Bangor Savings Bank Has $1.42 Million Stake in Meta Platforms, Inc. (NASDAQ:META)

Bangor Savings Bank reduced its position in shares of Meta Platforms, Inc. (NASDAQ:META) by 2.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,431 shares of the social networking company’s stock after selling 57 shares during the period. Bangor Savings Bank’s holdings in Meta Platforms were worth $1,423,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of the company. JDM Financial Group LLC acquired a new position in Meta Platforms during the 3rd quarter worth approximately $30,000. Safe Harbor Fiduciary LLC bought a new stake in shares of Meta Platforms in the third quarter worth $36,000. Halpern Financial Inc. acquired a new position in Meta Platforms during the third quarter worth $46,000. West Financial Advisors LLC bought a new position in Meta Platforms in the third quarter valued at $49,000. Finally, Hoese & Co LLP grew its position in Meta Platforms by 2,000.0% in the third quarter. Hoese & Co LLP now owns 105 shares of the social networking company’s stock valued at $60,000 after purchasing an additional 100 shares in the last quarter. 79.91% of the stock is owned by institutional investors and hedge funds.

Meta Platforms Stock Performance

Shares of META stock opened at $630.20 on Tuesday. The stock has a market capitalization of $1.59 trillion, a PE ratio of 29.68, a PEG ratio of 1.39 and a beta of 1.19. The business’s 50 day simple moving average is $590.92 and its 200 day simple moving average is $550.47. The company has a debt-to-equity ratio of 0.18, a current ratio of 2.73 and a quick ratio of 2.73. Meta Platforms, Inc. has a one year low of $352.05 and a one year high of $638.40.

Meta Platforms (NASDAQ:META) last posted its quarterly earnings data on Wednesday, October 30th. The social networking company reported $6.03 EPS for the quarter, beating analysts’ consensus estimates of $5.19 by $0.84. Meta Platforms had a net margin of 35.55% and a return on equity of 35.60%. The company had revenue of $40.59 billion for the quarter, compared to analyst estimates of $40.21 billion. As a group, research analysts forecast that Meta Platforms, Inc. will post 22.68 earnings per share for the current year.

Meta Platforms Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Stockholders of record on Monday, December 16th were given a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 0.32%. The ex-dividend date was Monday, December 16th. Meta Platforms’s dividend payout ratio (DPR) is presently 9.42%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Wedbush increased their price objective on Meta Platforms from $640.00 to $680.00 and gave the company an “outperform” rating in a report on Monday. KeyCorp lifted their target price on Meta Platforms from $560.00 to $655.00 and gave the stock an “overweight” rating in a report on Wednesday, October 9th. Roth Mkm upped their price target on shares of Meta Platforms from $620.00 to $635.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. The Goldman Sachs Group lifted their price objective on shares of Meta Platforms from $555.00 to $636.00 and gave the stock a “buy” rating in a research note on Monday, October 14th. Finally, Wolfe Research boosted their price objective on shares of Meta Platforms from $670.00 to $730.00 and gave the company an “outperform” rating in a report on Friday. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, thirty-five have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Meta Platforms has an average rating of “Moderate Buy” and an average price target of $645.80.

Insider Activity

In related news, CFO Susan J. Li sold 8,951 shares of the stock in a transaction on Friday, November 15th. The shares were sold at an average price of $577.16, for a total transaction of $5,166,159.16. Following the transaction, the chief financial officer now directly owns 51,591 shares of the company’s stock, valued at $29,776,261.56. This represents a 14.78 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Aaron Anderson sold 731 shares of Meta Platforms stock in a transaction on Monday, November 18th. The shares were sold at an average price of $557.00, for a total transaction of $407,167.00. Following the completion of the sale, the chief accounting officer now directly owns 3,414 shares of the company’s stock, valued at approximately $1,901,598. This trade represents a 17.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 361,640 shares of company stock valued at $219,037,690 in the last ninety days. 13.71% of the stock is owned by company 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.