Harbour Trust & Investment Management Co Grows Position in Meta Platforms, Inc. (NASDAQ:META)

Harbour Trust & Investment Management Co increased its stake in Meta Platforms, Inc. (NASDAQ:META - Free Report) by 49.4% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 17,831 shares of the social networking company's stock after acquiring an additional 5,893 shares during the quarter. Meta Platforms accounts for approximately 1.2% of Harbour Trust & Investment Management Co's portfolio, making the stock its 23rd largest position. Harbour Trust & Investment Management Co's holdings in Meta Platforms were worth $10,277,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of META. Inlight Wealth Management LLC purchased a new position in Meta Platforms during the 1st quarter worth $25,000. Barnes Dennig Private Wealth Management LLC purchased a new position in shares of Meta Platforms in the 1st quarter worth about $28,000. Millstone Evans Group LLC bought a new stake in Meta Platforms in the 4th quarter valued at about $40,000. WealthTrak Capital Management LLC bought a new stake in Meta Platforms in the 4th quarter valued at about $43,000. Finally, Marshall & Sterling Wealth Advisors Inc. bought a new stake in Meta Platforms in the 4th quarter valued at about $45,000. Institutional investors own 79.91% of the company's stock.

Insider Activity at Meta Platforms

In related news, CEO Mark Zuckerberg sold 13,793 shares of the company's stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $701.13, for a total transaction of $9,670,686.09. Following the completion of the transaction, the chief executive officer owned 118,279 shares in the company, valued at $82,928,955.27. This represents a 10.44% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Susan J. Li sold 6,874 shares of the company's stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $659.36, for a total value of $4,532,440.64. Following the transaction, the chief financial officer owned 70,040 shares of the company's stock, valued at approximately $46,181,574.40. This represents a 8.94% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 154,285 shares of company stock worth $105,518,153 over the last quarter. 13.61% of the stock is owned by corporate insiders.

Meta Platforms Trading Up 0.5%

Shares of NASDAQ:META traded up $3.34 during trading on Friday, reaching $716.91. 8,601,653 shares of the company traded hands, compared to its average volume of 14,544,817. The firm has a market capitalization of $1.80 trillion, a price-to-earnings ratio of 27.96, a P/E/G ratio of 1.76 and a beta of 1.28. Meta Platforms, Inc. has a 52-week low of $442.65 and a 52-week high of $747.90. The company has a current ratio of 2.66, a quick ratio of 2.66 and a debt-to-equity ratio of 0.16. The business's fifty day moving average is $658.89 and its 200-day moving average is $630.04.

Meta Platforms (NASDAQ:META - Get Free Report) last released its quarterly earnings data on Wednesday, April 30th. The social networking company reported $6.43 earnings per share for the quarter, beating analysts' consensus estimates of $5.33 by $1.10. The firm had revenue of $42.31 billion during the quarter, compared to analyst estimates of $41.45 billion. Meta Platforms had a return on equity of 38.69% and a net margin of 39.11%. The business's quarterly revenue was up 16.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $4.71 earnings per share. As a group, analysts forecast that Meta Platforms, Inc. will post 26.7 EPS for the current year.

Meta Platforms Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 26th. Stockholders of record on Monday, June 16th were paid a dividend of $0.525 per share. This represents a $2.10 dividend on an annualized basis and a dividend yield of 0.29%. The ex-dividend date was Monday, June 16th. Meta Platforms's dividend payout ratio (DPR) is presently 8.19%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on META shares. Jefferies Financial Group decreased their price target on Meta Platforms from $725.00 to $600.00 and set a "buy" rating on the stock in a research report on Monday, April 7th. KeyCorp upped their price target on Meta Platforms from $645.00 to $655.00 and gave the company an "overweight" rating in a research report on Thursday, May 1st. Truist Financial upped their price target on Meta Platforms from $700.00 to $720.00 and gave the company a "buy" rating in a research report on Thursday, May 1st. Robert W. Baird upped their price target on Meta Platforms from $635.00 to $740.00 and gave the company an "outperform" rating in a research report on Wednesday. Finally, Royal Bank Of Canada reiterated an "outperform" rating and set a $740.00 price target on shares of Meta Platforms in a research report on Thursday, May 1st. Five equities research analysts have rated the stock with a hold rating, thirty-seven have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $719.29.

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.