City Holding Co. Has $15 Million Position in Meta Platforms, Inc. (NASDAQ:META)

City Holding Co. trimmed its position in Meta Platforms, Inc. (NASDAQ:META - Free Report) by 7.9% in the first quarter, according to its most recent filing with the SEC. The fund owned 30,894 shares of the social networking company's stock after selling 2,655 shares during the period. Meta Platforms accounts for approximately 2.2% of City Holding Co.'s investment portfolio, making the stock its 7th biggest position. City Holding Co.'s holdings in Meta Platforms were worth $15,001,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Norges Bank bought a new position in Meta Platforms during the 4th quarter worth $11,285,855,000. International Assets Investment Management LLC raised its position in Meta Platforms by 11,154.4% during the 4th quarter. International Assets Investment Management LLC now owns 4,952,254 shares of the social networking company's stock worth $1,752,900,000 after purchasing an additional 4,908,251 shares during the last quarter. Capital Research Global Investors raised its position in Meta Platforms by 17.2% during the 4th quarter. Capital Research Global Investors now owns 30,217,175 shares of the social networking company's stock worth $10,695,722,000 after purchasing an additional 4,440,229 shares during the last quarter. Concentrum Wealth Management raised its position in Meta Platforms by 111.0% during the 4th 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. Finally, Vanguard Group Inc. raised its position in Meta Platforms by 1.7% during the 4th 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. 79.91% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. JPMorgan Chase & Co. lowered their target price on Meta Platforms from $535.00 to $480.00 and set an "overweight" rating for the company in a research report on Thursday, April 25th. Piper Sandler reissued an "overweight" rating and issued a $545.00 price objective (down from $600.00) on shares of Meta Platforms in a research report on Thursday, April 25th. Wolfe Research lowered their price objective on Meta Platforms from $530.00 to $500.00 and set an "outperform" rating for the company in a research report on Thursday, April 25th. Royal Bank of Canada lowered their price objective on Meta Platforms from $600.00 to $570.00 and set an "outperform" rating for the company in a research report on Thursday, April 25th. Finally, Stifel Nicolaus lifted their price objective on Meta Platforms from $527.00 to $588.00 and gave the stock a "buy" rating in a research report on Tuesday, April 16th. Two analysts have rated the stock with a sell rating, three have given a hold rating, thirty-seven have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $510.05.

Meta Platforms Stock Performance

Shares of NASDAQ:META traded down $6.92 during mid-day trading on Friday, reaching $494.78. The company had a trading volume of 23,130,732 shares, compared to its average volume of 10,120,400. The company has a current ratio of 2.68, a quick ratio of 2.68 and a debt-to-equity ratio of 0.12. The firm has a market cap of $1.26 trillion, a price-to-earnings ratio of 28.42, a PEG ratio of 1.30 and a beta of 1.21. The company's 50-day moving average price is $478.61 and its 200-day moving average price is $448.41. Meta Platforms, Inc. has a one year low of $274.38 and a one year high of $531.49.

Meta Platforms (NASDAQ:META - Get Free Report) last posted its quarterly earnings results on Wednesday, April 24th. The social networking company reported $4.71 EPS for the quarter, topping analysts' consensus estimates of $4.32 by $0.39. The company had revenue of $36.46 billion for the quarter, compared to analysts' expectations of $36.28 billion. Meta Platforms had a net margin of 32.06% and a return on equity of 32.03%. As a group, equities research analysts anticipate that Meta Platforms, Inc. will post 20.16 EPS for the current fiscal year.

Meta Platforms Announces Dividend

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

Insider Buying and Selling

In other Meta Platforms news, CFO Susan J. Li sold 8,951 shares of the business's stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $471.85, for a total transaction of $4,223,529.35. Following the sale, the chief financial officer now owns 74,580 shares of the company's stock, valued at approximately $35,190,573. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Meta Platforms news, COO Javier Olivan sold 412 shares of the business's stock in a transaction on Thursday, June 13th. The shares were sold at an average price of $505.75, for a total transaction of $208,369.00. Following the sale, the chief operating officer now owns 8,031 shares of the company's stock, valued at approximately $4,061,678.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Susan J. Li sold 8,951 shares of the business's stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $471.85, for a total transaction of $4,223,529.35. Following the transaction, the chief financial officer now owns 74,580 shares of the company's stock, valued at $35,190,573. The disclosure for this sale can be found here. In the last quarter, insiders have sold 313,169 shares of company stock valued at $153,344,736. 13.71% of the stock is owned by company 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.

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