Bangor Savings Bank Boosts Holdings in Meta Platforms, Inc. (NASDAQ:META)

Bangor Savings Bank raised its holdings in Meta Platforms, Inc. (NASDAQ:META) by 22.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,797 shares of the social networking company’s stock after purchasing an additional 332 shares during the quarter. Bangor Savings Bank’s holdings in Meta Platforms were worth $873,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in META. Stone House Investment Management LLC boosted its stake in shares of Meta Platforms by 625.0% during the 3rd quarter. Stone House Investment Management LLC now owns 87 shares of the social networking company’s stock worth $26,000 after acquiring an additional 75 shares in the last quarter. Beaird Harris Wealth Management LLC boosted its stake in shares of Meta Platforms by 68.9% during the 3rd quarter. Beaird Harris Wealth Management LLC now owns 103 shares of the social networking company’s stock worth $31,000 after acquiring an additional 42 shares in the last quarter. Quest Partners LLC purchased a new stake in shares of Meta Platforms during the 4th quarter worth about $32,000. Clear Investment Research LLC boosted its stake in shares of Meta Platforms by 411.1% during the 4th quarter. Clear Investment Research LLC now owns 92 shares of the social networking company’s stock worth $33,000 after acquiring an additional 74 shares in the last quarter. Finally, Cranbrook Wealth Management LLC boosted its stake in shares of Meta Platforms by 80.4% during the 4th quarter. Cranbrook Wealth Management LLC now owns 101 shares of the social networking company’s stock worth $36,000 after acquiring an additional 45 shares in the last quarter. 79.91% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

META has been the topic of a number of research reports. Rosenblatt Securities raised their price target on shares of Meta Platforms from $520.00 to $562.00 and gave the company a “buy” rating in a research note on Thursday, April 25th. Loop Capital decreased their price target on shares of Meta Platforms from $555.00 to $550.00 and set a “buy” rating on the stock in a research note on Wednesday, May 1st. Royal Bank of Canada decreased their price target on shares of Meta Platforms from $600.00 to $570.00 and set an “outperform” rating on the stock in a research note on Thursday, April 25th. Citigroup decreased their price target on shares of Meta Platforms from $590.00 to $550.00 and set a “buy” rating on the stock in a research note on Thursday, April 25th. Finally, Truist Financial decreased their price target on shares of Meta Platforms from $550.00 to $535.00 and set a “buy” rating on the stock in a research note on Thursday, April 25th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating, thirty-seven have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, Meta Platforms currently has a consensus rating of “Moderate Buy” and a consensus price target of $510.05.

Meta Platforms Price Performance

Meta Platforms stock opened at $494.78 on Monday. The stock has a market cap of $1.26 trillion, a P/E ratio of 28.42, a price-to-earnings-growth ratio of 1.30 and a beta of 1.21. The company has a fifty day simple moving average of $478.61 and a 200-day simple moving average of $449.33. Meta Platforms, Inc. has a 12-month low of $274.38 and a 12-month high of $531.49. The company has a current ratio of 2.68, a quick ratio of 2.68 and a debt-to-equity ratio of 0.12.

Meta Platforms (NASDAQ:META) last released its quarterly earnings data on Wednesday, April 24th. The social networking company reported $4.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.32 by $0.39. Meta Platforms had a net margin of 32.06% and a return on equity of 32.03%. The business had revenue of $36.46 billion during the quarter, compared to analysts’ expectations of $36.28 billion. Equities analysts expect that Meta Platforms, Inc. will post 20.16 EPS for the current fiscal year.

Meta Platforms Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 26th. Investors of record on Friday, June 14th will be paid a dividend of $0.50 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $2.00 annualized dividend and a yield of 0.40%. Meta Platforms’s dividend payout ratio is currently 11.49%.

Insider Buying and Selling

In related news, CTO Andrew Bosworth sold 5,058 shares of Meta Platforms stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $471.85, for a total transaction of $2,386,617.30. Following the sale, the chief technology officer now directly owns 15,412 shares in the company, valued at approximately $7,272,152.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CTO Andrew Bosworth sold 5,058 shares of the business’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $471.85, for a total transaction of $2,386,617.30. Following the sale, the chief technology officer now owns 15,412 shares of the company’s stock, valued at $7,272,152.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Jennifer Newstead sold 585 shares of the company’s stock in a transaction dated Tuesday, April 30th. The shares were sold at an average price of $431.05, for a total transaction of $252,164.25. Following the completion of the sale, the insider now directly owns 36,643 shares in the company, valued at approximately $15,794,965.15. The disclosure for this sale can be found here. Insiders have sold 235,757 shares of company stock worth $114,265,610 in the last ninety days. 13.71% of the stock is owned by corporate insiders.

About Meta Platforms

Meta Platforms, Inc engages in the development of products that enable people to connect and share with friends and family through mobile devices, personal computers, virtual reality headsets, and wearables worldwide. It operates in two segments, Family of Apps and Reality Labs. The Family of Apps segment offers Facebook, which enables people to share, discuss, discover, and connect with interests; Instagram, a community for sharing photos, videos, and private messages, as well as feed, stories, reels, video, live, and shops; Messenger, a messaging application for people to connect with friends, family, communities, and businesses across platforms and devices through text, audio, and video calls; and WhatsApp, a messaging application that is used by people and businesses to communicate and transact privately.