Bar Harbor Wealth Management Lowers Position in Alphabet Inc. (NASDAQ:GOOG)

Bar Harbor Wealth Management reduced its position in shares of Alphabet Inc. (NASDAQ:GOOG) by 4.1% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 28,041 shares of the information services provider’s stock after selling 1,186 shares during the period. Bar Harbor Wealth Management’s holdings in Alphabet were worth $5,340,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Weiss Asset Management LP purchased a new position in shares of Alphabet during the 3rd quarter worth approximately $25,000. Safe Harbor Fiduciary LLC purchased a new position in Alphabet in the third quarter worth $33,000. Abich Financial Wealth Management LLC lifted its holdings in Alphabet by 9,200.0% in the second quarter. Abich Financial Wealth Management LLC now owns 186 shares of the information services provider’s stock valued at $34,000 after acquiring an additional 184 shares during the period. HWG Holdings LP purchased a new stake in shares of Alphabet during the 2nd quarter worth $40,000. Finally, Sanctuary Wealth Management L.L.C. grew its stake in shares of Alphabet by 87.3% during the 3rd quarter. Sanctuary Wealth Management L.L.C. now owns 251 shares of the information services provider’s stock worth $42,000 after purchasing an additional 117 shares during the period. Institutional investors and hedge funds own 27.26% of the company’s stock.

Alphabet Stock Down 0.5 %

Shares of NASDAQ GOOG opened at $192.29 on Tuesday. The firm’s 50 day moving average price is $184.55 and its 200 day moving average price is $174.49. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.95 and a current ratio of 1.95. The firm has a market cap of $2.35 trillion, a P/E ratio of 25.50, a price-to-earnings-growth ratio of 1.34 and a beta of 0.99. Alphabet Inc. has a 1 year low of $131.55 and a 1 year high of $202.88.

Alphabet (NASDAQ:GOOG) last released its earnings results on Tuesday, October 29th. The information services provider reported $2.12 EPS for the quarter, beating the consensus estimate of $1.83 by $0.29. Alphabet had a return on equity of 31.66% and a net margin of 27.74%. The firm had revenue of $88.27 billion during the quarter, compared to analyst estimates of $86.39 billion. During the same period in the prior year, the firm posted $1.55 earnings per share. The business’s quarterly revenue was up 15.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that Alphabet Inc. will post 8.02 earnings per share for the current year.

Alphabet Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Monday, December 9th were issued a dividend of $0.20 per share. The ex-dividend date was Monday, December 9th. This represents a $0.80 annualized dividend and a dividend yield of 0.42%. Alphabet’s payout ratio is currently 10.61%.

Insider Buying and Selling

In related news, CAO Amie Thuener O’toole sold 1,367 shares of Alphabet stock in a transaction on Friday, November 1st. The stock was sold at an average price of $171.42, for a total value of $234,331.14. Following the transaction, the chief accounting officer now owns 26,349 shares in the company, valued at approximately $4,516,745.58. This trade represents a 4.93 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John L. Hennessy sold 1,500 shares of the company’s stock in a transaction dated Monday, January 13th. The stock was sold at an average price of $189.80, for a total value of $284,700.00. Following the sale, the director now owns 21,824 shares of the company’s stock, valued at $4,142,195.20. This represents a 6.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 153,053 shares of company stock valued at $27,559,701. Insiders own 12.99% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently commented on GOOG shares. Canaccord Genuity Group raised their price objective on shares of Alphabet from $220.00 to $225.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Phillip Securities upgraded shares of Alphabet to a “strong-buy” rating in a research report on Friday, November 1st. Pivotal Research upped their price target on Alphabet from $215.00 to $225.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Citigroup lifted their price objective on Alphabet from $212.00 to $216.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Finally, JPMorgan Chase & Co. upped their target price on Alphabet from $208.00 to $212.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Six analysts have rated the stock with a hold rating, thirteen have issued a buy rating and three have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $200.56.

Alphabet Company 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.