MFG Wealth Management Inc. Cuts Position in Meta Platforms, Inc. (NASDAQ:META)

MFG Wealth Management Inc. reduced its position in shares of Meta Platforms, Inc. (NASDAQ:META - Free Report) by 45.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,920 shares of the social networking company's stock after selling 2,459 shares during the period. MFG Wealth Management Inc.'s holdings in Meta Platforms were worth $1,683,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the company. Inlight Wealth Management LLC acquired a new position in shares of Meta Platforms during the 1st quarter worth approximately $25,000. Millstone Evans Group LLC acquired a new position in Meta Platforms in the fourth quarter valued at approximately $40,000. WealthTrak Capital Management LLC acquired a new position in Meta Platforms in the fourth quarter valued at approximately $43,000. Marshall & Sterling Wealth Advisors Inc. acquired a new position in Meta Platforms in the fourth quarter valued at approximately $45,000. Finally, JCIC Asset Management Inc. lifted its stake in Meta Platforms by 102.6% during the first quarter. JCIC Asset Management Inc. now owns 79 shares of the social networking company's stock worth $46,000 after purchasing an additional 40 shares in the last quarter. 79.91% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Guggenheim upped their price objective on Meta Platforms from $675.00 to $725.00 and gave the stock a "buy" rating in a research report on Thursday, May 1st. JPMorgan Chase & Co. raised their price target on Meta Platforms from $675.00 to $735.00 and gave the company an "overweight" rating in a research note on Wednesday, June 4th. Citigroup raised their price target on Meta Platforms from $690.00 to $803.00 and gave the company a "buy" rating in a research note on Tuesday, June 24th. Barclays lowered their price target on Meta Platforms from $705.00 to $640.00 and set an "overweight" rating on the stock in a report on Thursday, May 1st. Finally, Loop Capital raised their price objective on shares of Meta Platforms from $695.00 to $888.00 and gave the company a "buy" rating in a research report on Friday, May 16th. One analyst has rated the stock with a sell rating, four have issued a hold rating, thirty-seven have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, Meta Platforms has a consensus rating of "Moderate Buy" and an average price target of $719.52.

Meta Platforms Stock Performance

Shares of META stock opened at $733.63 on Monday. 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 one year low of $442.65 and a one year high of $742.32. The company's 50-day simple moving average is $638.51 and its 200-day simple moving average is $626.45. The stock has a market capitalization of $1.84 trillion, a price-to-earnings ratio of 28.61, a PEG ratio of 1.80 and a beta of 1.26.

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, 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 business had revenue of $42.31 billion for the quarter, compared to analysts' expectations of $41.45 billion. During the same quarter last year, the company posted $4.71 earnings per share. The company'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 earnings per share for the current fiscal year.

Meta Platforms Announces Dividend

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

Insider Activity

In other news, insider Jennifer Newstead sold 921 shares of the business's stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $570.66, for a total transaction of $525,577.86. Following the completion of the transaction, the insider now directly owns 30,261 shares in the company, valued at approximately $17,268,742.26. The trade was a 2.95% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Mark Zuckerberg sold 13,793 shares of the business's stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $710.24, for a total value of $9,796,340.32. Following the transaction, the chief executive officer now owns 57,533 shares of the company's stock, valued at approximately $40,862,237.92. This represents a 19.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 124,223 shares of company stock valued at $83,526,550. 13.61% of the stock is currently owned by insiders.

Meta Platforms 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.

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