Kentucky Retirement Systems Sells 9,204 Shares of Meta Platforms, Inc. $META

by · The Cerbat Gem

Kentucky Retirement Systems trimmed its holdings in Meta Platforms, Inc. (NASDAQ:META – Free Report) by 6.1% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 140,455 shares of the social networking company’s stock after selling 9,204 shares during the period. Meta Platforms accounts for about 3.0% of Kentucky Retirement Systems’ holdings, making the stock its 5th biggest holding. Kentucky Retirement Systems’ holdings in Meta Platforms were worth $103,668,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Bare Financial Services Inc acquired a new position in shares of Meta Platforms during the 2nd quarter worth approximately $30,000. Evergreen Private Wealth LLC increased its holdings in shares of Meta Platforms by 237.5% in the second quarter. Evergreen Private Wealth LLC now owns 54 shares of the social networking company’s stock valued at $40,000 after purchasing an additional 38 shares during the last quarter. Briaud Financial Planning Inc purchased a new position in Meta Platforms during the second quarter worth approximately $42,000. Knuff & Co LLC purchased a new position in Meta Platforms during the second quarter worth approximately $44,000. Finally, WFA Asset Management Corp boosted its stake in Meta Platforms by 42.6% during the second quarter. WFA Asset Management Corp now owns 67 shares of the social networking company’s stock worth $49,000 after buying an additional 20 shares during the last quarter. 79.91% of the stock is owned by hedge funds and other institutional investors.

Meta Platforms Price Performance

Meta Platforms stock opened at $644.23 on Monday. The company’s 50 day simple moving average is $665.92 and its 200-day simple moving average is $707.68. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.98 and a current ratio of 1.98. Meta Platforms, Inc. has a 1 year low of $479.80 and a 1 year high of $796.25. The company has a market capitalization of $1.62 trillion, a price-to-earnings ratio of 28.46, a price-to-earnings-growth ratio of 1.35 and a beta of 1.28.

Meta Platforms (NASDAQ:META – Get Free Report) last posted its earnings results on Wednesday, October 29th. The social networking company reported $7.25 earnings per share for the quarter, beating the consensus estimate of $6.74 by $0.51. The firm had revenue of $51.24 billion during the quarter, compared to the consensus estimate of $49.34 billion. Meta Platforms had a net margin of 30.89% and a return on equity of 39.35%. The firm’s revenue for the quarter was up 26.2% on a year-over-year basis. During the same quarter last year, the firm earned $6.03 EPS. As a group, equities research analysts expect that Meta Platforms, Inc. will post 26.7 earnings per share for the current year.

Meta Platforms Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 23rd. Stockholders of record on Monday, December 15th will be paid a $0.525 dividend. The ex-dividend date of this dividend is Monday, December 15th. This represents a $2.10 dividend on an annualized basis and a dividend yield of 0.3%. Meta Platforms’s payout ratio is presently 9.28%.

Analysts Set New Price Targets

A number of analysts have issued reports on META shares. Mizuho cut their target price on Meta Platforms from $925.00 to $815.00 and set an “outperform” rating for the company in a research note on Thursday, October 30th. Weiss Ratings reissued a “buy (b)” rating on shares of Meta Platforms in a report on Monday, December 8th. Monness Crespi & Hardt reduced their target price on shares of Meta Platforms from $860.00 to $808.00 and set a “buy” rating on the stock in a research note on Thursday, October 30th. Oppenheimer lowered shares of Meta Platforms from an “outperform” rating to a “market perform” rating in a report on Thursday, October 30th. Finally, DA Davidson set a $825.00 price target on shares of Meta Platforms in a report on Thursday, October 30th. Four analysts have rated the stock with a Strong Buy rating, thirty-nine have issued a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $819.46.

View Our Latest Report on META

Insider Transactions at Meta Platforms

In other news, COO Javier Olivan sold 517 shares of the stock in a transaction dated Monday, December 8th. The shares were sold at an average price of $669.63, for a total transaction of $346,198.71. Following the sale, the chief operating officer owned 13,751 shares of the company’s stock, valued at approximately $9,208,082.13. This represents a 3.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Aaron Anderson sold 726 shares of Meta Platforms stock in a transaction that occurred on Tuesday, November 18th. The shares were sold at an average price of $591.60, for a total transaction of $429,501.60. Following the completion of the transaction, the chief accounting officer owned 6,035 shares of the company’s stock, valued at $3,570,306. This trade represents a 10.74% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 40,977 shares of company stock worth $25,834,356 over the last quarter. 13.61% of the stock is owned by corporate insiders.

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.

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