Meta Platforms, Inc. (NASDAQ:META) Shares Acquired by Independence Bank of Kentucky

Independence Bank of Kentucky increased its stake in Meta Platforms, Inc. (NASDAQ:METAFree Report) by 0.9% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 12,191 shares of the social networking company’s stock after acquiring an additional 110 shares during the quarter. Meta Platforms makes up 1.5% of Independence Bank of Kentucky’s holdings, making the stock its 11th largest holding. Independence Bank of Kentucky’s holdings in Meta Platforms were worth $4,315,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of the stock. Vanguard Group Inc. grew its holdings in shares of Meta Platforms by 1.0% during the third quarter. Vanguard Group Inc. now owns 183,244,796 shares of the social networking company’s stock valued at $55,011,920,000 after buying an additional 1,733,182 shares in the last quarter. FMR LLC grew its holdings in shares of Meta Platforms by 4.0% during the third quarter. FMR LLC now owns 130,809,908 shares of the social networking company’s stock valued at $39,270,443,000 after buying an additional 5,001,647 shares in the last quarter. State Street Corp grew its holdings in shares of Meta Platforms by 1.8% during the second quarter. State Street Corp now owns 88,542,953 shares of the social networking company’s stock valued at $25,410,057,000 after buying an additional 1,548,671 shares in the last quarter. Morgan Stanley grew its holdings in shares of Meta Platforms by 3.4% during the third quarter. Morgan Stanley now owns 36,277,772 shares of the social networking company’s stock valued at $10,890,950,000 after buying an additional 1,184,978 shares in the last quarter. Finally, Norges Bank acquired a new stake in Meta Platforms during the fourth quarter valued at $4,223,148,000. 79.91% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on META. Mizuho lifted their price objective on Meta Platforms from $470.00 to $575.00 and gave the company a “buy” rating in a research report on Friday, February 2nd. Wells Fargo & Company reduced their price objective on Meta Platforms from $609.00 to $600.00 and set an “overweight” rating for the company in a research report on Wednesday. Wolfe Research lifted their price objective on Meta Platforms from $430.00 to $530.00 and gave the company an “outperform” rating in a research report on Friday, February 2nd. Citigroup lifted their price objective on Meta Platforms from $440.00 to $525.00 and gave the company a “buy” rating in a research report on Friday, February 2nd. Finally, JPMorgan Chase & Co. lifted their price objective on Meta Platforms from $420.00 to $535.00 and gave the company an “overweight” rating in a research report on Friday, February 2nd. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, thirty-nine have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $496.13.

Check Out Our Latest Report on Meta Platforms

Meta Platforms Trading Up 1.9 %

Shares of META opened at $506.74 on Thursday. Meta Platforms, Inc. has a 12-month low of $207.13 and a 12-month high of $523.57. The company has a quick ratio of 2.67, a current ratio of 2.67 and a debt-to-equity ratio of 0.12. The firm has a market capitalization of $1.29 trillion, a price-to-earnings ratio of 34.01, a P/E/G ratio of 1.26 and a beta of 1.20. The stock’s 50-day moving average price is $475.82 and its 200 day moving average price is $381.88.

Meta Platforms (NASDAQ:METAGet Free Report) last issued its quarterly earnings results on Thursday, February 1st. The social networking company reported $5.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.82 by $0.51. Meta Platforms had a return on equity of 29.48% and a net margin of 28.98%. The firm had revenue of $40.11 billion for the quarter, compared to analyst estimates of $39.12 billion. During the same period in the previous year, the company posted $3.00 earnings per share. The company’s quarterly revenue was up 24.7% compared to the same quarter last year. As a group, research analysts predict that Meta Platforms, Inc. will post 19.94 earnings per share for the current year.

Meta Platforms Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 26th. Stockholders of record on Thursday, February 22nd were paid a $0.50 dividend. The ex-dividend date was Wednesday, February 21st. This represents a $2.00 annualized dividend and a dividend yield of 0.39%. Meta Platforms’s dividend payout ratio is currently 13.42%.

Insider Activity

In other news, CEO Mark Zuckerberg sold 97,093 shares of the company’s stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $469.67, for a total value of $45,601,669.31. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, COO Javier Olivan sold 490 shares of the business’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $488.03, for a total value of $239,134.70. Following the transaction, the chief operating officer now directly owns 79,944 shares of the company’s stock, valued at approximately $39,015,070.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Mark Zuckerberg sold 97,093 shares of the business’s stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $469.67, for a total value of $45,601,669.31. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,535,345 shares of company stock worth $719,043,348. Company insiders own 14.03% of the company’s stock.

Meta Platforms Profile

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Meta Platforms (NASDAQ:META)

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