State of Michigan Retirement System Has $502.13 Million Position in Meta Platforms, Inc. (NASDAQ:META)

State of Michigan Retirement System raised its position in shares of Meta Platforms, Inc. (NASDAQ:META - Free Report) by 1.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 871,214 shares of the social networking company's stock after purchasing an additional 14,400 shares during the quarter. Meta Platforms accounts for 2.9% of State of Michigan Retirement System's investment portfolio, making the stock its 6th biggest holding. State of Michigan Retirement System's holdings in Meta Platforms were worth $502,133,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Brighton Jones LLC boosted its stake in shares of Meta Platforms by 1.7% during the 4th quarter. Brighton Jones LLC now owns 34,551 shares of the social networking company's stock valued at $20,230,000 after buying an additional 570 shares during the period. Revolve Wealth Partners LLC boosted its position in Meta Platforms by 10.2% during the fourth quarter. Revolve Wealth Partners LLC now owns 9,456 shares of the social networking company's stock valued at $5,537,000 after purchasing an additional 875 shares during the last quarter. Bank Pictet & Cie Europe AG boosted its position in Meta Platforms by 3.5% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 221,459 shares of the social networking company's stock valued at $129,666,000 after purchasing an additional 7,587 shares during the last quarter. Highview Capital Management LLC DE grew its stake in Meta Platforms by 3.7% in the fourth quarter. Highview Capital Management LLC DE now owns 6,189 shares of the social networking company's stock valued at $3,624,000 after purchasing an additional 218 shares in the last quarter. Finally, Proficio Capital Partners LLC increased its position in Meta Platforms by 38.0% in the 4th quarter. Proficio Capital Partners LLC now owns 10,972 shares of the social networking company's stock worth $6,424,000 after purchasing an additional 3,019 shares during the last quarter. Hedge funds and other institutional investors own 79.91% of the company's stock.

Insiders Place Their Bets

In other Meta Platforms news, CFO Susan J. Li sold 6,874 shares of the business's stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $659.36, for a total value of $4,532,440.64. Following the completion of 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 sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Mark Zuckerberg sold 13,793 shares of the company's 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 $82,928,955.27. The trade was a 10.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 152,263 shares of company stock valued at $104,638,750. 13.61% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

META has been the subject of several research reports. Robert W. Baird lifted their price target on Meta Platforms from $635.00 to $740.00 and gave the company an "outperform" rating in a report on Wednesday, July 2nd. Barclays reduced their target price on shares of Meta Platforms from $705.00 to $640.00 and set an "overweight" rating for the company in a research note on Thursday, May 1st. UBS Group restated a "buy" rating and set a $812.00 price target (up previously from $683.00) on shares of Meta Platforms in a research note on Thursday, June 26th. Jefferies Financial Group reduced their price objective on shares of Meta Platforms from $725.00 to $600.00 and set a "buy" rating for the company in a research note on Monday, April 7th. Finally, Citigroup increased their target price on shares of Meta Platforms from $690.00 to $803.00 and gave the stock a "buy" rating in a research report on Tuesday, June 24th. Five equities research analysts have rated the stock with a hold rating, thirty-seven have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Meta Platforms currently has a consensus rating of "Moderate Buy" and a consensus price target of $729.38.

Meta Platforms Price Performance

Shares of NASDAQ META traded down $10.53 during midday trading on Tuesday, reaching $710.39. 11,499,619 shares of the company traded hands, compared to its average volume of 14,426,312. Meta Platforms, Inc. has a 12 month low of $442.65 and a 12 month high of $747.90. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.66 and a current ratio of 2.66. The stock's 50-day simple moving average is $677.20 and its 200-day simple moving average is $635.41. The firm has a market cap of $1.79 trillion, a PE ratio of 27.71, a PEG ratio of 1.76 and a beta of 1.28.

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

Meta Platforms Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 26th. Shareholders of record on Monday, June 16th were given a $0.525 dividend. The ex-dividend date was Monday, June 16th. This represents a $2.10 annualized dividend and a yield of 0.30%. 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.