1,697 Shares in Meta Platforms, Inc. (NASDAQ:META) Acquired by Kennebec Savings Bank

Kennebec Savings Bank bought a new position in Meta Platforms, Inc. (NASDAQ:META) in the 3rd quarter, according to its most recent filing with the SEC. The institutional investor bought 1,697 shares of the social networking company’s stock, valued at approximately $971,000.

A number of other hedge funds also recently added to or reduced their stakes in META. Delos Wealth Advisors LLC boosted its holdings in shares of Meta Platforms by 527.3% in the 1st quarter. Delos Wealth Advisors LLC now owns 69 shares of the social networking company’s stock valued at $34,000 after buying an additional 58 shares in the last quarter. POM Investment Strategies LLC purchased a new stake in shares of Meta Platforms during the second quarter valued at $38,000. Ruedi Wealth Management Inc. grew its stake in Meta Platforms by 122.2% during the 2nd quarter. Ruedi Wealth Management Inc. now owns 80 shares of the social networking company’s stock valued at $40,000 after purchasing an additional 44 shares during the last quarter. Halpern Financial Inc. acquired a new position in Meta Platforms in the 3rd quarter worth approximately $46,000. Finally, J.Safra Asset Management Corp acquired a new stake in shares of Meta Platforms in the first quarter worth $47,000. 79.91% of the stock is owned by hedge funds and other institutional investors.

Meta Platforms Trading Down 0.8 %

NASDAQ META opened at $580.00 on Thursday. The company has a debt-to-equity ratio of 0.18, a current ratio of 2.73 and a quick ratio of 2.73. The stock has a market capitalization of $1.46 trillion, a P/E ratio of 27.32, a PEG ratio of 1.29 and a beta of 1.22. The firm’s 50-day moving average is $564.48 and its two-hundred day moving average is $518.29. Meta Platforms, Inc. has a 12 month low of $313.66 and a 12 month high of $602.95.

Meta Platforms (NASDAQ:META) last issued its quarterly earnings data on Wednesday, October 30th. The social networking company reported $6.03 EPS for the quarter, topping the consensus estimate of $5.19 by $0.84. Meta Platforms had a net margin of 35.55% and a return on equity of 35.60%. The firm had revenue of $40.59 billion for the quarter, compared to analyst estimates of $40.21 billion. On average, sell-side analysts anticipate that Meta Platforms, Inc. will post 22.53 earnings per share for the current year.

Meta Platforms Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 26th. Investors of record on Monday, September 16th were issued a $0.50 dividend. The ex-dividend date of this dividend was Monday, September 16th. This represents a $2.00 annualized dividend and a dividend yield of 0.34%. Meta Platforms’s dividend payout ratio is presently 9.42%.

Insider Buying and Selling

In other Meta Platforms news, CEO Mark Zuckerberg sold 492 shares of the business’s stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $600.75, for a total transaction of $295,569.00. Following the sale, the chief executive officer now directly owns 518,508 shares in the company, valued at $311,493,681. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Jennifer Newstead sold 905 shares of the business’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $532.21, for a total transaction of $481,650.05. Following the completion of the transaction, the insider now directly owns 41,437 shares of the company’s stock, valued at $22,053,185.77. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Mark Zuckerberg sold 492 shares of the stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $600.75, for a total value of $295,569.00. Following the completion of the sale, the chief executive officer now directly owns 518,508 shares in the company, valued at $311,493,681. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 175,807 shares of company stock valued at $93,851,617. Corporate insiders own 13.71% of the company’s stock.

Analysts Set New Price Targets

META has been the topic of several analyst reports. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $670.00 target price on shares of Meta Platforms in a report on Wednesday, October 16th. UBS Group lifted their target price on shares of Meta Platforms from $690.00 to $719.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Guggenheim raised their price target on shares of Meta Platforms from $600.00 to $665.00 and gave the company a “buy” rating in a research report on Monday, October 7th. Oppenheimer upped their price objective on shares of Meta Platforms from $525.00 to $615.00 and gave the stock an “outperform” rating in a research report on Thursday, August 1st. Finally, Piper Sandler raised their target price on Meta Platforms from $575.00 to $650.00 and gave the company an “overweight” rating in a research report on Thursday, October 31st. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, thirty-five have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $634.10.

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.