18,952 Shares in Meta Platforms, Inc. (NASDAQ:META) Purchased by Heirloom Wealth Management

Heirloom Wealth Management acquired a new stake in Meta Platforms, Inc. (NASDAQ:META - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 18,952 shares of the social networking company's stock, valued at approximately $10,923,000. Meta Platforms makes up 3.1% of Heirloom Wealth Management's investment portfolio, making the stock its 12th largest position.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Tsfg LLC raised its position in Meta Platforms by 18.4% during the first quarter. Tsfg LLC now owns 1,807 shares of the social networking company's stock worth $1,041,000 after acquiring an additional 281 shares during the last quarter. Surience Private Wealth LLC acquired a new stake in shares of Meta Platforms in the first quarter valued at approximately $2,394,000. Highland Capital Management LLC increased its stake in shares of Meta Platforms by 3.4% during the 1st quarter. Highland Capital Management LLC now owns 52,046 shares of the social networking company's stock worth $29,997,000 after purchasing an additional 1,707 shares in the last quarter. Jag Capital Management LLC increased its stake in shares of Meta Platforms by 50.1% during the 1st quarter. Jag Capital Management LLC now owns 73,403 shares of the social networking company's stock worth $42,307,000 after purchasing an additional 24,509 shares in the last quarter. Finally, Copeland Capital Management LLC acquired a new position in shares of Meta Platforms during the 1st quarter worth approximately $11,580,000. 79.91% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on META shares. Royal Bank Of Canada reiterated an "outperform" rating and set a $740.00 target price on shares of Meta Platforms in a report on Thursday, May 1st. Moffett Nathanson upped their price objective on Meta Platforms from $525.00 to $605.00 and gave the company a "buy" rating in a research report on Thursday, May 1st. Needham & Company LLC upgraded Meta Platforms from an "underperform" rating to a "hold" rating in a research report on Thursday. Citigroup boosted their target price on shares of Meta Platforms from $690.00 to $803.00 and gave the company a "buy" rating in a research note on Tuesday, June 24th. Finally, Evercore ISI upped their target price on shares of Meta Platforms from $725.00 to $750.00 and gave the company an "outperform" rating in a report on Thursday, May 1st. Five research analysts have rated the stock with a hold rating, thirty-seven have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $719.29.

Insider Transactions at Meta Platforms

In other Meta Platforms news, COO Javier Olivan sold 517 shares of the stock in a transaction that occurred on Monday, June 30th. The shares were sold at an average price of $740.97, for a total value of $383,081.49. Following the completion of the sale, the chief operating officer owned 7,853 shares of the company's stock, valued at $5,818,837.41. This trade represents a 6.18% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Mark Zuckerberg sold 2,361 shares of Meta Platforms stock in a transaction that occurred on Wednesday, July 2nd. The shares were 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. Insiders sold 154,285 shares of company stock valued at $105,518,153 over the last quarter. Company insiders own 13.61% of the company's stock.

Meta Platforms Trading Up 0.5%

META stock traded up $3.34 during midday trading on Thursday, reaching $716.91. 8,601,653 shares of the company's stock traded hands, compared to its average volume of 14,572,054. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.66 and a quick ratio of 2.66. Meta Platforms, Inc. has a fifty-two week low of $442.65 and a fifty-two week high of $747.90. The business has a 50-day moving average price of $651.82 and a two-hundred day moving average price of $628.50. The company has a market capitalization of $1.80 trillion, a P/E ratio of 27.96, a PEG ratio of 1.75 and a beta of 1.28.

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 for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $41.45 billion. During the same quarter in the previous year, the business posted $4.71 EPS. The business's quarterly revenue was up 16.1% on a year-over-year basis. Equities research analysts forecast that Meta Platforms, Inc. will post 26.7 EPS for the current fiscal year.

Meta Platforms Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 26th. Shareholders of record on Monday, June 16th were paid a dividend of $0.525 per share. This represents a $2.10 dividend on an annualized basis and a dividend yield of 0.29%. The ex-dividend date was Monday, June 16th. Meta Platforms's dividend payout ratio is presently 8.19%.

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.