Riverview Trust Co Lowers Stake in Meta Platforms, Inc. (NASDAQ:META)

Riverview Trust Co cut its position in Meta Platforms, Inc. (NASDAQ:META) by 58.3% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,018 shares of the social networking company’s stock after selling 4,216 shares during the period. Meta Platforms comprises 1.4% of Riverview Trust Co’s portfolio, making the stock its 14th largest holding. Riverview Trust Co’s holdings in Meta Platforms were worth $1,522,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. S.A. Mason LLC raised its holdings in shares of Meta Platforms by 1.5% in the first quarter. S.A. Mason LLC now owns 1,328 shares of the social networking company’s stock worth $645,000 after buying an additional 20 shares during the last quarter. Horizon Bancorp Inc. IN increased its position in shares of Meta Platforms by 2.0% in the 1st quarter. Horizon Bancorp Inc. IN now owns 1,057 shares of the social networking company’s stock valued at $513,000 after acquiring an additional 21 shares during the period. Northern Capital Management Inc. raised its stake in Meta Platforms by 3.4% in the 1st quarter. Northern Capital Management Inc. now owns 647 shares of the social networking company’s stock worth $314,000 after acquiring an additional 21 shares during the last quarter. Buckingham Capital Management Inc. lifted its position in Meta Platforms by 5.1% during the 2nd quarter. Buckingham Capital Management Inc. now owns 433 shares of the social networking company’s stock worth $218,000 after acquiring an additional 21 shares during the period. Finally, LongView Wealth Management lifted its position in Meta Platforms by 1.3% during the 1st quarter. LongView Wealth Management now owns 1,762 shares of the social networking company’s stock worth $856,000 after acquiring an additional 22 shares during the period. 79.91% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have recently issued reports on META shares. Robert W. Baird raised their price objective on Meta Platforms from $500.00 to $530.00 and gave the stock an “outperform” rating in a research note on Thursday, August 1st. Stifel Nicolaus raised their price target on shares of Meta Platforms from $550.00 to $590.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Loop Capital raised their target price on shares of Meta Platforms from $550.00 to $575.00 and gave the stock a “buy” rating in a report on Tuesday, August 6th. Barclays upped their price target on shares of Meta Platforms from $520.00 to $550.00 and gave the company an “overweight” rating in a report on Thursday, August 1st. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $570.00 price objective on shares of Meta Platforms in a research note on Thursday, August 1st. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating, thirty-three have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Meta Platforms presently has a consensus rating of “Moderate Buy” and an average price target of $572.51.

Insider Transactions at Meta Platforms

In other Meta Platforms news, CEO Mark Zuckerberg sold 16,702 shares of Meta Platforms stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $513.09, for a total transaction of $8,569,629.18. Following the completion of the sale, the chief executive officer now directly owns 98,654 shares in the company, valued at $50,618,380.86. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, Director Sheryl Sandberg sold 105,000 shares of the company’s stock in a transaction on Wednesday, May 29th. The stock was sold at an average price of $476.71, for a total transaction of $50,054,550.00. Following the sale, the director now owns 630,293 shares of the company’s stock, valued at $300,466,976.03. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Mark Zuckerberg sold 16,702 shares of Meta Platforms stock in a transaction on Friday, August 9th. The shares were sold at an average price of $513.09, for a total value of $8,569,629.18. Following the completion of the transaction, the chief executive officer now owns 98,654 shares of the company’s stock, valued at $50,618,380.86. The disclosure for this sale can be found here. In the last ninety days, insiders sold 315,770 shares of company stock worth $157,719,910. 13.71% of the stock is currently owned by company insiders.

Meta Platforms Trading Down 0.3 %

Shares of NASDAQ META traded down $1.50 during trading on Wednesday, hitting $527.04. 8,997,515 shares of the company were exchanged, compared to its average volume of 16,379,042. The company has a fifty day moving average price of $498.29 and a 200-day moving average price of $485.68. The company has a debt-to-equity ratio of 0.12, a quick ratio of 2.68 and a current ratio of 2.83. The firm has a market capitalization of $1.34 trillion, a PE ratio of 30.35, a P/E/G ratio of 1.27 and a beta of 1.21. Meta Platforms, Inc. has a 12-month low of $274.38 and a 12-month high of $542.81.

Meta Platforms (NASDAQ:META) last issued its earnings results on Wednesday, July 31st. The social networking company reported $5.16 EPS for the quarter, topping analysts’ consensus estimates of $4.70 by $0.46. Meta Platforms had a net margin of 34.34% and a return on equity of 34.16%. The company had revenue of $39.07 billion for the quarter, compared to the consensus estimate of $38.26 billion. During the same period in the previous year, the firm earned $3.23 earnings per share. Meta Platforms’s quarterly revenue was up 22.1% compared to the same quarter last year. As a group, equities research analysts expect that Meta Platforms, Inc. will post 20.5 EPS for the current year.

Meta Platforms Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 26th. Investors of record on Friday, June 14th were given a $0.50 dividend. The ex-dividend date of this dividend was Friday, June 14th. This represents a $2.00 annualized dividend and a yield of 0.38%. Meta Platforms’s payout ratio is 11.49%.

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.