Rockland Trust Co. Raises Stake in Alphabet Inc. (NASDAQ:GOOG)

Rockland Trust Co. grew its stake in Alphabet Inc. (NASDAQ:GOOG) by 4.7% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 21,863 shares of the information services provider’s stock after acquiring an additional 977 shares during the quarter. Rockland Trust Co.’s holdings in Alphabet were worth $4,010,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. First Bancorp Inc ME increased its holdings in shares of Alphabet by 11.4% during the 2nd quarter. First Bancorp Inc ME now owns 6,395 shares of the information services provider’s stock worth $1,173,000 after buying an additional 652 shares during the last quarter. Burns J W & Co. Inc. NY grew its position in Alphabet by 0.4% in the second quarter. Burns J W & Co. Inc. NY now owns 143,035 shares of the information services provider’s stock worth $26,236,000 after acquiring an additional 558 shares during the period. Busey Bank increased its stake in Alphabet by 0.8% during the second quarter. Busey Bank now owns 574,148 shares of the information services provider’s stock worth $105,310,000 after acquiring an additional 4,657 shares during the last quarter. TFC Financial Management Inc. raised its position in Alphabet by 7.7% in the second quarter. TFC Financial Management Inc. now owns 5,789 shares of the information services provider’s stock valued at $1,062,000 after purchasing an additional 414 shares during the period. Finally, Exchange Capital Management Inc. lifted its stake in shares of Alphabet by 1.1% in the 2nd quarter. Exchange Capital Management Inc. now owns 6,161 shares of the information services provider’s stock valued at $1,130,000 after purchasing an additional 70 shares during the last quarter. Institutional investors and hedge funds own 27.26% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Wolfe Research upgraded shares of Alphabet to a “strong-buy” rating in a report on Tuesday, July 16th. Oppenheimer boosted 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. TD Cowen increased their price objective on shares of Alphabet from $200.00 to $220.00 and gave the stock a “buy” rating in a research report on Wednesday, July 10th. Finally, Rosenblatt Securities lowered Alphabet from a “buy” rating to a “neutral” rating and set a $181.00 target price on the stock. in a research report on Friday, June 28th. One investment analyst has rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Alphabet presently has a consensus rating of “Buy” and an average target price of $182.86.

Alphabet Trading Down 1.3 %

Shares of GOOG stock opened at $165.49 on Friday. Alphabet Inc. has a fifty-two week low of $121.46 and a fifty-two week high of $193.31. The company has a 50 day moving average price of $176.56 and a 200 day moving average price of $164.35. The stock has a market capitalization of $2.05 trillion, a P/E ratio of 25.38, a price-to-earnings-growth ratio of 1.28 and a beta of 1.05. 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 (NASDAQ:GOOG) last issued its quarterly earnings results on Tuesday, July 23rd. The information services provider reported $1.89 EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to analysts’ expectations of $84.22 billion. During the same quarter last year, the company posted $1.44 EPS. The firm’s revenue was up 13.6% compared to the same quarter last year. Equities research analysts predict that Alphabet Inc. will post 7.62 EPS for the current fiscal year.

Alphabet Dividend Announcement

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

Insider Activity

In related news, CAO Amie Thuener O’toole sold 682 shares of the business’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $173.86, for a total transaction of $118,572.52. Following the completion of the transaction, the chief accounting officer now owns 29,966 shares in the company, valued at $5,209,888.76. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Alphabet news, CAO Amie Thuener O’toole sold 682 shares of Alphabet stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $173.86, for a total transaction of $118,572.52. Following the completion of the sale, the chief accounting officer now directly owns 29,966 shares of the company’s stock, valued at approximately $5,209,888.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Prabhakar Raghavan sold 34,257 shares of the company’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $162.60, for a total value of $5,570,188.20. Following the transaction, the senior vice president now directly owns 312,210 shares of the company’s stock, valued at $50,765,346. The disclosure for this sale can be found here. In the last three months, insiders have sold 179,065 shares of company stock worth $31,025,543. 12.99% of the stock is currently owned by corporate insiders.

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.