Meta Platforms, Inc. (NASDAQ:META) Shares Sold by Riverview Trust Co

Riverview Trust Co trimmed its position in shares of Meta Platforms, Inc. (NASDAQ:META) by 12.5% in the first quarter, HoldingsChannel reports. The firm owned 2,645 shares of the social networking company’s stock after selling 379 shares during the period. Meta Platforms makes up 1.5% of Riverview Trust Co’s investment portfolio, making the stock its 11th largest position. Riverview Trust Co’s holdings in Meta Platforms were worth $1,524,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Norges Bank bought a new stake in shares of Meta Platforms during the 4th quarter worth about $19,949,512,000. GAMMA Investing LLC raised its holdings in shares of Meta Platforms by 67,172.9% in the 1st quarter. GAMMA Investing LLC now owns 23,452,665 shares of the social networking company’s stock worth $13,517,178,000 after purchasing an additional 23,417,803 shares in the last quarter. Proficio Capital Partners LLC raised its holdings in shares of Meta Platforms by 78,471.1% in the 4th quarter. Proficio Capital Partners LLC now owns 6,248,763 shares of the social networking company’s stock worth $3,658,713,000 after purchasing an additional 6,240,810 shares in the last quarter. Raymond James Financial Inc. bought a new stake in shares of Meta Platforms in the 4th quarter worth approximately $2,243,603,000. Finally, Northern Trust Corp raised its holdings in shares of Meta Platforms by 13.5% in the 4th quarter. Northern Trust Corp now owns 23,445,565 shares of the social networking company’s stock worth $13,727,613,000 after purchasing an additional 2,787,832 shares in the last quarter. 79.91% of the stock is owned by institutional investors and hedge funds.

Meta Platforms Stock Down 0.5%

Shares of META opened at $684.62 on Friday. The firm has a market cap of $1.72 trillion, a P/E ratio of 28.62, a P/E/G ratio of 1.42 and a beta of 1.24. The stock has a 50 day simple moving average of $585.44 and a two-hundred day simple moving average of $613.90. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.98 and a quick ratio of 2.98. Meta Platforms, Inc. has a 1 year low of $442.65 and a 1 year high of $740.91.

Meta Platforms (NASDAQ:META) last announced its quarterly earnings data on Wednesday, April 30th. The social networking company reported $6.43 earnings per share 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 firm had revenue of $42.31 billion during the quarter, compared to the consensus estimate of $41.45 billion. During the same quarter in the previous year, the company posted $4.71 earnings per share. The business’s revenue was up 16.1% on a year-over-year basis. On average, analysts forecast that Meta Platforms, Inc. will post 26.7 earnings per share for the current fiscal year.

Meta Platforms Dividend Announcement

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

Insider Activity at Meta Platforms

In other news, insider Jennifer Newstead sold 519 shares of the stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $671.00, for a total value of $348,249.00. Following the sale, the insider now directly owns 29,702 shares of the company’s stock, valued at approximately $19,930,042. This represents a 1.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Javier Olivan sold 608 shares of the stock in a transaction on Monday, April 7th. The stock was sold at an average price of $488.18, for a total value of $296,813.44. Following the completion of the sale, the chief operating officer now directly owns 5,622 shares in the company, valued at approximately $2,744,547.96. This represents a 9.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 56,171 shares of company stock worth $35,163,457 over the last quarter. 13.61% of the stock is owned by corporate insiders.

Analyst Ratings Changes

META has been the topic of a number of research reports. The Goldman Sachs Group boosted their target price on shares of Meta Platforms from $685.00 to $690.00 and gave the stock a “buy” rating in a report on Thursday, May 1st. Monness Crespi & Hardt boosted their target price on shares of Meta Platforms from $775.00 to $780.00 and gave the stock a “buy” rating in a report on Thursday, May 1st. Oppenheimer boosted their target price on shares of Meta Platforms from $650.00 to $665.00 and gave the stock an “outperform” rating in a report on Thursday, May 1st. Rosenblatt Securities boosted their target price on shares of Meta Platforms from $846.00 to $918.00 and gave the stock a “buy” rating in a report on Thursday, May 1st. Finally, Barclays dropped their target price on shares of Meta Platforms from $705.00 to $640.00 and set an “overweight” rating on the stock in a research report on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, thirty-seven have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $702.48.

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.