Meta Platforms, Inc. (NASDAQ:META) Shares Sold by McGinn Penninger Investment Management Inc.

McGinn Penninger Investment Management Inc. decreased its holdings in shares of Meta Platforms, Inc. (NASDAQ:META - Free Report) by 1.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 23,526 shares of the social networking company's stock after selling 417 shares during the quarter. Meta Platforms makes up about 8.9% of McGinn Penninger Investment Management Inc.'s investment portfolio, making the stock its 2nd biggest holding. McGinn Penninger Investment Management Inc.'s holdings in Meta Platforms were worth $13,559,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the business. Inlight Wealth Management LLC acquired a new stake in Meta Platforms in the first quarter valued at $25,000. Barnes Dennig Private Wealth Management LLC acquired a new stake in Meta Platforms in the first quarter valued at $28,000. Millstone Evans Group LLC acquired a new stake in Meta Platforms in the fourth quarter valued at $40,000. WealthTrak Capital Management LLC bought a new position in shares of Meta Platforms in the fourth quarter valued at about $43,000. Finally, Marshall & Sterling Wealth Advisors Inc. bought a new position in shares of Meta Platforms in the fourth quarter valued at about $45,000. Institutional investors and hedge funds own 79.91% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Raymond James Financial dropped their price objective on shares of Meta Platforms from $800.00 to $750.00 and set a "strong-buy" rating on the stock in a research report on Thursday, May 1st. Moffett Nathanson increased their price objective on shares of Meta Platforms from $525.00 to $605.00 and gave the company a "buy" rating in a research report on Thursday, May 1st. Barclays lowered their price target on shares of Meta Platforms from $705.00 to $640.00 and set an "overweight" rating on the stock in a research report on Thursday, May 1st. Wedbush raised their price target on shares of Meta Platforms from $680.00 to $750.00 and gave the stock an "outperform" rating in a research report on Thursday, May 1st. Finally, Stifel Nicolaus raised their price target on shares of Meta Platforms from $628.00 to $655.00 and gave the stock a "buy" rating in a research report on Thursday, May 1st. Five analysts have rated the stock with a hold rating, thirty-seven have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $719.29.

Insiders Place Their Bets

In other Meta Platforms news, CEO Mark Zuckerberg sold 2,361 shares of the business's stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $716.48, for a total transaction of $1,691,609.28. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Jennifer Newstead sold 519 shares of the business's stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $737.00, for a total transaction of $382,503.00. Following the sale, the insider directly owned 27,626 shares in the company, valued at $20,360,362. The trade was a 1.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 153,677 shares of company stock valued at $105,221,340 in the last ninety days. 13.61% of the stock is currently owned by insiders.

Meta Platforms Trading Up 0.5%

Shares of Meta Platforms stock opened at $716.91 on Monday. The firm has a market capitalization of $1.80 trillion, a PE ratio of 27.96, a price-to-earnings-growth ratio of 1.76 and a beta of 1.28. 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's 50 day moving average is $658.89 and its 200 day moving average is $630.28. Meta Platforms, Inc. has a 1 year low of $442.65 and a 1 year high of $747.90.

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

Meta Platforms Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 26th. Shareholders of record on Monday, June 16th were issued a dividend of $0.525 per share. This represents a $2.10 dividend on an annualized basis and a yield of 0.29%. The ex-dividend date was Monday, June 16th. Meta Platforms's payout ratio is 8.19%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.