205.00 to $210.00 and gave the company an “outperform” rating in a research note on Wednesday, July 24th. One analyst has rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Alphabet presently has an average rating of “Buy” and a consensus target price of $182.86.

Alphabet Trading Up 1.3 %

Shares of NASDAQ:GOOG traded up $2.21 during trading on Tuesday, reaching $166.16. The stock had a trading volume of 6,169,186 shares, compared to its average volume of 20,463,457. The firm’s fifty day moving average is $178.39 and its 200 day moving average is $163.59. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.08 and a current ratio of 2.08. Alphabet Inc. has a 52 week low of $121.46 and a 52 week high of $193.31. The stock has a market cap of $2.05 trillion, a price-to-earnings ratio of 25.34, a P/E/G ratio of 1.28 and a beta of 1.05.

Alphabet (NASDAQ:GOOG) last posted its quarterly earnings data on Tuesday, July 23rd. The information services provider reported $1.89 EPS for the quarter, beating analysts’ consensus estimates of $1.85 by $0.04. Alphabet had a net margin of 26.70% and a return on equity of 30.49%. The company had revenue of $84.74 billion for the quarter, compared to analyst estimates of $84.22 billion. During the same period in the prior year, the firm posted $1.44 EPS. The company’s quarterly revenue was up 13.6% on a year-over-year basis. As a group, equities analysts forecast that Alphabet Inc. will post 7.62 EPS for the current fiscal year.

Alphabet Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Monday, September 9th will be given a dividend of $0.20 per share. The ex-dividend date is Monday, September 9th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.48%. Alphabet’s payout ratio is presently 12.27%.

Insider Activity at Alphabet

In other Alphabet news, CEO Sundar Pichai sold 22,500 shares of the company’s stock in a transaction on Wednesday, July 3rd. The shares were sold at an average price of $186.74, for a total transaction of $4,201,650.00. Following the transaction, the chief executive officer now owns 2,227,385 shares in the company, valued at $415,941,874.90. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, CEO Sundar Pichai sold 22,500 shares of the stock in a transaction dated Wednesday, July 3rd. The shares were sold at an average price of $186.74, for a total value of $4,201,650.00. Following the completion of the sale, the chief executive officer now owns 2,227,385 shares in the company, valued at $415,941,874.90. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Prabhakar Raghavan sold 3,262 shares of the stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $183.99, for a total transaction of $600,175.38. Following the completion of the sale, the senior vice president now owns 9 shares of the company’s stock, valued at approximately $1,655.91. The disclosure for this sale can be found here. Insiders have sold 144,108 shares of company stock worth $25,464,954 in the last quarter. Company insiders own 12.99% of the company’s stock.

About Alphabet

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.