Abound Wealth Management Has $1.10 Million Stake in Meta Platforms, Inc. (NASDAQ:META)

Abound Wealth Management boosted its holdings in Meta Platforms, Inc. (NASDAQ:META - Free Report) by 197.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,903 shares of the social networking company's stock after acquiring an additional 1,264 shares during the quarter. Meta Platforms comprises about 0.4% of Abound Wealth Management's investment portfolio, making the stock its 28th biggest holding. Abound Wealth Management's holdings in Meta Platforms were worth $1,097,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Millstone Evans Group LLC acquired a new stake in Meta Platforms during the 4th quarter worth about $40,000. WealthTrak Capital Management LLC acquired a new stake in Meta Platforms during the 4th quarter worth about $43,000. Marshall & Sterling Wealth Advisors Inc. acquired a new stake in Meta Platforms during the 4th quarter worth about $45,000. Stuart Chaussee & Associates Inc. acquired a new stake in Meta Platforms during the 4th quarter worth about $47,000. Finally, Principia Wealth Advisory LLC raised its holdings in Meta Platforms by 53.6% during the 1st quarter. Principia Wealth Advisory LLC now owns 86 shares of the social networking company's stock worth $50,000 after buying an additional 30 shares during the period. 79.91% of the stock is currently owned by institutional investors.

Meta Platforms Stock Performance

Shares of META stock traded down $1.46 during trading hours on Thursday, reaching $695.77. 9,635,650 shares of the company's stock were exchanged, compared to its average volume of 14,501,973. Meta Platforms, Inc. has a fifty-two week low of $442.65 and a fifty-two week high of $740.91. The stock has a market capitalization of $1.75 trillion, a P/E ratio of 27.14, a P/E/G ratio of 1.71 and a beta of 1.26. The business has a fifty day moving average price of $615.32 and a 200-day moving average price of $622.60. The company has a quick ratio of 2.66, a current ratio of 2.66 and a debt-to-equity ratio of 0.16.

Meta Platforms (NASDAQ:META - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The social networking company reported $6.43 EPS for the quarter, topping analysts' consensus estimates of $5.33 by $1.10. Meta Platforms had a return on equity of 38.69% and a net margin of 39.11%. The company had revenue of $42.31 billion during the quarter, compared to analyst estimates of $41.45 billion. During the same period in the previous year, the company earned $4.71 earnings per share. The company's quarterly revenue was up 16.1% compared to the same quarter last year. Analysts predict that Meta Platforms, Inc. will post 26.7 EPS for the current fiscal year.

Meta Platforms Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 26th. Stockholders of record on Monday, June 16th will be issued a dividend of $0.525 per share. The ex-dividend date is Monday, June 16th. This represents a $2.10 dividend on an annualized basis and a dividend yield of 0.30%. Meta Platforms's dividend payout ratio (DPR) is presently 8.19%.

Analyst Ratings Changes

Several analysts have issued reports on the company. Rosenblatt Securities boosted their price objective on Meta Platforms from $846.00 to $918.00 and gave the stock a "buy" rating in a report on Thursday, May 1st. Benchmark lowered their target price on Meta Platforms from $820.00 to $640.00 and set a "buy" rating on the stock in a research note on Wednesday, April 23rd. UBS Group lifted their target price on Meta Platforms from $650.00 to $683.00 and gave the company a "buy" rating in a research note on Thursday, May 1st. DA Davidson lowered their target price on Meta Platforms from $800.00 to $650.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Finally, JPMorgan Chase & Co. lifted their target price on Meta Platforms from $675.00 to $735.00 and gave the company an "overweight" rating in a research note on Wednesday, June 4th. One research analyst has rated the stock with a sell rating, four have assigned 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 data from MarketBeat.com, Meta Platforms currently has an average rating of "Moderate Buy" and an average price target of $710.00.

Insider Transactions at Meta Platforms

In related news, Director Robert M. Kimmitt sold 465 shares of the company's stock in a transaction on Monday, June 16th. The stock was sold at an average price of $699.27, for a total value of $325,160.55. Following the completion of the transaction, the director now directly owns 9,807 shares in the company, valued at approximately $6,857,740.89. This represents a 4.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Javier Olivan sold 608 shares of the company's stock in a transaction on Monday, March 24th. The shares were sold at an average price of $614.97, for a total value of $373,901.76. Following the completion of the transaction, the chief operating officer now owns 6,838 shares of the company's stock, valued at $4,205,164.86. The trade was a 8.17% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 110,512 shares of company stock worth $73,590,232 over the last three months. 13.61% of the stock is currently owned by insiders.

About Meta Platforms

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.