Rockland Trust Co. Has $37.26 Million Holdings in Meta Platforms, Inc. (NASDAQ:META)

Rockland Trust Co. lessened its holdings in Meta Platforms, Inc. (NASDAQ:META) by 2.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 65,089 shares of the social networking company’s stock after selling 1,941 shares during the period. Meta Platforms comprises 1.8% of Rockland Trust Co.’s investment portfolio, making the stock its 14th biggest holding. Rockland Trust Co.’s holdings in Meta Platforms were worth $37,260,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. S.A. Mason LLC increased its position in Meta Platforms by 1.5% in the first quarter. S.A. Mason LLC now owns 1,328 shares of the social networking company’s stock worth $645,000 after buying an additional 20 shares during the last quarter. Front Row Advisors LLC increased its position in Meta Platforms by 5.7% in the second quarter. Front Row Advisors LLC now owns 371 shares of the social networking company’s stock worth $187,000 after buying an additional 20 shares during the last quarter. Horizon Bancorp Inc. IN increased its position in Meta Platforms by 2.0% in the first quarter. Horizon Bancorp Inc. IN now owns 1,057 shares of the social networking company’s stock worth $513,000 after buying an additional 21 shares during the last quarter. Northern Capital Management Inc. increased its position in Meta Platforms by 3.4% in the first quarter. Northern Capital Management Inc. now owns 647 shares of the social networking company’s stock worth $314,000 after buying an additional 21 shares during the last quarter. Finally, Buckingham Capital Management Inc. increased its position in Meta Platforms by 5.1% in the second quarter. Buckingham Capital Management Inc. now owns 433 shares of the social networking company’s stock worth $218,000 after buying an additional 21 shares during the last quarter. Institutional investors and hedge funds own 79.91% of the company’s stock.

Meta Platforms Stock Performance

Shares of META opened at $582.77 on Friday. The company has a quick ratio of 2.83, a current ratio of 2.83 and a debt-to-equity ratio of 0.12. The business’s 50 day moving average price is $524.47 and its 200-day moving average price is $501.92. Meta Platforms, Inc. has a 52 week low of $279.40 and a 52 week high of $583.36. The stock has a market cap of $1.48 trillion, a P/E ratio of 33.47, a P/E/G ratio of 1.39 and a beta of 1.21.

Meta Platforms (NASDAQ:META) last issued its quarterly earnings results on Wednesday, July 31st. The social networking company reported $5.16 EPS for the quarter, topping analysts’ consensus estimates of $4.70 by $0.46. The firm had revenue of $39.07 billion for the quarter, compared to analysts’ expectations of $38.26 billion. Meta Platforms had a return on equity of 34.16% and a net margin of 34.34%. The business’s revenue for the quarter was up 22.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $3.23 EPS. Equities research analysts anticipate that Meta Platforms, Inc. will post 21.36 earnings per share for the current fiscal year.

Meta Platforms Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 26th. Investors of record on Monday, September 16th were given a $0.50 dividend. The ex-dividend date was Monday, September 16th. This represents a $2.00 annualized dividend and a yield of 0.34%. Meta Platforms’s dividend payout ratio (DPR) is presently 11.49%.

Wall Street Analyst Weigh In

META has been the subject of a number of recent research reports. Barclays raised their target price on Meta Platforms from $520.00 to $550.00 and gave the stock an “overweight” rating in a research report on Thursday, August 1st. Monness Crespi & Hardt raised their price target on Meta Platforms from $570.00 to $620.00 and gave the stock a “buy” rating in a report on Monday. Sanford C. Bernstein raised their price target on Meta Platforms from $565.00 to $575.00 and gave the stock an “outperform” rating in a report on Monday, July 22nd. Morgan Stanley raised their price target on Meta Platforms from $550.00 to $575.00 and gave the stock an “overweight” rating in a report on Thursday, August 1st. Finally, DA Davidson assumed coverage on Meta Platforms in a report on Tuesday, September 10th. They issued a “buy” rating and a $600.00 price target for the company. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating, thirty-five have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $598.08.

Insider Activity at Meta Platforms

In related news, insider Jennifer Newstead sold 905 shares of the company’s stock in a transaction that occurred on Tuesday, July 9th. The stock was sold at an average price of $533.95, for a total value of $483,224.75. Following the transaction, the insider now directly owns 36,940 shares of the company’s stock, valued at approximately $19,724,113. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO Mark Zuckerberg sold 16,702 shares of the company’s stock in a transaction on Monday, July 8th. The stock was sold at an average price of $530.75, for a total value of $8,864,586.50. Following the completion of the sale, the chief executive officer now directly owns 169,372 shares in the company, valued at approximately $89,894,189. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jennifer Newstead sold 905 shares of the business’s stock in a transaction on Tuesday, July 9th. The stock was sold at an average price of $533.95, for a total transaction of $483,224.75. Following the completion of the transaction, the insider now directly owns 36,940 shares in the company, valued at approximately $19,724,113. The disclosure for this sale can be found here. In the last three months, insiders have sold 300,228 shares of company stock valued at $158,005,260. 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.