Concord Wealth Partners Trims Stock Position in Meta Platforms, Inc. (NASDAQ:META)

Concord Wealth Partners decreased its stake in shares of Meta Platforms, Inc. (NASDAQ:META - Free Report) by 15.1% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 11,504 shares of the social networking company's stock after selling 2,052 shares during the period. Meta Platforms accounts for 1.1% of Concord Wealth Partners' portfolio, making the stock its 24th largest position. Concord Wealth Partners' holdings in Meta Platforms were worth $6,631,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of META. Suvretta Capital Management LLC raised its holdings in Meta Platforms by 1.1% in 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 acquiring an additional 1,850 shares in the last quarter. Skye Global Management LP boosted its position in Meta Platforms by 130.9% during the fourth 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. Kovitz Investment Group Partners LLC lifted its position in Meta Platforms by 255.9% in the 4th quarter. Kovitz Investment Group Partners LLC now owns 1,709,694 shares of the social networking company's stock valued at $1,001,044,000 after acquiring an additional 1,229,350 shares in the last quarter. Quantinno Capital Management LP increased its stake in shares of Meta Platforms by 25.1% during the 4th quarter. Quantinno Capital Management LP now owns 368,499 shares of the social networking company's stock worth $215,760,000 after purchasing an additional 73,907 shares during the last quarter. Finally, Arcadia Wealth Management Inc. bought a new stake in shares of Meta Platforms during the 4th quarter worth $600,000. 79.91% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

META has been the topic of a number of analyst reports. Evercore ISI lifted their price objective on shares of Meta Platforms from $725.00 to $750.00 and gave the company an "outperform" rating in a research report on Thursday, May 1st. Stifel Nicolaus raised their price target on Meta Platforms from $628.00 to $655.00 and gave the company a "buy" rating in a research report on Thursday, May 1st. JPMorgan Chase & Co. lifted their price objective on shares of Meta Platforms from $735.00 to $795.00 and gave the company an "overweight" rating in a report on Friday, July 11th. Guggenheim lifted their price target on shares of Meta Platforms from $675.00 to $725.00 and gave the stock a "buy" rating in a research note on Thursday, May 1st. Finally, TD Cowen boosted their price objective on shares of Meta Platforms from $700.00 to $800.00 and gave the stock a "buy" rating in a research note on Wednesday, July 9th. Five research analysts have rated the stock with a hold rating, thirty-eight have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $738.37.

Meta Platforms Stock Up 1.2%

META stock opened at $712.97 on Tuesday. The company's 50 day moving average price is $686.09 and its 200 day moving average price is $638.61. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.66 and a current ratio of 2.66. The firm has a market capitalization of $1.79 trillion, a price-to-earnings ratio of 27.81, a PEG ratio of 1.72 and a beta of 1.28. Meta Platforms, Inc. has a fifty-two week low of $442.65 and a fifty-two week high of $747.90.

Meta Platforms (NASDAQ:META - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The social networking company reported $6.43 EPS for the quarter, beating the consensus estimate of $5.33 by $1.10. The company had revenue of $42.31 billion during the quarter, compared to analysts' expectations of $41.45 billion. Meta Platforms had a return on equity of 38.69% and a net margin of 39.11%. The firm's revenue was up 16.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $4.71 EPS. On average, equities research analysts anticipate that Meta Platforms, Inc. will post 26.7 EPS for the current fiscal year.

Meta Platforms Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 26th. Stockholders of record on Monday, June 16th were issued a dividend of $0.525 per share. This represents a $2.10 dividend on an annualized basis and a dividend yield of 0.29%. The ex-dividend date was Monday, June 16th. Meta Platforms's dividend payout ratio is 8.19%.

Insider Transactions at Meta Platforms

In other news, CEO Mark Zuckerberg sold 2,361 shares of the company's stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $716.48, for a total value of $1,691,609.28. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, COO Javier Olivan sold 517 shares of the firm's stock in a transaction on Monday, July 14th. The shares were sold at an average price of $717.50, for a total value of $370,947.50. Following the sale, the chief operating officer directly owned 6,819 shares in the company, valued at approximately $4,892,632.50. This trade represents a 7.05% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 152,437 shares of company stock worth $105,068,570 over the last 90 days. Insiders own 13.61% of the company's stock.

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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