Baker Boyer National Bank Sells 488 Shares of Meta Platforms, Inc. (NASDAQ:META)

Baker Boyer National Bank trimmed its stake in Meta Platforms, Inc. (NASDAQ:META) by 26.9% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,324 shares of the social networking company’s stock after selling 488 shares during the quarter. Baker Boyer National Bank’s holdings in Meta Platforms were worth $668,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Quest Partners LLC bought a new position in shares of Meta Platforms in the 4th quarter worth $32,000. Clear Investment Research LLC lifted its stake in shares of Meta Platforms by 411.1% in the fourth quarter. Clear Investment Research LLC now owns 92 shares of the social networking company’s stock valued at $33,000 after buying an additional 74 shares in the last quarter. Delos Wealth Advisors LLC increased its position in shares of Meta Platforms by 527.3% during the first quarter. Delos Wealth Advisors LLC now owns 69 shares of the social networking company’s stock worth $34,000 after acquiring an additional 58 shares in the last quarter. POM Investment Strategies LLC acquired a new stake in shares of Meta Platforms in the 2nd quarter worth about $38,000. Finally, Ruedi Wealth Management Inc. lifted its position in Meta Platforms by 122.2% in the 2nd quarter. Ruedi Wealth Management Inc. now owns 80 shares of the social networking company’s stock valued at $40,000 after acquiring an additional 44 shares in the last quarter. 79.91% of the stock is owned by institutional investors.

Insider Activity

In related news, CTO Andrew Bosworth sold 5,057 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $526.76, for a total value of $2,663,825.32. Following the transaction, the chief technology officer now directly owns 11,990 shares in the company, valued at $6,315,852.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Meta Platforms news, CTO Andrew Bosworth sold 5,057 shares of the firm’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $526.76, for a total transaction of $2,663,825.32. Following the sale, the chief technology officer now owns 11,990 shares in the company, valued at $6,315,852.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Susan J. Li sold 8,950 shares of the company’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $526.76, for a total value of $4,714,502.00. Following the completion of the transaction, the chief financial officer now owns 74,579 shares of the company’s stock, valued at $39,285,234.04. The disclosure for this sale can be found here. In the last 90 days, insiders sold 357,574 shares of company stock worth $185,587,773. 13.71% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of analysts have commented on the company. Oppenheimer boosted their price objective on Meta Platforms from $525.00 to $615.00 and gave the stock an “outperform” rating in a report on Thursday, August 1st. Piper Sandler increased their price target on Meta Platforms from $545.00 to $575.00 and gave the company an “overweight” rating in a research report on Thursday, August 1st. JPMorgan Chase & Co. lifted their price objective 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. Citigroup increased their target price on shares of Meta Platforms from $550.00 to $580.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Finally, Robert W. Baird raised their price target on shares of Meta Platforms from $500.00 to $530.00 and gave the company an “outperform” rating in a research report on Thursday, August 1st. Two 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 assigned a strong buy rating to the stock. According to data from MarketBeat.com, Meta Platforms has a consensus rating of “Moderate Buy” and an average price target of $577.26.

Meta Platforms Price Performance

Shares of NASDAQ:META opened at $525.60 on Friday. The company has a 50 day moving average of $505.44 and a 200 day moving average of $495.07. The company has a current ratio of 2.83, a quick ratio of 2.83 and a debt-to-equity ratio of 0.12. The stock has a market cap of $1.33 trillion, a P/E ratio of 30.19, a P/E/G ratio of 1.23 and a beta of 1.21. Meta Platforms, Inc. has a 12 month low of $279.40 and a 12 month high of $544.23.

Meta Platforms (NASDAQ:META) last released its quarterly earnings results on Wednesday, July 31st. The social networking company reported $5.16 EPS for the quarter, beating 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 firm had revenue of $39.07 billion during the quarter, compared to analyst estimates of $38.26 billion. During the same period in the previous year, the business earned $3.23 EPS. The business’s revenue for the quarter was up 22.1% on a year-over-year basis. As a group, sell-side analysts forecast that Meta Platforms, Inc. will post 21.36 EPS for the current fiscal year.

Meta Platforms Announces Dividend

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