Camden National Bank Trims Stock Position in Meta Platforms, Inc. (NASDAQ:META)

Camden National Bank decreased its position in Meta Platforms, Inc. (NASDAQ:META) by 6.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 871 shares of the social networking company’s stock after selling 63 shares during the period. Camden National Bank’s holdings in Meta Platforms were worth $499,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Jennison Associates LLC boosted its holdings in Meta Platforms by 1.9% during the 3rd quarter. Jennison Associates LLC now owns 14,440,868 shares of the social networking company’s stock valued at $8,266,531,000 after acquiring an additional 263,063 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in shares of Meta Platforms by 0.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 13,827,565 shares of the social networking company’s stock valued at $7,915,451,000 after purchasing an additional 118,298 shares in the last quarter. International Assets Investment Management LLC raised its stake in Meta Platforms by 57,001.5% in the third quarter. International Assets Investment Management LLC now owns 9,517,111 shares of the social networking company’s stock valued at $5,447,975,000 after buying an additional 9,500,444 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Meta Platforms by 2.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 7,754,450 shares of the social networking company’s stock worth $3,911,029,000 after buying an additional 208,677 shares during the last quarter. Finally, Swiss National Bank boosted its position in shares of Meta Platforms by 0.3% during the 3rd quarter. Swiss National Bank now owns 6,504,600 shares of the social networking company’s stock worth $3,723,493,000 after acquiring an additional 17,100 shares in the last quarter. Institutional investors and hedge funds own 79.91% of the company’s stock.

Meta Platforms Stock Performance

Meta Platforms stock opened at $559.14 on Monday. Meta Platforms, Inc. has a fifty-two week low of $313.66 and a fifty-two week high of $602.95. The company has a market capitalization of $1.41 trillion, a price-to-earnings ratio of 26.34, a PEG ratio of 1.25 and a beta of 1.22. The stock has a fifty day moving average of $572.74 and a two-hundred day moving average of $524.71. The company has a debt-to-equity ratio of 0.18, a quick ratio of 2.73 and a current ratio of 2.73.

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, topping analysts’ consensus estimates of $5.19 by $0.84. The firm had revenue of $40.59 billion during the quarter, compared to analysts’ expectations of $40.21 billion. Meta Platforms had a return on equity of 35.60% and a net margin of 35.55%. On average, analysts anticipate that Meta Platforms, Inc. will post 22.53 EPS for the current fiscal year.

Meta Platforms Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 26th. Investors of record on Monday, September 16th were paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 0.36%. The ex-dividend date of this dividend was Monday, September 16th. Meta Platforms’s payout ratio is 9.42%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on META. Stifel Nicolaus upped their price target on Meta Platforms from $590.00 to $663.00 and gave the company a “buy” rating in a report on Monday, October 14th. Oppenheimer upped their target price on shares of Meta Platforms from $525.00 to $615.00 and gave the company an “outperform” rating in a report on Thursday, August 1st. Sanford C. Bernstein lifted their price target on shares of Meta Platforms from $600.00 to $675.00 and gave the stock an “outperform” rating in a research note on Friday, October 25th. Citigroup upped their price objective on shares of Meta Platforms from $645.00 to $705.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Finally, Evercore ISI lifted their target price on Meta Platforms from $550.00 to $600.00 and gave the stock an “outperform” rating in a research report on Thursday, August 1st. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, thirty-five have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $634.10.

Insider Buying and Selling

In other Meta Platforms news, CEO Mark Zuckerberg sold 7,975 shares of Meta Platforms stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $516.36, for a total value of $4,117,971.00. Following the completion of the sale, the chief executive officer now owns 531,884 shares in the company, valued at $274,643,622.24. The trade was a 1.48 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, COO Javier Olivan sold 620 shares of the company’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $557.00, for a total transaction of $345,340.00. Following the transaction, the chief operating officer now directly owns 19,992 shares of the company’s stock, valued at approximately $11,135,544. This represents a 3.01 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 152,141 shares of company stock worth $83,390,497. 13.71% of the stock is owned by 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.