20,971 Shares in Meta Platforms, Inc. (NASDAQ:META) Bought by Concord Investment Counsel Inc.

Concord Investment Counsel Inc. acquired a new position in shares of Meta Platforms, Inc. (NASDAQ:META) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 20,971 shares of the social networking company’s stock, valued at approximately $10,183,000. Meta Platforms comprises about 3.7% of Concord Investment Counsel Inc.’s investment portfolio, making the stock its 9th largest position.

A number of other institutional investors also recently bought and sold shares of the business. Quest Partners LLC acquired a new position in Meta Platforms in the 4th quarter valued at $32,000. Clear Investment Research LLC increased its stake in shares of Meta Platforms by 411.1% during the fourth quarter. Clear Investment Research LLC now owns 92 shares of the social networking company’s stock worth $33,000 after acquiring an additional 74 shares during the period. Cranbrook Wealth Management LLC raised its holdings in Meta Platforms by 80.4% during the fourth quarter. Cranbrook Wealth Management LLC now owns 101 shares of the social networking company’s stock worth $36,000 after purchasing an additional 45 shares in the last quarter. Gilfoyle & Co LLC acquired a new stake in Meta Platforms in the fourth quarter valued at about $39,000. Finally, Richardson Financial Services Inc. boosted its holdings in Meta Platforms by 95.6% in the 1st quarter. Richardson Financial Services Inc. now owns 88 shares of the social networking company’s stock valued at $41,000 after purchasing an additional 43 shares in the last quarter. 79.91% of the stock is currently owned by institutional investors and hedge funds.

Meta Platforms Price Performance

META stock opened at $498.87 on Friday. The company has a market capitalization of $1.27 trillion, a PE ratio of 28.65, a P/E/G ratio of 1.33 and a beta of 1.21. The company has a quick ratio of 2.68, a current ratio of 2.68 and a debt-to-equity ratio of 0.12. The stock’s 50 day moving average is $492.56 and its two-hundred day moving average is $466.00. Meta Platforms, Inc. has a 52-week low of $274.38 and a 52-week high of $542.81.

Meta Platforms (NASDAQ:META) last posted its quarterly earnings results on Wednesday, April 24th. The social networking company reported $4.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.32 by $0.39. Meta Platforms had a net margin of 32.06% and a return on equity of 32.03%. The firm had revenue of $36.46 billion for the quarter, compared to analysts’ expectations of $36.28 billion. Analysts predict that Meta Platforms, Inc. will post 20.19 earnings per share for the current fiscal year.

Meta Platforms Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 26th. Investors of record on Friday, June 14th were paid a $0.50 dividend. The ex-dividend date of this dividend was Friday, June 14th. This represents a $2.00 dividend on an annualized basis and a yield of 0.40%. Meta Platforms’s dividend payout ratio (DPR) is 11.49%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. TD Cowen raised their price target on Meta Platforms from $530.00 to $600.00 and gave the company a “buy” rating in a report on Wednesday. Citigroup decreased their target price on shares of Meta Platforms from $590.00 to $550.00 and set a “buy” rating on the stock in a research report on Thursday, April 25th. Rosenblatt Securities upped their price target on shares of Meta Platforms from $520.00 to $562.00 and gave the stock a “buy” rating in a research note on Thursday, April 25th. Wells Fargo & Company raised their price objective on shares of Meta Platforms from $593.00 to $625.00 and gave the company an “overweight” rating in a research note on Monday, July 8th. Finally, Deutsche Bank Aktiengesellschaft lowered their target price on shares of Meta Platforms from $540.00 to $500.00 and set a “buy” rating on the stock in a research report on Thursday, April 25th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating, thirty-seven have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $515.64.

Insider Activity at Meta Platforms

In other Meta Platforms news, COO Javier Olivan sold 412 shares of the stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of $472.70, for a total transaction of $194,752.40. Following the transaction, the chief operating officer now owns 15,376 shares of the company’s stock, valued at approximately $7,268,235.20. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, CEO Mark Zuckerberg sold 2,011 shares of Meta Platforms stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $500.92, for a total value of $1,007,350.12. Following the completion of the transaction, the chief executive officer now directly owns 318,932 shares of the company’s stock, valued at approximately $159,759,417.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Javier Olivan sold 412 shares of the stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of $472.70, for a total transaction of $194,752.40. Following the sale, the chief operating officer now owns 15,376 shares in the company, valued at approximately $7,268,235.20. The disclosure for this sale can be found here. Insiders sold a total of 294,278 shares of company stock valued at $146,060,559 over the last three months. 13.71% of the stock is owned by insiders.

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.