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

Bangor Savings Bank grew its position in shares of Meta Platforms, Inc. (NASDAQ:META) by 0.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,453 shares of the social networking company’s stock after acquiring an additional 22 shares during the quarter. Bangor Savings Bank’s holdings in Meta Platforms were worth $1,414,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently bought and sold shares of the company. Valley Financial Group Inc. boosted its holdings in shares of Meta Platforms by 2.4% in the 4th quarter. Valley Financial Group Inc. now owns 588 shares of the social networking company’s stock worth $344,000 after buying an additional 14 shares during the last quarter. Lantern Wealth Advisors LLC boosted its holdings in shares of Meta Platforms by 0.5% in the 4th quarter. Lantern Wealth Advisors LLC now owns 2,976 shares of the social networking company’s stock worth $1,743,000 after buying an additional 14 shares during the last quarter. Seelaus Asset Management LLC boosted its holdings in shares of Meta Platforms by 0.9% in the 4th quarter. Seelaus Asset Management LLC now owns 1,640 shares of the social networking company’s stock worth $960,000 after buying an additional 15 shares during the last quarter. Meredith Wealth Planning boosted its holdings in shares of Meta Platforms by 0.8% in the 4th quarter. Meredith Wealth Planning now owns 1,873 shares of the social networking company’s stock worth $1,097,000 after buying an additional 15 shares during the last quarter. Finally, Maiden Cove Capital LLC boosted its holdings in shares of Meta Platforms by 3.2% in the 4th quarter. Maiden Cove Capital LLC now owns 481 shares of the social networking company’s stock worth $282,000 after buying an additional 15 shares during the last quarter. 79.91% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

META has been the topic of a number of research analyst reports. Bank of America boosted their price target on shares of Meta Platforms from $640.00 to $690.00 and gave the stock a “buy” rating in a report on Thursday, May 1st. Susquehanna cut their price target on shares of Meta Platforms from $800.00 to $700.00 and set a “positive” rating on the stock in a report on Thursday, May 1st. JPMorgan Chase & Co. boosted their price target on shares of Meta Platforms from $675.00 to $735.00 and gave the stock an “overweight” rating in a report on Wednesday, June 4th. Citigroup boosted their price target on shares of Meta Platforms from $655.00 to $690.00 and gave the stock a “buy” rating in a report on Thursday, May 1st. Finally, Needham & Company LLC restated an “underperform” rating on shares of Meta Platforms in a research note on Thursday, May 1st. One analyst has rated the stock with a sell rating, four have given a hold rating, thirty-seven have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, Meta Platforms currently has a consensus rating of “Moderate Buy” and an average price target of $702.48.

Meta Platforms Stock Up 1.9%

META stock opened at $697.71 on Monday. The company has a current ratio of 2.98, a quick ratio of 2.98 and a debt-to-equity ratio of 0.16. The company’s 50 day moving average is $587.67 and its 200 day moving average is $615.55. The stock has a market cap of $1.75 trillion, a price-to-earnings ratio of 29.17, a price-to-earnings-growth ratio of 1.42 and a beta of 1.26. Meta Platforms, Inc. has a 1-year low of $442.65 and a 1-year high of $740.91.

Meta Platforms (NASDAQ:META) last posted its quarterly earnings data on Wednesday, April 30th. The social networking company reported $6.43 earnings per share for the quarter, topping the consensus estimate of $5.33 by $1.10. The company had revenue of $42.31 billion for the quarter, compared to analysts’ expectations of $41.45 billion. Meta Platforms had a net margin of 37.91% and a return on equity of 38.17%. Meta Platforms’s revenue for the quarter was up 16.1% compared to the same quarter last year. During the same period in the prior year, the business earned $4.71 earnings per share. Sell-side analysts predict that Meta Platforms, Inc. will post 26.7 EPS for the current fiscal year.

Meta Platforms Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 26th. Shareholders of record on Monday, June 16th will be paid a $0.525 dividend. This represents a $2.10 annualized dividend and a yield of 0.30%. The ex-dividend date is Monday, June 16th. Meta Platforms’s dividend payout ratio is currently 8.19%.

Insiders Place Their Bets

In other Meta Platforms news, insider Jennifer Newstead sold 921 shares of the company’s stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $595.00, for a total value of $547,995.00. Following the completion of the sale, the insider now owns 33,024 shares of the company’s stock, valued at $19,649,280. This represents a 2.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Javier Olivan sold 608 shares of the company’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $607.50, for a total value of $369,360.00. Following the completion of the sale, the chief operating officer now directly owns 7,446 shares of the company’s stock, valued at approximately $4,523,445. This represents a 7.55% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 55,563 shares of company stock valued at $34,793,185 over the last quarter. 13.61% of the stock is owned by corporate insiders.

Meta Platforms Company Profile

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.