Meta Platforms, Inc. $META Shares Bought by Glenview Trust Co

Glenview Trust Co lifted its stake in shares of Meta Platforms, Inc. (NASDAQ:META) by 2.2% during the first quarter, Holdings Channel reports. The fund owned 200,354 shares of the social networking company’s stock after purchasing an additional 4,382 shares during the quarter. Meta Platforms comprises 1.8% of Glenview Trust Co’s portfolio, making the stock its 13th biggest holding. Glenview Trust Co’s holdings in Meta Platforms were worth $114,629,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in META. RHL Group LLC acquired a new stake in shares of Meta Platforms during the 4th quarter worth about $28,000. Strategic Wealth Advisors LLC acquired a new position in shares of Meta Platforms in the fourth quarter valued at approximately $29,000. Niles Investment Management LLC acquired a new position in shares of Meta Platforms in the fourth quarter valued at approximately $29,000. Bayban lifted its stake in shares of Meta Platforms by 100.0% during the first quarter. Bayban now owns 70 shares of the social networking company’s stock valued at $40,000 after buying an additional 35 shares during the period. Finally, Safe Harbor Fiduciary LLC purchased a new position in shares of Meta Platforms during the fourth quarter valued at approximately $42,000. Hedge funds and other institutional investors own 79.91% of the company’s stock.

Meta Platforms News Summary

Here are the key news stories impacting Meta Platforms this week:

• Positive Sentiment: A new free verification badge system for Facebook users, which may improve trust and platform quality. Fast Company article
• Positive Sentiment: A dedicated Marketplace seller app with tools for merchants, aimed at making Facebook commerce more useful and organized. Reuters article
• Positive Sentiment: Wall Street commentary remained constructive, with articles highlighting Meta as a strong momentum stock and a potentially attractive AI-era value name.
• Positive Sentiment: Analyst sentiment stayed favorable, including a report that Wells Fargo raised its price target on Meta to $835.00.

Insider Activity at Meta Platforms

In other news, Director Robert M. Kimmitt sold 500 shares of the business’s stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $607.75, for a total value of $303,875.00. Following the completion of the sale, the director owned 3,443 shares of the company’s stock, valued at approximately $2,092,483.25. The trade was a 12.68% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Curtis J. Mahoney sold 2,079 shares of the company’s stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $609.92, for a total transaction of $1,268,023.68. Following the completion of the sale, the insider owned 1,118 shares in the company, valued at approximately $681,890.56. This trade represents a 65.03% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 37,948 shares of company stock valued at $23,184,319 over the last ninety days. Corporate insiders own 13.53% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on META. Susquehanna upgraded shares of Meta Platforms from a “positive” rating to a “positive” rating in a research report on Tuesday, June 2nd. Roth Capital reissued a “buy” rating on shares of Meta Platforms in a research note on Thursday, April 30th. Cantor Fitzgerald dropped their target price on Meta Platforms from $850.00 to $750.00 and set an “overweight” rating for the company in a research note on Thursday, April 30th. Morgan Stanley reduced their target price on Meta Platforms from $825.00 to $775.00 and set an “overweight” rating on the stock in a research report on Monday, March 30th. Finally, Bank of America decreased their price target on Meta Platforms from $885.00 to $820.00 and set a “buy” rating on the stock in a research note on Monday, April 20th. Five analysts have rated the stock with a Strong Buy rating, thirty-four have issued a Buy rating, eight have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Meta Platforms has a consensus rating of “Moderate Buy” and an average price target of $835.64.

Meta Platforms Stock Performance

Meta Platforms stock opened at $595.19 on Friday. The stock’s 50-day moving average is $604.51 and its 200-day moving average is $625.76. The company has a market cap of $1.51 trillion, a price-to-earnings ratio of 21.64, a price-to-earnings-growth ratio of 1.01 and a beta of 1.25. The company has a debt-to-equity ratio of 0.24, a current ratio of 2.35 and a quick ratio of 2.35. Meta Platforms, Inc. has a 12 month low of $520.26 and a 12 month high of $796.25.

Meta Platforms (NASDAQ:META) last announced its earnings results on Wednesday, April 29th. The social networking company reported $10.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $6.67 by $3.77. The company had revenue of $56.31 billion for the quarter, compared to analyst estimates of $55.56 billion. Meta Platforms had a return on equity of 36.93% and a net margin of 32.84%.Meta Platforms’s quarterly revenue was up 33.1% on a year-over-year basis. During the same period in the prior year, the company posted $6.43 EPS. Equities analysts anticipate that Meta Platforms, Inc. will post 29.49 earnings per share for the current year.

Meta Platforms Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 25th. Investors of record on Monday, June 15th were issued a $0.525 dividend. The ex-dividend date of this dividend was Monday, June 15th. This represents a $2.10 annualized dividend and a yield of 0.4%. Meta Platforms’s dividend payout ratio is currently 7.63%.

Meta Platforms Profile

Meta Platforms, Inc (NASDAQ: META), formerly Facebook, Inc, is a global technology company best known for building social networking services and immersive computing platforms. Founded in 2004 and headquartered in Menlo Park, California, the company operates a family of consumer-facing products and services that connect users, creators and businesses. In October 2021 the company rebranded as Meta to reflect an expanded strategic focus on augmented and virtual reality technologies alongside its social media businesses.

Meta’s core consumer products include Facebook, Instagram, WhatsApp and Messenger, which enable social networking, messaging, content sharing and community building across mobile and desktop devices.