Coronation Fund Managers Ltd. Sells 31,093 Shares of Meta Platforms, Inc. (NASDAQ:META)

Coronation Fund Managers Ltd. lessened its holdings in Meta Platforms, Inc. (NASDAQ:META - Free Report) by 30.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 72,086 shares of the social networking company's stock after selling 31,093 shares during the quarter. Meta Platforms makes up approximately 2.2% of Coronation Fund Managers Ltd.'s investment portfolio, making the stock its 17th largest position. Coronation Fund Managers Ltd.'s holdings in Meta Platforms were worth $41,547,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Inlight Wealth Management LLC acquired a new stake in Meta Platforms during the 1st quarter valued at approximately $25,000. Barnes Dennig Private Wealth Management LLC acquired a new stake in Meta Platforms during the 1st quarter valued at approximately $28,000. MJT & Associates Financial Advisory Group Inc. acquired a new stake in Meta Platforms during the 1st quarter valued at approximately $33,000. Marshall & Sterling Wealth Advisors Inc. acquired a new stake in Meta Platforms during the 4th quarter valued at approximately $45,000. Finally, JCIC Asset Management Inc. increased its position in Meta Platforms by 102.6% during the 1st quarter. JCIC Asset Management Inc. now owns 79 shares of the social networking company's stock valued at $46,000 after purchasing an additional 40 shares during the period. 79.91% of the stock is currently owned by institutional investors and hedge funds.

Meta Platforms Price Performance

Shares of NASDAQ:META opened at $780.08 on Thursday. The company has a quick ratio of 1.97, a current ratio of 1.97 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $1.96 trillion, a PE ratio of 28.24, a P/E/G ratio of 1.64 and a beta of 1.27. Meta Platforms, Inc. has a twelve month low of $479.80 and a twelve month high of $795.46. The company has a 50-day moving average price of $720.73 and a two-hundred day moving average price of $653.97.

Meta Platforms (NASDAQ:META - Get Free Report) last issued its earnings results on Wednesday, July 30th. The social networking company reported $7.14 earnings per share for the quarter, topping analysts' consensus estimates of $5.75 by $1.39. Meta Platforms had a net margin of 39.99% and a return on equity of 39.33%. The firm had revenue of $47.52 billion during the quarter, compared to analyst estimates of $44.55 billion. During the same quarter last year, the business earned $5.16 earnings per share. The company's quarterly revenue was up 21.6% on a year-over-year basis. Equities analysts forecast that Meta Platforms, Inc. will post 26.7 EPS for the current year.

Meta Platforms Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 26th. Stockholders of record on Monday, June 16th were given a $0.525 dividend. This represents a $2.10 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date was Monday, June 16th. Meta Platforms's dividend payout ratio (DPR) is 7.60%.

Insider Activity

In other news, CTO Andrew Bosworth sold 22,449 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $636.85, for a total value of $14,296,645.65. Following the completion of the transaction, the chief technology officer directly owned 1,183 shares in the company, valued at approximately $753,393.55. This trade represents a 94.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Mark Zuckerberg sold 15,847 shares of the firm's stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $753.43, for a total transaction of $11,939,605.21. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 292,211 shares of company stock worth $215,232,155. 13.61% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms have weighed in on META. Citigroup reissued an "outperform" rating on shares of Meta Platforms in a research report on Thursday, July 31st. Pivotal Research increased their target price on shares of Meta Platforms from $830.00 to $930.00 and gave the company a "buy" rating in a research report on Thursday, July 31st. Oppenheimer increased their target price on shares of Meta Platforms from $775.00 to $870.00 and gave the company an "outperform" rating in a research report on Thursday, July 31st. Moffett Nathanson raised their price objective on shares of Meta Platforms from $525.00 to $605.00 and gave the stock a "buy" rating in a research report on Thursday, May 1st. Finally, TD Securities reduced their price objective on shares of Meta Platforms from $725.00 to $700.00 and set a "buy" rating for the company in a research report on Thursday, May 1st. Four equities research analysts have rated the stock with a hold rating, thirty-nine have assigned a buy rating and three have given a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $822.41.

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.

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.