Turtle Creek Wealth Advisors LLC Acquires 2,191 Shares of Meta Platforms, Inc. (NASDAQ:META)

Turtle Creek Wealth Advisors LLC raised its holdings in Meta Platforms, Inc. (NASDAQ:META - Free Report) by 15.2% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 16,613 shares of the social networking company's stock after acquiring an additional 2,191 shares during the quarter. Meta Platforms accounts for about 1.4% of Turtle Creek Wealth Advisors LLC's holdings, making the stock its 17th biggest position. Turtle Creek Wealth Advisors LLC's holdings in Meta Platforms were worth $9,575,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Valley Financial Group Inc. boosted its stake in Meta Platforms by 2.4% in the fourth quarter. Valley Financial Group Inc. now owns 588 shares of the social networking company's stock worth $344,000 after purchasing an additional 14 shares in the last quarter. Lantern Wealth Advisors LLC boosted its stake in Meta Platforms by 0.5% in the fourth quarter. Lantern Wealth Advisors LLC now owns 2,976 shares of the social networking company's stock worth $1,743,000 after purchasing an additional 14 shares in the last quarter. Riverwater Partners LLC boosted its stake in Meta Platforms by 2.7% in the fourth quarter. Riverwater Partners LLC now owns 572 shares of the social networking company's stock worth $335,000 after purchasing an additional 15 shares in the last quarter. ABLE Financial Group LLC lifted its stake in shares of Meta Platforms by 0.7% during the fourth quarter. ABLE Financial Group LLC now owns 2,136 shares of the social networking company's stock valued at $1,251,000 after acquiring an additional 15 shares during the period. Finally, Bank of Marin lifted its stake in shares of Meta Platforms by 1.0% during the fourth quarter. Bank of Marin now owns 1,611 shares of the social networking company's stock valued at $943,000 after acquiring an additional 16 shares during the period. Institutional investors and hedge funds own 79.91% of the company's stock.

Insider Transactions at Meta Platforms

In other news, CEO Mark Zuckerberg sold 13,793 shares of the stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $701.13, for a total transaction of $9,670,686.09. Following the transaction, the chief executive officer owned 118,279 shares in the company, valued at approximately $82,928,955.27. This trade represents a 10.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CTO Andrew Bosworth sold 22,449 shares of the stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $636.85, for a total value of $14,296,645.65. Following the transaction, the chief technology officer owned 1,183 shares in the company, valued at approximately $753,393.55. This trade represents a 94.99% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 153,764 shares of company stock worth $105,721,208. Company insiders own 13.61% of the company's stock.

Meta Platforms Stock Up 0.4%

Shares of META stock traded up $2.87 on Friday, hitting $704.28. 12,743,944 shares of the stock were exchanged, compared to its average volume of 14,336,421. The company has a current ratio of 2.66, a quick ratio of 2.66 and a debt-to-equity ratio of 0.16. The firm has a market capitalization of $1.77 trillion, a P/E ratio of 27.47, a price-to-earnings-growth ratio of 1.72 and a beta of 1.28. The business has a 50-day moving average of $686.09 and a 200 day moving average of $638.34. Meta Platforms, Inc. has a fifty-two week low of $442.65 and a fifty-two week high of $747.90.

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, beating the consensus estimate of $5.33 by $1.10. Meta Platforms had a return on equity of 38.69% and a net margin of 39.11%. The firm had revenue of $42.31 billion during the quarter, compared to analysts' expectations of $41.45 billion. During the same period in the prior year, the firm posted $4.71 earnings per share. The business's quarterly revenue was up 16.1% compared to the same quarter last year. Equities analysts anticipate that Meta Platforms, Inc. will post 26.7 EPS for the current 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 paid 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 dividend payout ratio (DPR) is currently 8.19%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on META. Piper Sandler reaffirmed an "overweight" rating and set a $808.00 price target (up previously from $650.00) on shares of Meta Platforms in a research note on Friday, June 27th. Guggenheim upped their price target on Meta Platforms from $675.00 to $725.00 and gave the company a "buy" rating in a research note on Thursday, May 1st. Bank of America upped their price target on Meta Platforms from $690.00 to $765.00 and gave the company a "buy" rating in a research note on Thursday, July 10th. TD Cowen upped their price target on Meta Platforms from $700.00 to $800.00 and gave the company a "buy" rating in a research note on Wednesday, July 9th. Finally, Robert W. Baird upped their price target on Meta Platforms from $635.00 to $740.00 and gave the company an "outperform" rating in a research note on Wednesday, July 2nd. Five analysts have rated the stock with a hold rating, thirty-eight have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Meta Platforms has an average rating of "Moderate Buy" and an average price target of $736.05.

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.