Cornerstone Enterprises LLC Lowers Stock Holdings in Meta Platforms, Inc. (NASDAQ:META)

Cornerstone Enterprises LLC lowered its position in Meta Platforms, Inc. (NASDAQ:META - Free Report) by 5.9% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 6,225 shares of the social networking company's stock after selling 390 shares during the period. Meta Platforms comprises approximately 2.2% of Cornerstone Enterprises LLC's holdings, making the stock its 14th largest position. Cornerstone Enterprises LLC's holdings in Meta Platforms were worth $3,588,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of META. Suvretta Capital Management LLC boosted its position in shares of Meta Platforms by 1.1% during the fourth quarter. Suvretta Capital Management LLC now owns 170,338 shares of the social networking company's stock worth $99,735,000 after acquiring an additional 1,850 shares during the last quarter. Skye Global Management LP lifted its stake in 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 worth $44,616,000 after purchasing an additional 43,200 shares in the last quarter. Brueske Advisory Services LLC bought a new position in shares of Meta Platforms during the 4th quarter valued at about $459,000. Kovitz Investment Group Partners LLC grew its position in shares of Meta Platforms by 255.9% during the fourth 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 purchasing an additional 1,229,350 shares in the last quarter. Finally, Fisher Asset Management LLC grew its position in shares of Meta Platforms by 1.7% during the fourth quarter. Fisher Asset Management LLC now owns 6,675,174 shares of the social networking company's stock valued at $3,908,382,000 after purchasing an additional 110,040 shares in the last quarter. Hedge funds and other institutional investors own 79.91% of the company's stock.

Analysts Set New Price Targets

META has been the subject of several research analyst reports. Needham & Company LLC restated an "underperform" rating on shares of Meta Platforms in a report on Thursday, May 1st. Guggenheim boosted their price target on shares of Meta Platforms from $675.00 to $725.00 and gave the stock a "buy" rating in a research report on Thursday, May 1st. UBS Group reissued a "buy" rating and issued a $812.00 price objective (up from $683.00) on shares of Meta Platforms in a research note on Thursday. DA Davidson decreased their target price on shares of Meta Platforms from $800.00 to $650.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Finally, TD Securities lowered their price target on shares of Meta Platforms from $725.00 to $700.00 and set a "buy" rating for the company in a report on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, thirty-seven have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $719.52.

Insider Activity at Meta Platforms

In other Meta Platforms news, CFO Susan J. Li sold 6,874 shares of the stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $659.36, for a total transaction of $4,532,440.64. Following the sale, the chief financial officer owned 70,040 shares of the company's stock, valued at approximately $46,181,574.40. This trade represents a 8.94% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Mark Zuckerberg sold 13,793 shares of the business's stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $701.13, for a total value of $9,670,686.09. Following the completion of the transaction, the chief executive officer directly owned 118,279 shares of the company's stock, valued at approximately $82,928,955.27. The trade was a 10.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 137,095 shares of company stock valued at $93,076,345 over the last ninety days. 13.61% of the stock is owned by company insiders.

Meta Platforms Price Performance

Shares of META stock opened at $738.09 on Tuesday. Meta Platforms, Inc. has a twelve month low of $442.65 and a twelve month high of $747.90. 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 stock has a fifty day simple moving average of $643.58 and a two-hundred day simple moving average of $627.27. The stock has a market capitalization of $1.86 trillion, a price-to-earnings ratio of 28.79, a P/E/G ratio of 1.80 and a beta of 1.26.

Meta Platforms (NASDAQ:META - Get Free Report) last released 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. The firm had revenue of $42.31 billion during the quarter, compared to the consensus estimate of $41.45 billion. Meta Platforms had a return on equity of 38.69% and a net margin of 39.11%. The firm's quarterly revenue was up 16.1% on a year-over-year basis. During the same period in the previous year, the company posted $4.71 earnings per share. On average, analysts predict that Meta Platforms, Inc. will post 26.7 EPS for the current fiscal year.

Meta Platforms Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 26th. Stockholders of record on Monday, June 16th were paid a dividend of $0.525 per share. The ex-dividend date was Monday, June 16th. This represents a $2.10 dividend on an annualized basis and a dividend yield of 0.28%. Meta Platforms's dividend payout ratio is presently 8.19%.

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.

Want to see what other hedge funds are holding META? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Meta Platforms, Inc. (NASDAQ:META - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.