Everhart Financial Group Inc. Has $10.14 Million Stake in Meta Platforms, Inc. (NASDAQ:META)

Everhart Financial Group Inc. lifted its holdings in shares of Meta Platforms, Inc. (NASDAQ:META - Free Report) by 3.4% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 17,586 shares of the social networking company's stock after acquiring an additional 586 shares during the quarter. Meta Platforms accounts for about 1.4% of Everhart Financial Group Inc.'s holdings, making the stock its 11th largest position. Everhart Financial Group Inc.'s holdings in Meta Platforms were worth $10,136,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Suvretta Capital Management LLC boosted its position in Meta Platforms by 1.1% during the 4th quarter. Suvretta Capital Management LLC now owns 170,338 shares of the social networking company's stock valued at $99,735,000 after acquiring an additional 1,850 shares in the last quarter. Skye Global Management LP raised its stake in Meta Platforms by 130.9% during the 4th quarter. Skye Global Management LP now owns 76,200 shares of the social networking company's stock valued at $44,616,000 after buying an additional 43,200 shares during the last quarter. Brueske Advisory Services LLC purchased a new position in Meta Platforms during the fourth quarter valued at $459,000. Kovitz Investment Group Partners LLC lifted its position in Meta Platforms by 255.9% during the fourth quarter. Kovitz Investment Group Partners LLC now owns 1,709,694 shares of the social networking company's stock valued at $1,001,044,000 after purchasing an additional 1,229,350 shares in the last quarter. Finally, Fisher Asset Management LLC lifted its position in Meta Platforms by 1.7% during the fourth quarter. Fisher Asset Management LLC now owns 6,675,174 shares of the social networking company's stock valued at $3,908,382,000 after purchasing an additional 110,040 shares in the last quarter. 79.91% of the stock is owned by hedge funds and other institutional investors.

Meta Platforms Trading Down 1.5%

Meta Platforms stock traded down $10.49 during midday trading on Friday, reaching $682.87. The stock had a trading volume of 9,259,272 shares, compared to its average volume of 14,521,911. Meta Platforms, Inc. has a twelve month low of $442.65 and a twelve month high of $740.91. The stock has a market capitalization of $1.72 trillion, a PE ratio of 28.55, a price-to-earnings-growth ratio of 1.42 and a beta of 1.26. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.98 and a current ratio of 2.98. The stock's 50-day simple moving average is $604.07 and its 200 day simple moving average is $619.60.

Meta Platforms (NASDAQ:META - Get Free Report) last issued its earnings results on Wednesday, April 30th. The social networking company reported $6.43 EPS for the quarter, beating analysts' consensus estimates of $5.33 by $1.10. The company had revenue of $42.31 billion during the quarter, compared to the consensus estimate of $41.45 billion. Meta Platforms had a return on equity of 38.17% and a net margin of 37.91%. Meta Platforms's quarterly revenue was up 16.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $4.71 earnings per share. Analysts expect that Meta Platforms, Inc. will post 26.7 EPS for the current year.

Meta Platforms Announces Dividend

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 given a $0.525 dividend. This represents a $2.10 annualized dividend and a dividend yield of 0.31%. The ex-dividend date of this dividend is Monday, June 16th. Meta Platforms's dividend payout ratio is currently 8.19%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on META shares. Scotiabank decreased their target price on Meta Platforms from $627.00 to $525.00 and set a "sector perform" rating on the stock in a research report on Monday, April 21st. JPMorgan Chase & Co. increased their price objective on Meta Platforms from $675.00 to $735.00 and gave the company an "overweight" rating in a report on Wednesday, June 4th. DA Davidson cut their target price on Meta Platforms from $800.00 to $650.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Truist Financial increased their price target on Meta Platforms from $700.00 to $720.00 and gave the stock a "buy" rating in a research report on Thursday, May 1st. Finally, Piper Sandler raised their price target on shares of Meta Platforms from $610.00 to $650.00 and gave the company an "overweight" rating in a research note on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, thirty-seven have issued 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 a consensus rating of "Moderate Buy" and a consensus price target of $704.26.

Insider Activity

In other news, CTO Andrew Bosworth sold 5,057 shares of Meta Platforms stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $659.36, for a total value of $3,334,383.52. Following the completion of the transaction, the chief technology officer now owns 16,463 shares in the company, valued at approximately $10,855,043.68. The trade was a 23.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Javier Olivan sold 608 shares of the business's stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $607.50, for a total transaction of $369,360.00. Following the completion of the transaction, the chief operating officer now owns 7,446 shares of the company's stock, valued at $4,523,445. This trade represents a 7.55% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 86,201 shares of company stock valued at $56,377,837. 13.61% of the stock is 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.