Fisher Funds Management LTD lessened its position in shares of Meta Platforms, Inc. (NASDAQ:META - Free Report) by 0.4% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 202,893 shares of the social networking company's stock after selling 732 shares during the period. Meta Platforms comprises 2.8% of Fisher Funds Management LTD's investment portfolio, making the stock its 9th biggest holding. Fisher Funds Management LTD's holdings in Meta Platforms were worth $116,939,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Inlight Wealth Management LLC acquired a new position in shares of Meta Platforms in the 1st quarter valued at $25,000. Barnes Dennig Private Wealth Management LLC purchased a new position in Meta Platforms during the 1st quarter worth $28,000. Millstone Evans Group LLC purchased a new position in Meta Platforms during the 4th quarter worth $40,000. WealthTrak Capital Management LLC purchased a new position in Meta Platforms during the 4th quarter worth $43,000. Finally, Marshall & Sterling Wealth Advisors Inc. purchased a new position in Meta Platforms during the 4th quarter worth $45,000. Institutional investors and hedge funds own 79.91% of the company's stock.
Meta Platforms Trading Up 1.7%
Shares of NASDAQ:META traded up $12.11 during trading on Wednesday, reaching $732.78. The stock had a trading volume of 11,398,608 shares, compared to its average volume of 14,483,554. The business has a fifty day moving average price of $665.58 and a 200-day moving average price of $631.83. 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 stock has a market cap of $1.84 trillion, a P/E ratio of 28.58, a PEG ratio of 1.76 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 data on Wednesday, April 30th. The social networking company reported $6.43 earnings per share for the quarter, beating analysts' consensus estimates of $5.33 by $1.10. Meta Platforms had a net margin of 39.11% and a return on equity of 38.69%. The business had revenue of $42.31 billion during the quarter, compared to analyst estimates of $41.45 billion. During the same quarter in the previous year, the business posted $4.71 earnings per share. The company's revenue was up 16.1% on a year-over-year basis. As a group, analysts anticipate that Meta Platforms, Inc. will post 26.7 earnings per share for the current fiscal year.
Meta Platforms Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Thursday, June 26th. Investors of record on Monday, June 16th were issued a $0.525 dividend. The ex-dividend date of this dividend was Monday, June 16th. This represents a $2.10 dividend on an annualized basis and a yield of 0.29%. Meta Platforms's payout ratio is 8.19%.
Insider Activity at Meta Platforms
In other Meta Platforms news, COO Javier Olivan sold 517 shares of the business's stock in a transaction that occurred on Monday, June 30th. The shares were sold at an average price of $740.97, for a total transaction of $383,081.49. Following the completion of the sale, the chief operating officer directly owned 7,853 shares in the company, valued at $5,818,837.41. The trade was a 6.18% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Mark Zuckerberg sold 2,361 shares of the business'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 transaction of $1,691,609.28. The disclosure for this sale can be found here. Over the last three months, insiders sold 152,756 shares of company stock worth $104,720,878. 13.61% of the stock is owned by company insiders.
Analyst Ratings Changes
Several research analysts have issued reports on the stock. Evercore ISI raised their price objective on shares of Meta Platforms from $725.00 to $750.00 and gave the stock an "outperform" rating in a research report on Thursday, May 1st. Citigroup lifted their target price on shares of Meta Platforms from $690.00 to $803.00 and gave the company a "buy" rating in a report on Tuesday, June 24th. TD Cowen lifted their target price on shares of Meta Platforms from $700.00 to $800.00 and gave the company a "buy" rating in a report on Wednesday. Morgan Stanley lifted their target price on shares of Meta Platforms from $615.00 to $650.00 and gave the company an "overweight" rating in a report on Thursday, May 1st. Finally, Benchmark lowered their target price on shares of Meta Platforms from $820.00 to $640.00 and set a "buy" rating on the stock in a report on Wednesday, April 23rd. Five analysts have rated the stock with a hold rating, thirty-seven have given a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $727.95.
Check Out Our Latest Stock Report on META
Meta Platforms Company Profile
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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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