Meta Platforms, Inc. (NASDAQ:META) is Hedeker Wealth LLC's 9th Largest Position

Key Points

• Hedeker Wealth LLC has increased its stake in Meta Platforms by 54.1%, becoming the 9th largest position in its portfolio with holdings valued at approximately $9.67 million.
• In the latest quarter, institutional investors showed heightened interest in Meta, with firms like Csenge Advisory Group and Suvretta Capital Management also expanding their holdings.
• Meta Platforms reported an EPS of $6.43 for the last quarter, significantly surpassing analysts' estimates, and experienced a revenue growth of 16.1% year-over-year.

Hedeker Wealth LLC lifted its holdings in shares of Meta Platforms, Inc. (NASDAQ:META - Free Report) by 54.1% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 16,782 shares of the social networking company's stock after purchasing an additional 5,890 shares during the quarter. Meta Platforms comprises about 2.6% of Hedeker Wealth LLC's investment portfolio, making the stock its 9th biggest position. Hedeker Wealth LLC's holdings in Meta Platforms were worth $9,672,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in META. Inlight Wealth Management LLC purchased a new stake in Meta Platforms during the first quarter valued at about $25,000. Barnes Dennig Private Wealth Management LLC acquired a new position in shares of Meta Platforms during the first quarter worth about $28,000. Marshall & Sterling Wealth Advisors Inc. acquired a new position in shares of Meta Platforms during the fourth quarter worth about $45,000. JCIC Asset Management Inc. lifted its stake in shares of Meta Platforms by 102.6% during the first quarter. JCIC Asset Management Inc. now owns 79 shares of the social networking company's stock worth $46,000 after purchasing an additional 40 shares in the last quarter. Finally, Stuart Chaussee & Associates Inc. acquired a new position in shares of Meta Platforms during the fourth quarter worth about $47,000. Institutional investors and hedge funds own 79.91% of the company's stock.

Meta Platforms Price Performance

NASDAQ:META traded down $23.43 during mid-day trading on Friday, reaching $750.01. The stock had a trading volume of 18,985,910 shares, compared to its average volume of 15,659,175. The stock has a 50-day simple moving average of $699.22 and a two-hundred day simple moving average of $644.61. The stock has a market capitalization of $1.89 trillion, a PE ratio of 27.15, a P/E/G ratio of 1.66 and a beta of 1.28. 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 12 month low of $450.80 and a 12 month high of $784.75.

Meta Platforms (NASDAQ:META - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The social networking company reported $7.14 EPS for the quarter, topping analysts' consensus estimates of $5.75 by $1.39. The company had revenue of $47.52 billion for the quarter, compared to analyst estimates of $44.55 billion. Meta Platforms had a net margin of 39.99% and a return on equity of 40.31%. Meta Platforms's revenue was up 21.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $5.16 earnings per share. On average, equities analysts anticipate that Meta Platforms, Inc. will post 26.7 earnings per share for the current year.

Meta Platforms Announces Dividend

The firm 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. This represents a $2.10 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date was Monday, June 16th. Meta Platforms's dividend payout ratio is currently 8.19%.

Insider Buying and Selling at Meta Platforms

In related news, COO Javier Olivan sold 517 shares of the company's stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $715.00, for a total value of $369,655.00. Following the sale, the chief operating officer owned 5,785 shares in the company, valued at $4,136,275. This represents a 8.20% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Jennifer Newstead sold 519 shares of the stock in a transaction dated Tuesday, July 29th. The shares were sold at an average price of $719.86, for a total transaction of $373,607.34. Following the completion of the sale, the insider owned 25,550 shares of the company's stock, valued at approximately $18,392,423. This trade represents a 1.99% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 152,980 shares of company stock worth $105,708,832. 13.61% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts have commented on META shares. JPMorgan Chase & Co. boosted their price objective on Meta Platforms from $795.00 to $875.00 and gave the stock an "overweight" rating in a research note on Thursday. TD Securities reduced their price objective on Meta Platforms from $725.00 to $700.00 and set a "buy" rating on the stock in a research note on Thursday, May 1st. Truist Financial boosted their price objective on Meta Platforms from $700.00 to $720.00 and gave the stock a "buy" rating in a research note on Thursday, May 1st. Hsbc Global Res upgraded Meta Platforms from a "hold" rating to a "strong-buy" rating in a research note on Thursday. Finally, Wedbush boosted their price target on Meta Platforms from $750.00 to $920.00 and gave the stock an "outperform" rating in a research note on Thursday. Four research analysts have rated the stock with a hold rating, forty have given a buy rating and three have given a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $815.09.

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.