NRI Wealth Management LC grew its stake in shares of Meta Platforms, Inc. (NASDAQ:META - Free Report) by 294.0% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 3,995 shares of the social networking company's stock after acquiring an additional 2,981 shares during the quarter. Meta Platforms comprises about 1.7% of NRI Wealth Management LC's portfolio, making the stock its 16th biggest holding. NRI Wealth Management LC's holdings in Meta Platforms were worth $2,303,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds have also modified their holdings of META. Norges Bank bought a new stake in shares of Meta Platforms during the 4th quarter worth $19,949,512,000. GAMMA Investing LLC increased its holdings in Meta Platforms by 67,172.9% in the 1st quarter. GAMMA Investing LLC now owns 23,452,665 shares of the social networking company's stock worth $13,517,178,000 after purchasing an additional 23,417,803 shares in the last quarter. Proficio Capital Partners LLC raised its position in Meta Platforms by 78,471.1% in the fourth quarter. Proficio Capital Partners LLC now owns 6,248,763 shares of the social networking company's stock valued at $3,658,713,000 after purchasing an additional 6,240,810 shares during the last quarter. Raymond James Financial Inc. bought a new position in Meta Platforms in the fourth quarter valued at about $2,243,603,000. Finally, Northern Trust Corp raised its position in Meta Platforms by 13.5% in the fourth quarter. Northern Trust Corp now owns 23,445,565 shares of the social networking company's stock valued at $13,727,613,000 after purchasing an additional 2,787,832 shares during the last quarter. 79.91% of the stock is currently owned by institutional investors.
Meta Platforms Stock Performance
Shares of Meta Platforms stock opened at $733.63 on Friday. The business's fifty day simple moving average is $638.51 and its 200 day simple moving average is $626.48. The firm has a market capitalization of $1.84 trillion, a P/E ratio of 28.61, a price-to-earnings-growth ratio of 1.81 and a beta of 1.26. Meta Platforms, Inc. has a 12 month low of $442.65 and a 12 month high of $740.91. The company has a current ratio of 2.66, a quick ratio of 2.66 and a debt-to-equity ratio of 0.16.
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 analysts' consensus estimates of $5.33 by $1.10. The business had revenue of $42.31 billion for the quarter, compared to analyst estimates of $41.45 billion. Meta Platforms had a return on equity of 38.69% and a net margin of 39.11%. Meta Platforms's quarterly revenue was up 16.1% compared to the same quarter last year. During the same period last year, the company posted $4.71 earnings per share. As a group, analysts anticipate that Meta Platforms, Inc. will post 26.7 EPS for the current year.
Meta Platforms Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Thursday, June 26th. Investors of record on Monday, June 16th were issued a dividend of $0.525 per share. The ex-dividend date was Monday, June 16th. This represents a $2.10 dividend on an annualized basis and a yield of 0.29%. Meta Platforms's dividend payout ratio (DPR) is currently 8.19%.
Insider Buying and Selling
In related news, CTO Andrew Bosworth sold 5,057 shares of Meta Platforms stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $659.36, for a total transaction of $3,334,383.52. Following the sale, the chief technology officer now directly owns 16,463 shares in the company, valued at approximately $10,855,043.68. This trade represents a 23.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Mark Zuckerberg sold 13,793 shares of the firm's stock in a transaction 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 completion of the sale, the chief executive officer now directly owns 57,533 shares of the company's stock, valued at $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 three months, insiders have sold 124,831 shares of company stock worth $83,868,872. 13.61% of the stock is owned by company insiders.
Analyst Ratings Changes
META has been the subject of several research reports. Scotiabank dropped their target price on Meta Platforms from $627.00 to $525.00 and set a "sector perform" rating for the company in a research report on Monday, April 21st. Guggenheim increased their target price on Meta Platforms from $675.00 to $725.00 and gave the company a "buy" rating in a research report on Thursday, May 1st. Pivotal Research dropped their target price on Meta Platforms from $875.00 to $830.00 and set a "buy" rating for the company in a research report on Thursday, May 1st. Raymond James Financial dropped their target price on Meta Platforms from $800.00 to $750.00 and set a "strong-buy" rating for the company in a research report on Thursday, May 1st. Finally, Stifel Nicolaus increased their target price on Meta Platforms from $628.00 to $655.00 and gave the company a "buy" rating in a research report on Thursday, May 1st. One research analyst has rated the stock with a sell rating, four have given a hold rating, thirty-seven have given a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $719.52.
Read Our Latest Stock Analysis on Meta Platforms
About Meta Platforms
(
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.
Further Reading
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