Glenview Trust Co Increases Stake in Meta Platforms, Inc. $META

Glenview Trust Co raised its position in Meta Platforms, Inc. (NASDAQ:META) by 2.2% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 200,354 shares of the social networking company’s stock after acquiring an additional 4,382 shares during the period. Meta Platforms makes up 1.8% of Glenview Trust Co’s investment portfolio, making the stock its 13th largest holding. Glenview Trust Co’s holdings in Meta Platforms were worth $114,629,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. RHL Group LLC purchased a new stake in Meta Platforms in the 4th quarter valued at approximately $28,000. Strategic Wealth Advisors LLC acquired a new position in Meta Platforms during the 4th quarter worth approximately $29,000. Niles Investment Management LLC purchased a new position in shares of Meta Platforms during the 4th quarter worth approximately $29,000. Bayban raised its stake in shares of Meta Platforms by 100.0% during the 1st quarter. Bayban now owns 70 shares of the social networking company’s stock worth $40,000 after buying an additional 35 shares in the last quarter. Finally, Safe Harbor Fiduciary LLC acquired a new stake in shares of Meta Platforms in the 4th quarter valued at approximately $42,000. Hedge funds and other institutional investors own 79.91% of the company’s stock.

Meta Platforms Stock Performance

NASDAQ META opened at $595.19 on Friday. Meta Platforms, Inc. has a 1-year low of $520.26 and a 1-year high of $796.25. The company has a market capitalization of $1.51 trillion, a P/E ratio of 21.64, a PEG ratio of 1.01 and a beta of 1.25. The business has a 50 day moving average price of $604.51 and a 200 day moving average price of $625.76. 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 (NASDAQ:META) last issued its quarterly earnings data on Wednesday, April 29th. The social networking company reported $10.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.67 by $3.77. The firm had revenue of $56.31 billion during the quarter, compared to analysts’ expectations of $55.56 billion. Meta Platforms had a return on equity of 36.93% and a net margin of 32.84%.Meta Platforms’s revenue was up 33.1% on a year-over-year basis. During the same period in the previous year, the firm posted $6.43 earnings per share. Sell-side analysts expect that Meta Platforms, Inc. will post 29.49 EPS for the current fiscal year.

Meta Platforms Announces Dividend

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

Insider Transactions at Meta Platforms

In other Meta Platforms news, insider Curtis J. Mahoney sold 2,079 shares of the firm’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 transaction, the insider directly owned 1,118 shares in the company, valued at approximately $681,890.56. This trade represents a 65.03% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Andrew Bosworth sold 7,847 shares of Meta Platforms stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $607.83, for a total transaction of $4,769,642.01. Following the transaction, the chief technology officer owned 414 shares of the company’s stock, valued at approximately $251,641.62. The trade was a 94.99% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 37,948 shares of company stock worth $23,184,319. Corporate insiders own 13.53% of the company’s stock.

Analyst Ratings Changes

META has been the topic of a number of analyst reports. Wall Street Zen downgraded Meta Platforms from a “buy” rating to a “hold” rating in a research note on Saturday, May 16th. Cantor Fitzgerald reduced their target price on Meta Platforms from $850.00 to $750.00 and set an “overweight” rating for the company in a report on Thursday, April 30th. Truist Financial decreased their target price on shares of Meta Platforms from $900.00 to $840.00 and set a “buy” rating on the stock in a research report on Thursday, April 30th. Barclays upped their price target on shares of Meta Platforms from $800.00 to $830.00 and gave the stock an “overweight” rating in a research note on Thursday, April 30th. Finally, Bank of America cut their price target on shares of Meta Platforms from $885.00 to $820.00 and set a “buy” rating for the company in a report on Monday, April 20th. Five investment analysts have rated the stock with a Strong Buy rating, thirty-four have issued a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $835.64.

Key Stories Impacting Meta Platforms

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.

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.