Penobscot Investment Management Company Inc. Has $1.91 Million Stake in Meta Platforms, Inc. (NASDAQ:META)

Penobscot Investment Management Company Inc. increased its holdings in shares of Meta Platforms, Inc. (NASDAQ:META) by 7.8% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,400 shares of the social networking company’s stock after purchasing an additional 390 shares during the quarter. Penobscot Investment Management Company Inc.’s holdings in Meta Platforms were worth $1,911,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings in Meta Platforms by 1.0% during the third quarter. Vanguard Group Inc. now owns 183,244,796 shares of the social networking company’s stock worth $55,011,920,000 after purchasing an additional 1,733,182 shares during the last quarter. FMR LLC lifted its stake in Meta Platforms by 4.0% in the third quarter. FMR LLC now owns 130,809,908 shares of the social networking company’s stock valued at $39,270,443,000 after acquiring an additional 5,001,647 shares during the last quarter. Morgan Stanley lifted its stake in Meta Platforms by 3.4% in the third quarter. Morgan Stanley now owns 36,277,772 shares of the social networking company’s stock valued at $10,890,950,000 after acquiring an additional 1,184,978 shares during the last quarter. Northern Trust Corp lifted its stake in Meta Platforms by 4.3% in the third quarter. Northern Trust Corp now owns 23,003,927 shares of the social networking company’s stock valued at $6,906,009,000 after acquiring an additional 946,871 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in Meta Platforms by 0.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 13,143,462 shares of the social networking company’s stock valued at $3,945,799,000 after acquiring an additional 111,735 shares during the last quarter. Institutional investors and hedge funds own 79.91% of the company’s stock.

Meta Platforms Price Performance

META stock opened at $430.17 on Wednesday. The company has a quick ratio of 2.68, a current ratio of 2.68 and a debt-to-equity ratio of 0.12. Meta Platforms, Inc. has a 12 month low of $229.85 and a 12 month high of $531.49. The firm has a market cap of $1.10 trillion, a P/E ratio of 24.71, a P/E/G ratio of 1.12 and a beta of 1.20. The company’s 50-day moving average price is $492.83 and its two-hundred day moving average price is $406.97.

Meta Platforms (NASDAQ:META) last posted its quarterly earnings results on Wednesday, April 24th. The social networking company reported $4.71 earnings per share for the quarter, beating analysts’ consensus estimates of $4.32 by $0.39. Meta Platforms had a net margin of 32.06% and a return on equity of 32.03%. The company had revenue of $36.46 billion for the quarter, compared to the consensus estimate of $36.28 billion. On average, analysts anticipate that Meta Platforms, Inc. will post 20.17 earnings per share for the current fiscal year.

Meta Platforms Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 26th. Stockholders of record on Thursday, February 22nd were paid a $0.50 dividend. The ex-dividend date was Wednesday, February 21st. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.46%. Meta Platforms’s payout ratio is currently 11.49%.

Insider Activity

In other news, CFO Susan J. Li sold 10,956 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $473.28, for a total value of $5,185,255.68. Following the sale, the chief financial officer now directly owns 76,398 shares in the company, valued at approximately $36,157,645.44. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CEO Mark Zuckerberg sold 97,093 shares of Meta Platforms stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $469.67, for a total transaction of $45,601,669.31. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Susan J. Li sold 10,956 shares of Meta Platforms stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $473.28, for a total transaction of $5,185,255.68. Following the sale, the chief financial officer now owns 76,398 shares in the company, valued at $36,157,645.44. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,257,291 shares of company stock worth $612,916,087. Corporate insiders own 13.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on META. The Goldman Sachs Group cut their price target on shares of Meta Platforms from $555.00 to $500.00 and set a “buy” rating for the company in a research note on Thursday, April 25th. TD Cowen cut their price target on shares of Meta Platforms from $590.00 to $530.00 and set a “buy” rating for the company in a research note on Thursday, April 25th. Wells Fargo & Company cut their price target on shares of Meta Platforms from $609.00 to $600.00 and set an “overweight” rating for the company in a research note on Wednesday, April 3rd. Mizuho increased their price target on shares of Meta Platforms from $470.00 to $575.00 and gave the company a “buy” rating in a research note on Friday, February 2nd. Finally, Bank of America increased their price objective on shares of Meta Platforms from $425.00 to $510.00 and gave the company a “buy” rating in a research report on Friday, February 2nd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, thirty-seven have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, Meta Platforms presently has an average rating of “Moderate Buy” and a consensus price target of $509.18.

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.