Cumberland Partners Ltd cut its position in shares of Meta Platforms, Inc. (NASDAQ:META - Free Report) by 20.6% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 88,205 shares of the social networking company's stock after selling 22,829 shares during the quarter. Meta Platforms accounts for about 3.9% of Cumberland Partners Ltd's investment portfolio, making the stock its 4th largest holding. Cumberland Partners Ltd's holdings in Meta Platforms were worth $50,838,000 at the end of the most recent quarter.
Several other large investors have also recently added to or reduced their stakes in META. Csenge Advisory Group raised its position in shares of Meta Platforms by 12.0% during the 1st quarter. Csenge Advisory Group now owns 9,539 shares of the social networking company's stock worth $5,498,000 after purchasing an additional 1,019 shares during the period. Suvretta Capital Management LLC grew 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 worth $99,735,000 after buying an additional 1,850 shares during the last quarter. Skye Global Management LP increased its position in Meta Platforms by 130.9% in the fourth quarter. Skye Global Management LP now owns 76,200 shares of the social networking company's stock worth $44,616,000 after buying an additional 43,200 shares during the period. ARQ Wealth Advisors LLC lifted its stake in Meta Platforms by 4.5% in the first quarter. ARQ Wealth Advisors LLC now owns 785 shares of the social networking company's stock valued at $452,000 after buying an additional 34 shares during the last quarter. Finally, JMG Financial Group Ltd. acquired a new position in shares of Meta Platforms during the first quarter valued at $284,000. 79.91% of the stock is currently owned by institutional investors.
Insider Transactions at Meta Platforms
In related news, CEO Mark Zuckerberg sold 15,847 shares of the business's stock in a transaction that occurred on Wednesday, August 6th. The stock was sold at an average price of $768.67, for a total value of $12,181,113.49. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Robert M. Kimmitt sold 465 shares of the stock in a transaction that occurred on Tuesday, July 15th. The shares were sold at an average price of $723.08, for a total value of $336,232.20. Following the transaction, the director owned 9,342 shares in the company, valued at approximately $6,755,013.36. This trade represents a 4.74% decrease in their position. The disclosure for this sale can be found here. Insiders sold 199,509 shares of company stock valued at $141,509,323 over the last 90 days. Company insiders own 13.61% of the company's stock.
Meta Platforms Stock Up 1.1%
NASDAQ:META opened at $771.99 on Thursday. The business's fifty day moving average price is $709.65 and its 200 day moving average price is $648.93. The firm has a market capitalization of $1.94 trillion, a price-to-earnings ratio of 27.95, a PEG ratio of 1.59 and a beta of 1.27. The company has a current ratio of 1.97, a quick ratio of 1.97 and a debt-to-equity ratio of 0.15. Meta Platforms, Inc. has a 1-year low of $479.80 and a 1-year high of $784.75.
Meta Platforms (NASDAQ:META - Get Free Report) last released its earnings results on Wednesday, July 30th. The social networking company reported $7.14 earnings per share for the quarter, beating the consensus estimate of $5.75 by $1.39. The company had revenue of $47.52 billion for the quarter, compared to analysts' expectations of $44.55 billion. Meta Platforms had a return on equity of 39.33% and a net margin of 39.99%. The business's revenue for the quarter was up 21.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $5.16 EPS. On average, sell-side analysts forecast that Meta Platforms, Inc. will post 26.7 earnings per share for the current fiscal year.
Meta Platforms Announces Dividend
The company also recently declared 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 of this dividend was Monday, June 16th. This represents a $2.10 dividend on an annualized basis and a dividend yield of 0.3%. Meta Platforms's dividend payout ratio (DPR) is 7.60%.
Analysts Set New Price Targets
Several brokerages recently weighed in on META. Citigroup reiterated an "outperform" rating on shares of Meta Platforms in a research report on Thursday, July 31st. Hsbc Global Res upgraded Meta Platforms from a "hold" rating to a "strong-buy" rating in a research report on Thursday, July 31st. Benchmark upped their price objective on shares of Meta Platforms from $800.00 to $890.00 and gave the stock a "buy" rating in a 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 company a "buy" rating in a research note on Thursday, May 1st. Finally, Sanford C. Bernstein boosted their target price on Meta Platforms from $775.00 to $900.00 and gave the stock an "outperform" rating in a report on Thursday, July 31st. Four equities research analysts have rated the stock with a hold rating, thirty-nine have issued a buy rating and three have given a strong buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $822.41.
Get Our Latest Analysis on Meta Platforms
Meta Platforms Profile
(
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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