tru Independence LLC reduced its stake in Meta Platforms, Inc. (NASDAQ:META – Free Report) by 0.8% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,603 shares of the social networking company’s stock after selling 21 shares during the quarter. tru Independence LLC’s holdings in Meta Platforms were worth $1,500,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Inlight Wealth Management LLC acquired a new position in shares of Meta Platforms in the 1st quarter valued at about $25,000. Barnes Dennig Private Wealth Management LLC acquired a new stake in Meta Platforms during the first quarter worth approximately $28,000. Millstone Evans Group LLC bought a new stake in Meta Platforms in the fourth quarter worth approximately $40,000. WealthTrak Capital Management LLC acquired a new position in Meta Platforms in the fourth quarter valued at approximately $43,000. Finally, Marshall & Sterling Wealth Advisors Inc. acquired a new position in Meta Platforms in the fourth quarter valued at approximately $45,000. 79.91% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
META has been the topic of several research analyst reports. JPMorgan Chase & Co. increased their target price on shares of Meta Platforms from $735.00 to $795.00 and gave the stock an “overweight” rating in a research note on Friday. Cantor Fitzgerald increased their price objective on shares of Meta Platforms from $676.00 to $807.00 and gave the stock an “overweight” rating in a research report on Wednesday, June 18th. Raymond James Financial reduced their target price on Meta Platforms from $800.00 to $750.00 and set a “strong-buy” rating for the company in a research note on Thursday, May 1st. UBS Group reaffirmed a “buy” rating and set a $812.00 price target (up from $683.00) on shares of Meta Platforms in a research note on Thursday, June 26th. Finally, Oppenheimer raised their price objective on Meta Platforms from $665.00 to $775.00 and gave the company an “outperform” rating in a research note on Monday, June 16th. Five research analysts have rated the stock with a hold rating, thirty-seven have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Meta Platforms has a consensus rating of “Moderate Buy” and an average price target of $729.38.
Meta Platforms Trading Down 1.3%
Shares of Meta Platforms stock opened at $717.51 on Monday. The firm has a market cap of $1.80 trillion, a PE ratio of 27.98, a P/E/G ratio of 1.76 and a beta of 1.28. Meta Platforms, Inc. has a 1 year low of $442.65 and a 1 year high of $747.90. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.66 and a quick ratio of 2.66. The stock has a fifty day moving average price of $674.77 and a 200-day moving average price of $634.57.
Meta Platforms (NASDAQ:META – Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The social networking company reported $6.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.33 by $1.10. The business had revenue of $42.31 billion during the quarter, compared to the consensus estimate of $41.45 billion. Meta Platforms had a net margin of 39.11% and a return on equity of 38.69%. The firm’s quarterly revenue was up 16.1% compared to the same quarter last year. During the same quarter last year, the company posted $4.71 earnings per share. Equities research analysts anticipate that Meta Platforms, Inc. will post 26.7 EPS for the current year.
Meta Platforms Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Thursday, June 26th. Investors of record on Monday, June 16th were issued a $0.525 dividend. The ex-dividend date of this dividend was Monday, June 16th. This represents a $2.10 dividend on an annualized basis and a dividend yield of 0.29%. Meta Platforms’s dividend payout ratio (DPR) is presently 8.19%.
Insider Buying and Selling
In other Meta Platforms news, COO Javier Olivan sold 517 shares of the stock in a transaction on Monday, July 7th. The stock was sold at an average price of $717.51, for a total transaction of $370,952.67. Following the completion of the transaction, the chief operating officer directly owned 7,336 shares of the company’s stock, valued at approximately $5,263,653.36. This represents a 6.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Mark Zuckerberg sold 2,361 shares of the company’s stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $716.48, for a total value of $1,691,609.28. The disclosure for this sale can be found here. In the last quarter, insiders have sold 153,184 shares of company stock valued at $105,128,004. 13.61% of the stock is owned by company insiders.
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.
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