Idaho Trust Bank Invests $278,000 in Meta Platforms, Inc. (NASDAQ:META)

Idaho Trust Bank acquired a new stake in shares of Meta Platforms, Inc. (NASDAQ:META) during the 2nd quarter, HoldingsChannel reports. The institutional investor acquired 551 shares of the social networking company’s stock, valued at approximately $278,000.

Several other institutional investors also recently bought and sold shares of META. Capital Research Global Investors increased its holdings in Meta Platforms by 17.2% during the fourth quarter. Capital Research Global Investors now owns 30,217,175 shares of the social networking company’s stock valued at $10,695,722,000 after buying an additional 4,440,229 shares during the period. Concentrum Wealth Management grew its holdings in Meta Platforms by 111.0% in the fourth quarter. Concentrum Wealth Management now owns 7,391,877 shares of the social networking company’s stock worth $2,616,000 after purchasing an additional 3,888,308 shares during the last quarter. Vanguard Group Inc. grew its holdings in Meta Platforms by 1.7% in the fourth quarter. Vanguard Group Inc. now owns 186,349,346 shares of the social networking company’s stock worth $65,960,215,000 after purchasing an additional 3,104,550 shares during the last quarter. Jennison Associates LLC grew its holdings in Meta Platforms by 24.7% in the first quarter. Jennison Associates LLC now owns 13,867,398 shares of the social networking company’s stock worth $6,733,731,000 after purchasing an additional 2,748,620 shares during the last quarter. Finally, Morningstar Investment Services LLC purchased a new position in Meta Platforms in the fourth quarter worth $406,316,000. 79.91% of the stock is owned by hedge funds and other institutional investors.

Meta Platforms Trading Down 0.2 %

NASDAQ:META opened at $524.62 on Monday. The firm has a market cap of $1.33 trillion, a PE ratio of 30.13, a price-to-earnings-growth ratio of 1.26 and a beta of 1.21. The stock has a fifty day moving average price of $505.13 and a 200 day moving average price of $495.51. Meta Platforms, Inc. has a 12-month low of $279.40 and a 12-month high of $544.23. The company has a current ratio of 2.83, a quick ratio of 2.83 and a debt-to-equity ratio of 0.12.

Meta Platforms (NASDAQ:META) last posted its quarterly earnings results on Wednesday, July 31st. The social networking company reported $5.16 earnings per share for the quarter, beating analysts’ consensus estimates of $4.70 by $0.46. Meta Platforms had a return on equity of 34.16% and a net margin of 34.34%. The company had revenue of $39.07 billion for the quarter, compared to analysts’ expectations of $38.26 billion. During the same period last year, the firm earned $3.23 earnings per share. Meta Platforms’s quarterly revenue was up 22.1% on a year-over-year basis. Sell-side analysts anticipate that Meta Platforms, Inc. will post 21.36 earnings per share for the current fiscal year.

Meta Platforms Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 26th. Investors of record on Monday, September 16th will be issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.38%. The ex-dividend date is Monday, September 16th. Meta Platforms’s dividend payout ratio is currently 11.49%.

Analyst Upgrades and Downgrades

META has been the topic of several analyst reports. UBS Group lifted their price target on shares of Meta Platforms from $630.00 to $635.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. JPMorgan Chase & Co. lifted their price target on shares of Meta Platforms from $480.00 to $610.00 and gave the stock an “overweight” rating in a report on Thursday, August 1st. Barclays lifted their price target on shares of Meta Platforms from $520.00 to $550.00 and gave the stock an “overweight” rating in a report on Thursday, August 1st. 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. Finally, KeyCorp lifted their price objective on shares of Meta Platforms from $540.00 to $560.00 and gave the stock an “overweight” rating in a research note on Thursday, August 1st. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating, thirty-four have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $577.26.

Insider Buying and Selling

In related news, insider Jennifer Newstead sold 905 shares of the firm’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $507.63, for a total transaction of $459,405.15. Following the transaction, the insider now owns 37,817 shares of the company’s stock, valued at $19,197,043.71. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, CFO Susan J. Li sold 8,950 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $526.76, for a total transaction of $4,714,502.00. Following the sale, the chief financial officer now owns 74,579 shares of the company’s stock, valued at approximately $39,285,234.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jennifer Newstead sold 905 shares of the business’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $507.63, for a total value of $459,405.15. Following the sale, the insider now directly owns 37,817 shares in the company, valued at approximately $19,197,043.71. The disclosure for this sale can be found here. Insiders have sold a total of 357,574 shares of company stock valued at $185,587,773 over the last quarter. 13.71% of the stock is currently owned by insiders.

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.