Wakefield Asset Management LLLP Has $3.56 Million Stock Position in Meta Platforms, Inc. (NASDAQ:META)

Wakefield Asset Management LLLP reduced its position in Meta Platforms, Inc. (NASDAQ:META) by 15.0% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 6,087 shares of the social networking company’s stock after selling 1,074 shares during the period. Meta Platforms comprises 1.2% of Wakefield Asset Management LLLP’s holdings, making the stock its 24th largest position. Wakefield Asset Management LLLP’s holdings in Meta Platforms were worth $3,564,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of META. JDM Financial Group LLC acquired a new stake in Meta Platforms during the third quarter worth approximately $30,000. Safe Harbor Fiduciary LLC acquired a new stake in Meta Platforms during the third quarter worth approximately $36,000. Avondale Wealth Management acquired a new stake in Meta Platforms during the fourth quarter worth approximately $41,000. Cordant Inc. acquired a new stake in Meta Platforms during the fourth quarter worth approximately $59,000. Finally, Peterson Financial Group Inc. acquired a new stake in Meta Platforms during the third quarter worth approximately $70,000. 79.91% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Jefferies Financial Group raised their price objective on shares of Meta Platforms from $675.00 to $715.00 and gave the stock a “buy” rating in a research report on Monday, January 6th. DA Davidson raised their price objective on shares of Meta Platforms from $700.00 to $800.00 and gave the stock a “buy” rating in a research report on Thursday, January 30th. Rosenblatt Securities reaffirmed a “buy” rating and set a $811.00 target price on shares of Meta Platforms in a report on Monday, January 27th. JPMorgan Chase & Co. raised their target price on shares of Meta Platforms from $660.00 to $725.00 and gave the stock an “overweight” rating in a report on Wednesday, December 18th. Finally, Oppenheimer raised their target price on shares of Meta Platforms from $650.00 to $800.00 and gave the stock an “outperform” rating in a report on Thursday, January 30th. Two research analysts have rated the stock with a sell rating, four have given a hold rating, thirty-five have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, Meta Platforms currently has an average rating of “Moderate Buy” and a consensus target price of $719.26.

Meta Platforms Price Performance

Shares of NASDAQ:META opened at $656.47 on Thursday. The firm has a market cap of $1.66 trillion, a PE ratio of 27.44, a price-to-earnings-growth ratio of 1.42 and a beta of 1.20. The firm’s fifty day moving average is $655.90 and its 200-day moving average is $599.11. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.98 and a current ratio of 2.98. Meta Platforms, Inc. has a 52 week low of $414.50 and a 52 week high of $740.91.

Meta Platforms (NASDAQ:META) last issued its quarterly earnings results on Wednesday, January 29th. The social networking company reported $8.02 EPS for the quarter, topping analysts’ consensus estimates of $6.75 by $1.27. Meta Platforms had a net margin of 37.91% and a return on equity of 38.17%. During the same quarter last year, the firm earned $5.33 EPS. Sell-side analysts predict that Meta Platforms, Inc. will post 26.7 earnings per share for the current year.

Meta Platforms Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 26th. Stockholders of record on Friday, March 14th will be issued a dividend of $0.525 per share. This represents a $2.10 dividend on an annualized basis and a dividend yield of 0.32%. The ex-dividend date is Friday, March 14th. This is a positive change from Meta Platforms’s previous quarterly dividend of $0.50. Meta Platforms’s payout ratio is 8.78%.

Insider Transactions at Meta Platforms

In related news, CEO Mark Zuckerberg sold 22,946 shares of the business’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $621.84, for a total value of $14,268,740.64. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Javier Olivan sold 608 shares of the business’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $673.96, for a total transaction of $409,767.68. Following the completion of the transaction, the chief operating officer now owns 8,662 shares in the company, valued at approximately $5,837,841.52. The trade was a 6.56 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 797,320 shares of company stock worth $517,913,331. Company insiders own 13.71% of the company’s stock.

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.