Fulton Bank N.A. Sells 698 Shares of Meta Platforms, Inc. (NASDAQ:META)

Fulton Bank N.A. reduced its position in Meta Platforms, Inc. (NASDAQ:META - Free Report) by 1.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 45,785 shares of the social networking company's stock after selling 698 shares during the quarter. Meta Platforms comprises approximately 1.1% of Fulton Bank N.A.'s investment portfolio, making the stock its 22nd biggest holding. Fulton Bank N.A.'s holdings in Meta Platforms were worth $26,389,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in META. Vanguard Group Inc. lifted its holdings in shares of Meta Platforms by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 191,198,005 shares of the social networking company's stock worth $111,948,344,000 after purchasing an additional 1,502,553 shares during the period. Geode Capital Management LLC increased its stake in shares of Meta Platforms by 2.1% in the 4th quarter. Geode Capital Management LLC now owns 49,181,127 shares of the social networking company's stock valued at $28,719,970,000 after purchasing an additional 1,020,519 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in Meta Platforms by 2.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 42,317,434 shares of the social networking company's stock valued at $24,777,282,000 after acquiring an additional 1,049,121 shares during the period. Capital World Investors raised its position in shares of Meta Platforms by 2.9% during the 4th quarter. Capital World Investors now owns 40,317,105 shares of the social networking company's stock worth $23,606,338,000 after purchasing an additional 1,141,355 shares during the last quarter. Finally, Norges Bank acquired a new stake in Meta Platforms during the 4th quarter worth $19,949,512,000. 79.91% of the stock is owned by institutional investors and hedge funds.

Meta Platforms Price Performance

META traded down $3.33 during midday trading on Thursday, reaching $684.62. 12,316,532 shares of the company's stock were exchanged, compared to its average volume of 14,508,647. The company has a quick ratio of 2.98, a current ratio of 2.98 and a debt-to-equity ratio of 0.16. The business has a 50-day simple moving average of $583.27 and a two-hundred day simple moving average of $613.00. The firm has a market capitalization of $1.72 trillion, a price-to-earnings ratio of 28.62, a price-to-earnings-growth ratio of 1.42 and a beta of 1.24. Meta Platforms, Inc. has a one year low of $442.65 and a one year high of $740.91.

Meta Platforms (NASDAQ:META - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The social networking company reported $6.43 EPS for the quarter, beating the consensus estimate of $5.33 by $1.10. Meta Platforms had a return on equity of 38.17% and a net margin of 37.91%. The business had revenue of $42.31 billion for the quarter, compared to analyst estimates of $41.45 billion. During the same quarter in the previous year, the firm earned $4.71 EPS. Meta Platforms's quarterly revenue was up 16.1% on a year-over-year basis. As a group, research analysts predict that Meta Platforms, Inc. will post 26.7 EPS for the current year.

Meta Platforms Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 26th. Stockholders of record on Monday, June 16th will be issued a dividend of $0.525 per share. This represents a $2.10 annualized dividend and a dividend yield of 0.31%. The ex-dividend date is Monday, June 16th. Meta Platforms's payout ratio is 8.19%.

Insider Activity

In related news, CTO Andrew Bosworth sold 5,057 shares of the company's stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $659.36, for a total transaction of $3,334,383.52. Following the transaction, the chief technology officer now owns 16,463 shares in the company, valued at $10,855,043.68. This represents a 23.50% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Susan J. Li sold 6,874 shares of the stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $659.36, for a total transaction of $4,532,440.64. Following the sale, the chief financial officer now directly owns 70,040 shares in the company, valued at $46,181,574.40. This trade represents a 8.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 55,652 shares of company stock worth $34,815,208. Insiders own 13.61% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Rosenblatt Securities raised their price objective on shares of Meta Platforms from $846.00 to $918.00 and gave the stock a "buy" rating in a research report on Thursday, May 1st. Wedbush boosted their price target on shares of Meta Platforms from $680.00 to $750.00 and gave the stock an "outperform" rating in a research note on Thursday, May 1st. Tigress Financial reaffirmed a "strong-buy" rating on shares of Meta Platforms in a report on Tuesday, February 11th. Jefferies Financial Group cut their price target on shares of Meta Platforms from $725.00 to $600.00 and set a "buy" rating on the stock in a research note on Monday, April 7th. Finally, Bank of America upped their price target on shares of Meta Platforms from $640.00 to $690.00 and gave the company a "buy" rating in a research report on Thursday, May 1st. One analyst has rated the stock with a sell rating, four have issued a hold rating, thirty-seven have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $702.48.

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.