Palumbo Wealth Management LLC Purchases 1,000 Shares of Meta Platforms, Inc. (NASDAQ:META)

Palumbo Wealth Management LLC grew its position in shares of Meta Platforms, Inc. (NASDAQ:META) by 42.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,345 shares of the social networking company’s stock after acquiring an additional 1,000 shares during the period. Palumbo Wealth Management LLC’s holdings in Meta Platforms were worth $1,928,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Inlight Wealth Management LLC purchased a new position in shares of Meta Platforms during the first quarter valued at about $25,000. Millstone Evans Group LLC purchased a new position in shares of Meta Platforms during the fourth quarter valued at about $40,000. WealthTrak Capital Management LLC purchased a new position in shares of Meta Platforms during the fourth quarter valued at about $43,000. Marshall & Sterling Wealth Advisors Inc. purchased a new position in shares of Meta Platforms during the fourth quarter valued at about $45,000. Finally, Stuart Chaussee & Associates Inc. purchased a new position in shares of Meta Platforms during the fourth quarter valued at about $47,000. 79.91% of the stock is owned by institutional investors.

Meta Platforms Trading Up 2.0%

Shares of META stock opened at $712.20 on Wednesday. Meta Platforms, Inc. has a 12-month low of $442.65 and a 12-month high of $740.91. The company has a current ratio of 2.66, a quick ratio of 2.66 and a debt-to-equity ratio of 0.16. The firm’s 50 day moving average is $625.25 and its 200 day moving average is $624.38. The stock has a market capitalization of $1.79 trillion, a P/E ratio of 27.78, a P/E/G ratio of 1.72 and a beta of 1.26.

Meta Platforms (NASDAQ:META) last issued its earnings results on Wednesday, April 30th. The social networking company reported $6.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.33 by $1.10. Meta Platforms had a net margin of 39.11% and a return on equity of 38.69%. The company had revenue of $42.31 billion for the quarter, compared to analysts’ expectations of $41.45 billion. During the same quarter last year, the company posted $4.71 earnings per share. The firm’s quarterly revenue was up 16.1% on a year-over-year basis. Research analysts expect that Meta Platforms, Inc. will post 26.7 earnings per share for the current year.

Meta Platforms Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 26th. Investors of record on Monday, June 16th will be issued a $0.525 dividend. This represents a $2.10 annualized dividend and a yield of 0.29%. The ex-dividend date is Monday, June 16th. Meta Platforms’s dividend payout ratio is currently 8.19%.

Analyst Ratings Changes

Several equities analysts recently issued reports on META shares. TD Securities reduced their price target on shares of Meta Platforms from $725.00 to $700.00 and set a “buy” rating on the stock in a research report on Thursday, May 1st. Benchmark reduced their price target on shares of Meta Platforms from $820.00 to $640.00 and set a “buy” rating on the stock in a research report on Wednesday, April 23rd. Guggenheim boosted their price target on shares of Meta Platforms from $675.00 to $725.00 and gave the company a “buy” rating in a research report on Thursday, May 1st. Wells Fargo & Company reiterated an “overweight” rating and set a $664.00 price target on shares of Meta Platforms in a research report on Tuesday, June 17th. Finally, Cantor Fitzgerald upped their price objective on shares of Meta Platforms from $676.00 to $807.00 and gave the stock an “overweight” rating in a report on Wednesday, June 18th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, thirty-seven have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $712.69.

Insider Buying and Selling

In other news, insider Jennifer Newstead sold 921 shares of the company’s stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $570.66, for a total value of $525,577.86. Following the completion of the sale, the insider now directly owns 30,261 shares in the company, valued at $17,268,742.26. This represents a 2.95% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, COO Javier Olivan sold 608 shares of the company’s stock in a transaction on Monday, March 31st. The stock was sold at an average price of $563.03, for a total value of $342,322.24. Following the completion of the sale, the chief operating officer now owns 6,230 shares of the company’s stock, valued at $3,507,676.90. This trade represents a 8.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 110,002 shares of company stock worth $73,353,340. 13.61% 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.