New Millennium Group LLC Purchases 913 Shares of Meta Platforms, Inc. (NASDAQ:META)

New Millennium Group LLC increased its position in shares of Meta Platforms, Inc. (NASDAQ:META - Free Report) by 23.1% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,872 shares of the social networking company's stock after purchasing an additional 913 shares during the period. Meta Platforms accounts for 1.8% of New Millennium Group LLC's portfolio, making the stock its 17th largest holding. New Millennium Group LLC's holdings in Meta Platforms were worth $2,808,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Saxon Interests Inc. grew its stake in Meta Platforms by 2.5% during the first quarter. Saxon Interests Inc. now owns 6,236 shares of the social networking company's stock valued at $3,594,000 after acquiring an additional 153 shares in the last quarter. Barnes Dennig Private Wealth Management LLC purchased a new position in Meta Platforms during the first quarter valued at $28,000. Riverstone Advisors LLC grew its stake in Meta Platforms by 2.9% during the first quarter. Riverstone Advisors LLC now owns 1,048 shares of the social networking company's stock valued at $604,000 after acquiring an additional 30 shares in the last quarter. Libra Wealth LLC purchased a new position in Meta Platforms during the first quarter valued at $277,000. Finally, DSG Capital Advisors LLC grew its stake in Meta Platforms by 0.5% during the first quarter. DSG Capital Advisors LLC now owns 17,105 shares of the social networking company's stock valued at $9,859,000 after acquiring an additional 80 shares in the last quarter. 79.91% of the stock is currently owned by institutional investors.

Insider Activity

In other news, insider Jennifer Newstead sold 519 shares of the business's stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $737.00, for a total value of $382,503.00. Following the completion of the sale, the insider owned 27,626 shares in the company, valued at approximately $20,360,362. The trade was a 1.84% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Mark Zuckerberg sold 2,361 shares of the business's stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $716.48, for a total transaction of $1,691,609.28. The disclosure for this sale can be found here. In the last quarter, insiders sold 154,285 shares of company stock worth $105,518,153. 13.61% of the stock is currently owned by corporate insiders.

Meta Platforms Trading Up 0.5%

Shares of META opened at $716.91 on Friday. Meta Platforms, Inc. has a 1-year low of $442.65 and a 1-year high of $747.90. The company has a 50-day moving average of $658.89 and a 200 day moving average of $629.81. The firm has a market capitalization of $1.80 trillion, a price-to-earnings ratio of 27.96, a PEG ratio of 1.76 and a beta of 1.28. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.66 and a quick ratio of 2.66.

Meta Platforms (NASDAQ:META - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The social networking company reported $6.43 earnings per share for the quarter, beating 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 company had revenue of $42.31 billion during the quarter, compared to analyst estimates of $41.45 billion. During the same quarter last year, the business posted $4.71 EPS. The firm's revenue for the quarter was up 16.1% on a year-over-year basis. On average, research analysts expect that Meta Platforms, Inc. will post 26.7 EPS for the current year.

Meta Platforms Announces Dividend

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

Wall Street Analyst Weigh In

META has been the subject of several research analyst reports. Guggenheim raised their target price on shares of 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 objective on shares of Meta Platforms from $685.00 to $690.00 and gave the stock a "buy" rating in a research note on Thursday, May 1st. Wells Fargo & Company reissued an "overweight" rating and issued a $664.00 price objective on shares of Meta Platforms in a research note on Tuesday, June 17th. DA Davidson dropped their price objective on shares of Meta Platforms from $800.00 to $650.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Finally, Bank of America lifted their price objective on shares of Meta Platforms from $690.00 to $765.00 and gave the stock a "buy" rating in a research note on Thursday, June 12th. Five research analysts have rated the stock with a hold rating, thirty-seven have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $719.29.

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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