Pictet Asset Management Holding SA cut its stake in Meta Platforms, Inc. (NASDAQ:META - Free Report) by 2.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,907,249 shares of the social networking company's stock after selling 57,407 shares during the quarter. Meta Platforms comprises about 1.2% of Pictet Asset Management Holding SA's investment portfolio, making the stock its 9th biggest position. Pictet Asset Management Holding SA owned 0.08% of Meta Platforms worth $1,099,268,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds also recently added to or reduced their stakes in the company. Inlight Wealth Management LLC acquired a new stake in shares of Meta Platforms during the first quarter valued at about $25,000. Barnes Dennig Private Wealth Management LLC acquired a new stake in shares of Meta Platforms during the first quarter valued at about $28,000. Millstone Evans Group LLC acquired a new stake in shares of Meta Platforms during the fourth quarter valued at about $40,000. WealthTrak Capital Management LLC acquired a new stake in shares of Meta Platforms during the fourth quarter valued at about $43,000. Finally, Marshall & Sterling Wealth Advisors Inc. acquired a new stake in shares of Meta Platforms during the fourth quarter valued at about $45,000. 79.91% of the stock is owned by hedge funds and other institutional investors.
Meta Platforms Price Performance
Shares of NASDAQ META traded down $2.12 during trading on Friday, hitting $712.68. The company had a trading volume of 8,253,539 shares, compared to its average volume of 10,556,341. The business's 50-day moving average is $692.48 and its 200 day moving average is $641.78. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.66 and a current ratio of 2.66. Meta Platforms, Inc. has a 52 week low of $450.80 and a 52 week high of $747.90. The company has a market cap of $1.79 trillion, a P/E ratio of 27.80, a PEG ratio of 1.71 and a beta of 1.28.
Meta Platforms (NASDAQ:META - Get Free Report) last announced its earnings results on Wednesday, April 30th. The social networking company reported $6.43 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to the consensus estimate of $41.45 billion. During the same period in the previous year, the business earned $4.71 EPS. The company's revenue was up 16.1% on a year-over-year basis. Equities research analysts predict that Meta Platforms, Inc. will post 26.7 earnings per share for the current fiscal year.
Meta Platforms Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Thursday, June 26th. Shareholders of record on Monday, June 16th were paid a dividend of $0.525 per share. This represents a $2.10 annualized dividend and a yield of 0.29%. The ex-dividend date was Monday, June 16th. Meta Platforms's dividend payout ratio (DPR) is currently 8.19%.
Insider Activity
In other Meta Platforms news, COO Javier Olivan sold 517 shares of the business's stock in a transaction on Monday, July 21st. The shares were sold at an average price of $706.41, for a total transaction of $365,213.97. Following the sale, the chief operating officer directly owned 6,302 shares of the company's stock, valued at $4,451,795.82. The trade was a 7.58% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Robert M. Kimmitt sold 465 shares of the business's stock in a transaction on Tuesday, July 15th. The shares were sold at an average price of $723.08, for a total transaction of $336,232.20. Following the sale, the director directly owned 9,342 shares in the company, valued at approximately $6,755,013.36. This trade represents a 4.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 153,473 shares of company stock valued at $105,805,440 in the last 90 days. Company insiders own 13.61% of the company's stock.
Wall Street Analyst Weigh In
META has been the subject of several recent analyst reports. Guggenheim raised their target price on Meta Platforms from $675.00 to $725.00 and gave the company a "buy" rating in a research note on Thursday, May 1st. The Goldman Sachs Group lifted their price target on Meta Platforms from $685.00 to $690.00 and gave the stock a "buy" rating in a research note on Thursday, May 1st. Morgan Stanley lifted their price target on Meta Platforms from $650.00 to $750.00 and gave the stock an "overweight" rating in a research note on Monday, July 21st. TD Securities decreased their price target on Meta Platforms from $725.00 to $700.00 and set a "buy" rating for the company in a research note on Thursday, May 1st. Finally, Truist Financial lifted their price target on Meta Platforms from $700.00 to $720.00 and gave the stock a "buy" rating in a research note on Thursday, May 1st. Five analysts have rated the stock with a hold rating, thirty-eight have given a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $752.33.
Get Our Latest Stock Report on META
Meta Platforms Profile
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Free Report)
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.
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