Fortitude Advisory Group L.L.C. Boosts Holdings in Meta Platforms, Inc. $META

Key Points

• Fortitude Advisory Group increased its Meta Platforms stake by 49.7% in the fourth quarter, buying 1,306 additional shares and bringing its total holdings to 3,933 shares worth about $2.6 million.
• Meta reported strong quarterly results, with earnings per share of $10.44 beating estimates and revenue of $56.31 billion topping expectations, while revenue rose 33.1% year over year.
• The company also announced a quarterly dividend of $0.525 per share, and analysts currently maintain a Moderate Buy consensus with a $840.60 price target.

Fortitude Advisory Group L.L.C. grew its holdings in Meta Platforms, Inc. (NASDAQ:META - Free Report) by 49.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 3,933 shares of the social networking company's stock after purchasing an additional 1,306 shares during the quarter. Meta Platforms accounts for about 1.1% of Fortitude Advisory Group L.L.C.'s holdings, making the stock its 16th biggest holding. Fortitude Advisory Group L.L.C.'s holdings in Meta Platforms were worth $2,596,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Giverny Capital Inc. boosted its stake in shares of Meta Platforms by 0.5% in the fourth quarter. Giverny Capital Inc. now owns 313,449 shares of the social networking company's stock valued at $206,905,000 after purchasing an additional 1,639 shares during the period. Healthcare of Ontario Pension Plan Trust Fund boosted its stake in shares of Meta Platforms by 16.1% in the fourth quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,269,176 shares of the social networking company's stock valued at $837,770,000 after purchasing an additional 176,003 shares during the period. Icon Wealth Advisors LLC boosted its stake in shares of Meta Platforms by 11.1% in the fourth quarter. Icon Wealth Advisors LLC now owns 12,971 shares of the social networking company's stock valued at $8,558,000 after purchasing an additional 1,295 shares during the period. Infusive Asset Management Inc. boosted its stake in shares of Meta Platforms by 110.6% in the fourth quarter. Infusive Asset Management Inc. now owns 19,194 shares of the social networking company's stock valued at $12,670,000 after purchasing an additional 10,079 shares during the period. Finally, Integrity Financial Corp WA boosted its stake in shares of Meta Platforms by 26.2% in the fourth quarter. Integrity Financial Corp WA now owns 1,632 shares of the social networking company's stock valued at $1,077,000 after purchasing an additional 339 shares during the period. Hedge funds and other institutional investors own 79.91% of the company's stock.

Meta Platforms Price Performance

Shares of NASDAQ:META opened at $566.98 on Monday. The firm's 50 day moving average price is $621.15 and its 200 day moving average price is $636.05. The stock has a market cap of $1.43 trillion, a price-to-earnings ratio of 20.61, a price-to-earnings-growth ratio of 1.00 and a beta of 1.23. Meta Platforms, Inc. has a fifty-two week low of $520.26 and a fifty-two week high of $796.25. The company has a quick ratio of 2.35, a current ratio of 2.35 and a debt-to-equity ratio of 0.24.

Meta Platforms (NASDAQ:META - Get Free Report) last released its quarterly earnings data on Wednesday, April 29th. The social networking company reported $10.44 earnings per share for the quarter, topping analysts' consensus estimates of $6.67 by $3.77. Meta Platforms had a net margin of 32.84% and a return on equity of 36.93%. The company had revenue of $56.31 billion for the quarter, compared to analysts' expectations of $55.56 billion. During the same quarter last year, the company earned $6.43 earnings per share. The firm's revenue for the quarter was up 33.1% on a year-over-year basis. As a group, equities research analysts predict that Meta Platforms, Inc. will post 29.35 earnings per share for the current fiscal year.

Meta Platforms Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 25th. Shareholders of record on Monday, June 15th will be issued a dividend of $0.525 per share. The ex-dividend date of this dividend is Monday, June 15th. This represents a $2.10 dividend on an annualized basis and a yield of 0.4%. Meta Platforms's dividend payout ratio (DPR) is presently 7.63%.

Insider Activity at Meta Platforms

In other Meta Platforms news, Director Robert M. Kimmitt sold 504 shares of the firm's stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $629.29, for a total transaction of $317,162.16. Following the sale, the director owned 3,943 shares of the company's stock, valued at approximately $2,481,290.47. This trade represents a 11.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Javier Olivan sold 837 shares of the firm's stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $629.29, for a total transaction of $526,715.73. Following the sale, the chief operating officer directly owned 12,986 shares in the company, valued at approximately $8,171,959.94. The trade was a 6.06% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 39,170 shares of company stock valued at $24,218,565 in the last quarter. Company insiders own 13.53% of the company's stock.

Trending Headlines about Meta Platforms

Here are the key news stories impacting Meta Platforms this week:

• Positive Sentiment: Meta is expanding its AI infrastructure globally, including a new AI-enabled data center partnership in India with Reliance Industries, reinforcing confidence in its long-term artificial intelligence strategy.
• Positive Sentiment: The company launched Instagram Plus globally, an optional subscription product that could help diversify revenue beyond advertising.
• Positive Sentiment: Analysts and commentary from Morgan Stanley, Zacks, and others continued to describe Meta as a high-quality growth and compounder stock, with recent earnings still viewed as strong.

Wall Street Analysts Forecast Growth

META has been the subject of several recent research reports. Stifel Nicolaus lowered their price objective on shares of Meta Platforms from $805.00 to $780.00 and set a "buy" rating for the company in a research note on Friday, May 1st. Mizuho reduced their target price on shares of Meta Platforms from $850.00 to $835.00 and set an "outperform" rating on the stock in a report on Tuesday, May 5th. The Goldman Sachs Group cut shares of Meta Platforms from a "buy" rating to a "sell" rating in a report on Tuesday, June 2nd. Roth Mkm reaffirmed a "buy" rating on shares of Meta Platforms in a report on Thursday, April 30th. Finally, JPMorgan Chase & Co. reaffirmed a "neutral" rating and issued a $725.00 target price (down from $825.00) on shares of Meta Platforms in a report on Thursday, April 30th. Three research analysts have rated the stock with a Strong Buy rating, thirty-five have issued a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $840.60.

About Meta Platforms

Meta Platforms, Inc NASDAQ: META, formerly Facebook, Inc, is a global technology company best known for building social networking services and immersive computing platforms. Founded in 2004 and headquartered in Menlo Park, California, the company operates a family of consumer-facing products and services that connect users, creators and businesses. In October 2021 the company rebranded as Meta to reflect an expanded strategic focus on augmented and virtual reality technologies alongside its social media businesses.

Meta's core consumer products include Facebook, Instagram, WhatsApp and Messenger, which enable social networking, messaging, content sharing and community building across mobile and desktop devices.

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