Cullinan Associates Inc. lowered its position in shares of Meta Platforms, Inc. (NASDAQ:META - Free Report) by 8.7% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 23,490 shares of the social networking company's stock after selling 2,235 shares during the quarter. Meta Platforms makes up approximately 1.0% of Cullinan Associates Inc.'s holdings, making the stock its 27th biggest holding. Cullinan Associates Inc.'s holdings in Meta Platforms were worth $13,539,000 at the end of the most recent quarter.
Other hedge funds have also recently bought and sold shares of the company. Inlight Wealth Management LLC purchased a new stake in shares of Meta Platforms during the 1st quarter valued at $25,000. Intact Investment Management Inc. boosted its holdings in Meta Platforms by 1.1% in the first quarter. Intact Investment Management Inc. now owns 18,100 shares of the social networking company's stock valued at $10,432,000 after acquiring an additional 200 shares during the last quarter. First American Bank grew its position in Meta Platforms by 1.4% during the first quarter. First American Bank now owns 41,921 shares of the social networking company's stock valued at $24,162,000 after acquiring an additional 570 shares during the period. Center For Asset Management LLC increased its stake in Meta Platforms by 0.5% during the first quarter. Center For Asset Management LLC now owns 4,390 shares of the social networking company's stock worth $2,530,000 after acquiring an additional 23 shares during the last quarter. Finally, Suncoast Equity Management purchased a new position in shares of Meta Platforms in the 1st quarter worth about $26,401,000. Institutional investors and hedge funds own 79.91% of the company's stock.
Analyst Ratings Changes
META has been the subject of a number of research reports. Oppenheimer boosted their target price on Meta Platforms from $665.00 to $775.00 and gave the stock an "outperform" rating in a report on Monday, June 16th. Loop Capital boosted their price objective on shares of Meta Platforms from $695.00 to $888.00 and gave the stock a "buy" rating in a research note on Friday, May 16th. DA Davidson cut 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 note on Monday, April 14th. Scotiabank reduced their target price on shares of Meta Platforms from $627.00 to $525.00 and set a "sector perform" rating on the stock in a report on Monday, April 21st. Finally, Jefferies Financial Group lowered their price target on Meta Platforms from $725.00 to $600.00 and set a "buy" rating for the company in a report on Monday, April 7th. One 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's stock. Based on data from MarketBeat.com, Meta Platforms currently has a consensus rating of "Moderate Buy" and a consensus price target of $712.69.
Read Our Latest Report on META
Meta Platforms Stock Performance
Shares of NASDAQ:META traded down $3.52 on Wednesday, reaching $708.68. 9,285,562 shares of the company's stock were exchanged, compared to its average volume of 14,488,533. 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 business's 50-day moving average is $629.38 and its two-hundred day moving average is $624.96. Meta Platforms, Inc. has a fifty-two week low of $442.65 and a fifty-two week high of $740.91. The firm has a market capitalization of $1.78 trillion, a price-to-earnings ratio of 27.64, a PEG ratio of 1.75 and a beta of 1.26.
Meta Platforms (NASDAQ:META - Get Free Report) last posted its earnings results on Wednesday, April 30th. The social networking company reported $6.43 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $5.33 by $1.10. The company had revenue of $42.31 billion for 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 quarterly revenue was up 16.1% compared to the same quarter last year. During the same period last year, the business posted $4.71 earnings per share. As a group, equities research analysts forecast that Meta Platforms, Inc. will post 26.7 EPS for the current year.
Meta Platforms Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 26th. Stockholders of record on Monday, June 16th will be paid a $0.525 dividend. The ex-dividend date is Monday, June 16th. This represents a $2.10 annualized dividend and a dividend yield of 0.30%. Meta Platforms's payout ratio is 8.19%.
Insider Activity at Meta Platforms
In other news, COO Javier Olivan sold 406 shares of the company's stock in a transaction on Monday, April 21st. The stock was sold at an average price of $491.69, for a total transaction of $199,626.14. Following the completion of the sale, the chief operating officer now directly owns 4,608 shares of the company's stock, valued at $2,265,707.52. This represents a 8.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CTO Andrew Bosworth sold 22,449 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $636.85, for a total transaction of $14,296,645.65. Following the completion of the transaction, the chief technology officer now directly owns 1,183 shares of the company's stock, valued at $753,393.55. This represents a 94.99% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 124,312 shares of company stock worth $83,503,034 over the last ninety days. 13.61% of the stock is currently owned by corporate insiders.
About Meta Platforms
(
Free Report)
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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