CNB Bank Sells 662 Shares of Meta Platforms, Inc. (NASDAQ:META)

CNB Bank reduced its stake in Meta Platforms, Inc. (NASDAQ:META - Free Report) by 10.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,581 shares of the social networking company's stock after selling 662 shares during the period. Meta Platforms accounts for 1.6% of CNB Bank's holdings, making the stock its 12th biggest holding. CNB Bank's holdings in Meta Platforms were worth $3,217,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. First Merchants Corp grew its stake in Meta Platforms by 2.4% in the 1st quarter. First Merchants Corp now owns 17,237 shares of the social networking company's stock valued at $9,935,000 after purchasing an additional 412 shares during the period. Holistic Planning LLC grew its stake in Meta Platforms by 3.2% in the 1st quarter. Holistic Planning LLC now owns 1,220 shares of the social networking company's stock valued at $703,000 after purchasing an additional 38 shares during the period. PDS Planning Inc grew its position in Meta Platforms by 11.5% during the first quarter. PDS Planning Inc now owns 11,092 shares of the social networking company's stock valued at $6,393,000 after buying an additional 1,142 shares during the period. Atala Financial Inc grew its position in Meta Platforms by 2.3% during the first quarter. Atala Financial Inc now owns 2,462 shares of the social networking company's stock valued at $1,421,000 after buying an additional 55 shares during the period. Finally, GenTrust LLC grew its position in Meta Platforms by 2.5% during the first quarter. GenTrust LLC now owns 934 shares of the social networking company's stock valued at $538,000 after buying an additional 23 shares during the period. 79.91% of the stock is owned by institutional investors.

Meta Platforms Trading Up 1.0%

META stock opened at $733.63 on Monday. The business has a 50 day simple moving average of $638.51 and a two-hundred day simple moving average of $626.45. Meta Platforms, Inc. has a 1-year low of $442.65 and a 1-year high of $742.32. The company has a market capitalization of $1.84 trillion, a price-to-earnings ratio of 28.61, a PEG ratio of 1.80 and a beta of 1.26. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.66 and a quick ratio of 2.66.

Meta Platforms (NASDAQ:META - Get Free Report) last released its earnings results on Wednesday, April 30th. The social networking company reported $6.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.33 by $1.10. Meta Platforms had a net margin of 39.11% and a return on equity of 38.69%. The firm had revenue of $42.31 billion during the quarter, compared to analyst estimates of $41.45 billion. During the same quarter last year, the business earned $4.71 EPS. The business's revenue was up 16.1% on a year-over-year basis. Research analysts anticipate that Meta Platforms, Inc. will post 26.7 EPS for the current fiscal year.

Meta Platforms Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 26th. Investors of record on Monday, June 16th were paid a dividend of $0.525 per share. This represents a $2.10 dividend on an annualized basis and a dividend yield of 0.29%. The ex-dividend date of this dividend was Monday, June 16th. Meta Platforms's dividend payout ratio (DPR) is currently 8.19%.

Insider Buying and Selling at Meta Platforms

In other news, insider Jennifer Newstead sold 921 shares of the business's stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $570.66, for a total transaction of $525,577.86. Following the completion of the sale, the insider now owns 30,261 shares of the company's stock, valued at $17,268,742.26. The trade was a 2.95% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Susan J. Li sold 6,874 shares of the business's stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $659.36, for a total value of $4,532,440.64. Following the sale, the chief financial officer now owns 70,040 shares of the company's stock, valued at approximately $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 ninety days, insiders sold 124,223 shares of company stock valued at $83,526,550. 13.61% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on META shares. JPMorgan Chase & Co. increased their target price on shares of Meta Platforms from $675.00 to $735.00 and gave the company an "overweight" rating in a research report on Wednesday, June 4th. Wedbush increased their price target on Meta Platforms from $680.00 to $750.00 and gave the stock an "outperform" rating in a research note on Thursday, May 1st. UBS Group reiterated a "buy" rating and set a $812.00 target price (up previously from $683.00) on shares of Meta Platforms in a research report on Thursday. Barclays cut their price objective on shares of Meta Platforms from $705.00 to $640.00 and set an "overweight" rating for the company in a report on Thursday, May 1st. Finally, Needham & Company LLC reaffirmed an "underperform" rating on shares of Meta Platforms in a report on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, thirty-seven have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, Meta Platforms presently has an average rating of "Moderate Buy" and a consensus price target of $719.52.

Meta Platforms 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.

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