Camden National Bank Buys 16,031 Shares of Alphabet Inc. $GOOGL

Camden National Bank grew its position in Alphabet Inc. (NASDAQ:GOOGL) by 33.8% during the 2nd quarter, Holdings Channel reports. The firm owned 63,441 shares of the information services provider’s stock after purchasing an additional 16,031 shares during the quarter. Alphabet makes up about 1.6% of Camden National Bank’s investment portfolio, making the stock its 24th biggest position. Camden National Bank’s holdings in Alphabet were worth $11,180,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Brighton Jones LLC raised its stake in shares of Alphabet by 3.9% in the fourth quarter. Brighton Jones LLC now owns 110,330 shares of the information services provider’s stock valued at $20,886,000 after acquiring an additional 4,110 shares during the last quarter. Revolve Wealth Partners LLC grew its position in Alphabet by 3.5% during the 4th quarter. Revolve Wealth Partners LLC now owns 14,930 shares of the information services provider’s stock worth $2,826,000 after acquiring an additional 506 shares during the last quarter. Smart Money Group LLC increased its holdings in Alphabet by 9.4% during the 1st quarter. Smart Money Group LLC now owns 6,181 shares of the information services provider’s stock valued at $956,000 after purchasing an additional 532 shares in the last quarter. United Bank raised its holdings in shares of Alphabet by 2.1% in the first quarter. United Bank now owns 45,084 shares of the information services provider’s stock valued at $6,972,000 after buying an additional 910 shares during the last quarter. Finally, Integrated Investment Consultants LLC raised its stake in shares of Alphabet by 16.4% in the first quarter. Integrated Investment Consultants LLC now owns 27,114 shares of the information services provider’s stock worth $4,193,000 after acquiring an additional 3,822 shares during the last quarter. Institutional investors and hedge funds own 40.03% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have commented on GOOGL shares. Jefferies Financial Group increased their price objective on Alphabet from $285.00 to $320.00 and gave the company a “buy” rating in a research report on Thursday, October 30th. DA Davidson reiterated a “neutral” rating and issued a $300.00 price objective on shares of Alphabet in a research report on Tuesday, November 25th. President Capital boosted their price objective on Alphabet from $258.00 to $323.00 and gave the stock a “buy” rating in a report on Thursday, November 6th. DZ Bank reaffirmed a “buy” rating on shares of Alphabet in a research note on Thursday, November 20th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Alphabet in a research report on Wednesday, October 8th. Four investment analysts have rated the stock with a Strong Buy rating, forty-one have assigned a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $312.06.

Insiders Place Their Bets

In other news, insider John Kent Walker sold 17,816 shares of Alphabet stock in a transaction dated Monday, September 29th. The stock was sold at an average price of $247.42, for a total transaction of $4,408,034.72. Following the transaction, the insider owned 42,985 shares in the company, valued at $10,635,348.70. The trade was a 29.30% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Amie Thuener O’toole sold 2,778 shares of the stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $245.00, for a total value of $680,610.00. Following the sale, the chief accounting officer directly owned 17,293 shares of the company’s stock, valued at approximately $4,236,785. The trade was a 13.84% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 193,628 shares of company stock worth $50,942,622. Corporate insiders own 11.64% of the company’s stock.

Alphabet Stock Performance

Shares of NASDAQ:GOOGL opened at $319.63 on Thursday. The firm’s 50 day simple moving average is $273.22 and its 200 day simple moving average is $222.36. Alphabet Inc. has a fifty-two week low of $140.53 and a fifty-two week high of $328.83. The company has a market capitalization of $3.86 trillion, a price-to-earnings ratio of 31.52, a P/E/G ratio of 1.82 and a beta of 1.07. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.75 and a quick ratio of 1.75.

Alphabet (NASDAQ:GOOGL) last issued its earnings results on Wednesday, October 29th. The information services provider reported $2.87 EPS for the quarter, beating the consensus estimate of $2.29 by $0.58. The firm had revenue of $102.35 billion during the quarter, compared to the consensus estimate of $99.90 billion. Alphabet had a net margin of 32.23% and a return on equity of 35.00%. As a group, sell-side analysts forecast that Alphabet Inc. will post 8.9 earnings per share for the current year.

Alphabet Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Monday, December 8th will be paid a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 0.3%. The ex-dividend date of this dividend is Monday, December 8th. Alphabet’s dividend payout ratio (DPR) is presently 8.28%.

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.