Should I be concerned that a bid price is high?

Not necessarily, as the bid value represents the maximum price, you're willing to pay for a single click. By bidding higher, you increase your chance of winning a preferential position on the page. In the end, you will only ever pay a cent or penny more than the second-highest bid.

Robert will always bid upward if the algorithm determines that the targeting criteria is profitable. However, Robert won't increase your current bid price more than two times the current CPC, even if the algorithm indicates that the campaign could perform better with a slight increase. For example, if the keyword's CPC is $5.00, the maximum bid price set by Robert is $15.00.