Meta Platforms, Inc. $META Shares Sold by Waycross Partners LLC

Key Points

• Waycross Partners LLC trimmed its Meta Platforms stake by 5.6% in the first quarter, selling 4,701 shares and ending with 79,074 shares worth about $45.2 million.
• Meta reported strong quarterly results, with EPS of $10.44 beating estimates by a wide margin and revenue of $56.31 billion, up 33.1% year over year.
• Analysts remain broadly bullish on the stock, with multiple buy and strong-buy ratings and a consensus price target of about $835.64.

Waycross Partners LLC decreased its position in shares of Meta Platforms, Inc. (NASDAQ:META - Free Report) by 5.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 79,074 shares of the social networking company's stock after selling 4,701 shares during the period. Meta Platforms comprises approximately 4.3% of Waycross Partners LLC's holdings, making the stock its 7th biggest holding. Waycross Partners LLC's holdings in Meta Platforms were worth $45,241,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the company. RHL Group LLC purchased a new position in Meta Platforms in the fourth quarter valued at about $28,000. Strategic Wealth Advisors LLC purchased a new stake in Meta Platforms during the 4th quarter worth approximately $29,000. Niles Investment Management LLC acquired a new position in shares of Meta Platforms in the 4th quarter valued at approximately $29,000. Bayban raised its position in shares of Meta Platforms by 100.0% in the 1st quarter. Bayban now owns 70 shares of the social networking company's stock valued at $40,000 after purchasing an additional 35 shares in the last quarter. Finally, Safe Harbor Fiduciary LLC purchased a new position in shares of Meta Platforms during the 4th quarter valued at approximately $42,000. Institutional investors and hedge funds own 79.91% of the company's stock.

Meta Platforms Stock Down 1.8%

NASDAQ:META opened at $595.19 on Friday. The firm has a market capitalization of $1.51 trillion, a PE ratio of 21.64, a price-to-earnings-growth ratio of 1.02 and a beta of 1.25. Meta Platforms, Inc. has a 52 week low of $520.26 and a 52 week high of $796.25. The company has a current ratio of 2.35, a quick ratio of 2.35 and a debt-to-equity ratio of 0.24. The stock has a 50 day moving average of $604.51 and a 200-day moving average of $625.76.

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 (EPS) for the quarter, beating analysts' consensus estimates of $6.67 by $3.77. The business had revenue of $56.31 billion during the quarter, compared to analyst estimates of $55.56 billion. Meta Platforms had a return on equity of 36.93% and a net margin of 32.84%.The business's revenue for the quarter was up 33.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $6.43 EPS. Analysts predict that Meta Platforms, Inc. will post 29.49 EPS for the current year.

Meta Platforms Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 25th. Stockholders of record on Monday, June 15th were issued a dividend of $0.525 per share. The ex-dividend date of this dividend was Monday, June 15th. This represents a $2.10 annualized dividend and a dividend yield of 0.4%. Meta Platforms's payout ratio is 7.63%.

Key Meta Platforms News

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

• Positive Sentiment: A new free verification badge system for Facebook users, which may improve trust and platform quality. Fast Company article
• Positive Sentiment: A dedicated Marketplace seller app with tools for merchants, aimed at making Facebook commerce more useful and organized. Reuters article
• Positive Sentiment: Wall Street commentary remained constructive, with articles highlighting Meta as a strong momentum stock and a potentially attractive AI-era value name.
• Positive Sentiment: Analyst sentiment stayed favorable, including a report that Wells Fargo raised its price target on Meta to $835.00.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. Raymond James Financial lifted their price target on shares of Meta Platforms from $825.00 to $850.00 and gave the stock a "strong-buy" rating in a research note on Tuesday. Erste Group Bank upgraded shares of Meta Platforms from a "hold" rating to a "buy" rating in a research note on Tuesday, July 7th. Citigroup reissued a "strong-buy" rating on shares of Meta Platforms in a report on Tuesday. Stifel Nicolaus dropped their target price on shares of Meta Platforms from $805.00 to $780.00 and set a "buy" rating for the company in a research report on Friday, May 1st. Finally, Morgan Stanley cut their target price on shares of Meta Platforms from $825.00 to $775.00 and set an "overweight" rating on the stock in a research note on Monday, March 30th. Five research analysts have rated the stock with a Strong Buy rating, thirty-four have given a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, Meta Platforms has a consensus rating of "Moderate Buy" and an average target price of $835.64.

Insider Activity

In related news, CFO Susan J. Li sold 9,195 shares of Meta Platforms stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $607.84, for a total value of $5,589,088.80. Following the sale, the chief financial officer directly owned 13,186 shares in the company, valued at $8,014,978.24. This trade represents a 41.08% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Curtis J. Mahoney sold 2,079 shares of the business's stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $609.92, for a total transaction of $1,268,023.68. Following the transaction, the insider directly owned 1,118 shares of the company's stock, valued at $681,890.56. The trade was a 65.03% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 37,948 shares of company stock worth $23,184,319. 13.53% of the stock is owned by insiders.

Meta Platforms Profile

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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