Meta Platforms, Inc. (NASDAQ:META) Shares Purchased by Correct Capital Wealth Management

Correct Capital Wealth Management lifted its stake in Meta Platforms, Inc. (NASDAQ:META - Free Report) by 40.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 5,304 shares of the social networking company's stock after purchasing an additional 1,531 shares during the period. Meta Platforms makes up 0.5% of Correct Capital Wealth Management's investment portfolio, making the stock its 17th largest holding. Correct Capital Wealth Management's holdings in Meta Platforms were worth $3,057,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in META. Norges Bank acquired a new position in Meta Platforms during the fourth quarter worth about $19,949,512,000. GAMMA Investing LLC raised its position in Meta Platforms by 67,172.9% during the first quarter. GAMMA Investing LLC now owns 23,452,665 shares of the social networking company's stock worth $13,517,178,000 after acquiring an additional 23,417,803 shares during the last quarter. Raymond James Financial Inc. acquired a new position in Meta Platforms during the fourth quarter worth about $2,243,603,000. Northern Trust Corp raised its position in Meta Platforms by 13.5% during the fourth quarter. Northern Trust Corp now owns 23,445,565 shares of the social networking company's stock worth $13,727,613,000 after acquiring an additional 2,787,832 shares during the last quarter. Finally, Assenagon Asset Management S.A. raised its position in Meta Platforms by 712.2% during the first quarter. Assenagon Asset Management S.A. now owns 2,537,631 shares of the social networking company's stock worth $1,462,589,000 after acquiring an additional 2,225,186 shares during the last quarter. Institutional investors and hedge funds own 79.91% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on META. Citigroup restated a "buy" rating on shares of Meta Platforms in a research report on Tuesday. Royal Bank Of Canada restated an "outperform" rating and set a $740.00 target price on shares of Meta Platforms in a research report on Thursday, May 1st. Morgan Stanley lifted their target price on shares of Meta Platforms from $615.00 to $650.00 and gave the stock an "overweight" rating in a research report on Thursday, May 1st. Scotiabank cut their target price on shares of Meta Platforms from $627.00 to $525.00 and set a "sector perform" rating for the company in a research report on Monday, April 21st. Finally, JMP Securities reiterated a "market outperform" rating and set a $750.00 price target on shares of Meta Platforms in a report on Wednesday, April 30th. Five equities research analysts have rated the stock with a hold rating, thirty-eight have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, Meta Platforms has an average rating of "Moderate Buy" and a consensus target price of $732.67.

Meta Platforms Trading Down 1.1%

META traded down $7.48 during trading on Wednesday, hitting $702.91. 13,045,170 shares of the company's stock were exchanged, compared to its average volume of 14,430,432. The company has a current ratio of 2.66, a quick ratio of 2.66 and a debt-to-equity ratio of 0.16. Meta Platforms, Inc. has a 1 year low of $442.65 and a 1 year high of $747.90. The stock has a 50 day moving average price of $681.78 and a 200 day moving average price of $636.39. The firm has a market cap of $1.77 trillion, a P/E ratio of 27.41, a price-to-earnings-growth ratio of 1.74 and a beta of 1.28.

Meta Platforms (NASDAQ:META - Get Free Report) last released its quarterly earnings data on Wednesday, April 30th. The social networking company reported $6.43 earnings per share (EPS) for the quarter, topping 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 company had revenue of $42.31 billion during the quarter, compared to the consensus estimate of $41.45 billion. During the same period in the previous year, the firm earned $4.71 earnings per share. Meta Platforms's revenue for the quarter was up 16.1% on a year-over-year basis. As a group, analysts expect that Meta Platforms, Inc. will post 26.7 EPS for the current fiscal year.

Meta Platforms Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 26th. Stockholders of record on Monday, June 16th were given a dividend of $0.525 per share. The ex-dividend date of this dividend was Monday, June 16th. This represents a $2.10 dividend on an annualized basis and a dividend yield of 0.30%. Meta Platforms's payout ratio is currently 8.19%.

Insider Transactions at Meta Platforms

In other news, CFO Susan J. Li sold 6,874 shares of the business's stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $659.36, for a total transaction of $4,532,440.64. Following the transaction, the chief financial officer directly owned 70,040 shares of the company's stock, valued at approximately $46,181,574.40. The trade was a 8.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CTO Andrew Bosworth sold 22,449 shares of the company's stock in a transaction on Friday, May 16th. The shares were sold at an average price of $636.85, for a total transaction of $14,296,645.65. Following the completion of the sale, the chief technology officer directly owned 1,183 shares in the company, valued at $753,393.55. This represents a 94.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 152,780 shares of company stock valued at $105,009,697. Corporate insiders own 13.61% of the company's stock.

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.