Chung Wu Investment Group LLC Reduces Stock Position in Meta Platforms, Inc. (NASDAQ:META)

Chung Wu Investment Group LLC cut its stake in Meta Platforms, Inc. (NASDAQ:META - Free Report) by 69.8% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,860 shares of the social networking company's stock after selling 4,301 shares during the period. Meta Platforms accounts for approximately 1.3% of Chung Wu Investment Group LLC's portfolio, making the stock its 22nd largest position. Chung Wu Investment Group LLC's holdings in Meta Platforms were worth $1,072,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in META. Suvretta Capital Management LLC raised its stake in Meta Platforms by 1.1% during the 4th quarter. Suvretta Capital Management LLC now owns 170,338 shares of the social networking company's stock valued at $99,735,000 after buying an additional 1,850 shares during the last quarter. Skye Global Management LP lifted its holdings in shares of Meta Platforms by 130.9% in the 4th quarter. Skye Global Management LP now owns 76,200 shares of the social networking company's stock valued at $44,616,000 after acquiring an additional 43,200 shares during the last quarter. Brueske Advisory Services LLC bought a new position in shares of Meta Platforms in the 4th quarter valued at about $459,000. Kovitz Investment Group Partners LLC lifted its stake in Meta Platforms by 255.9% in the fourth quarter. Kovitz Investment Group Partners LLC now owns 1,709,694 shares of the social networking company's stock worth $1,001,044,000 after purchasing an additional 1,229,350 shares during the last quarter. Finally, Fisher Asset Management LLC lifted its stake in Meta Platforms by 1.7% in the fourth quarter. Fisher Asset Management LLC now owns 6,675,174 shares of the social networking company's stock worth $3,908,382,000 after purchasing an additional 110,040 shares during the last quarter. 79.91% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Meta Platforms news, COO Javier Olivan sold 608 shares of Meta Platforms stock in a transaction on Monday, April 7th. The stock was sold at an average price of $488.18, for a total transaction of $296,813.44. Following the completion of the transaction, the chief operating officer now directly owns 5,622 shares of the company's stock, valued at approximately $2,744,547.96. This trade represents a 9.76% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jennifer Newstead sold 921 shares of the business's stock in a transaction dated Tuesday, April 22nd. The stock was sold at an average price of $491.87, for a total value of $453,012.27. Following the sale, the insider now directly owns 27,498 shares of the company's stock, valued at $13,525,441.26. This represents a 3.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 124,223 shares of company stock valued at $83,526,550 over the last ninety days. 13.61% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on META. Piper Sandler reaffirmed an "overweight" rating and set a $808.00 target price (up from $650.00) on shares of Meta Platforms in a research report on Friday. UBS Group restated a "buy" rating and set a $812.00 target price (up from $683.00) on shares of Meta Platforms in a research report on Thursday. Cantor Fitzgerald lifted their price objective on shares of Meta Platforms from $676.00 to $807.00 and gave the company an "overweight" rating in a report on Wednesday, June 18th. Wells Fargo & Company reissued an "overweight" rating and set a $664.00 target price on shares of Meta Platforms in a research note on Tuesday, June 17th. Finally, Stifel Nicolaus boosted their target price on shares of Meta Platforms from $628.00 to $655.00 and gave the stock a "buy" rating in a research note on Thursday, May 1st. One analyst has rated the stock with a sell rating, four have issued a hold rating, thirty-seven have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $719.52.

Meta Platforms Trading Up 1.0%

Shares of META stock opened at $733.63 on Monday. Meta Platforms, Inc. has a 12 month low of $442.65 and a 12 month high of $742.32. The company has a quick ratio of 2.66, a current ratio of 2.66 and a debt-to-equity ratio of 0.16. The company has a market cap of $1.84 trillion, a PE ratio of 28.61, a price-to-earnings-growth ratio of 1.80 and a beta of 1.26. The business's 50 day moving average is $638.51 and its two-hundred day moving average is $626.45.

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 for the quarter, beating the consensus estimate of $5.33 by $1.10. Meta Platforms had a return on equity of 38.69% and a net margin of 39.11%. The company had revenue of $42.31 billion during the quarter, compared to analysts' expectations of $41.45 billion. During the same period in the prior year, the business earned $4.71 earnings per share. Meta Platforms's revenue for the quarter was up 16.1% compared to the same quarter last year. Equities analysts predict that Meta Platforms, Inc. will post 26.7 EPS for the current year.

Meta Platforms Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 26th. Investors of record on Monday, June 16th were given a $0.525 dividend. The ex-dividend date was Monday, June 16th. This represents a $2.10 annualized dividend and a yield of 0.29%. Meta Platforms's dividend payout ratio (DPR) is currently 8.19%.

Meta Platforms Company 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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