Palumbo Wealth Management LLC increased its position in shares of Meta Platforms, Inc. (NASDAQ:META - Free Report) by 42.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,345 shares of the social networking company's stock after acquiring an additional 1,000 shares during the period. Palumbo Wealth Management LLC's holdings in Meta Platforms were worth $1,928,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently bought and sold shares of META. Norges Bank purchased a new stake in Meta Platforms during the 4th quarter worth about $19,949,512,000. GAMMA Investing LLC boosted its stake in shares of 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 valued at $13,517,178,000 after buying an additional 23,417,803 shares during the period. Proficio Capital Partners LLC grew its position in shares of Meta Platforms by 78,471.1% during the fourth quarter. Proficio Capital Partners LLC now owns 6,248,763 shares of the social networking company's stock worth $3,658,713,000 after buying an additional 6,240,810 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Meta Platforms during the fourth quarter worth approximately $2,243,603,000. Finally, Northern Trust Corp raised its holdings 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 acquiring an additional 2,787,832 shares in the last quarter. 79.91% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
A number of equities analysts recently commented on the stock. Bank of America boosted their target price 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. Evercore ISI upped their price objective on Meta Platforms from $725.00 to $750.00 and gave the stock an "outperform" rating in a research report on Thursday, May 1st. Royal Bank Of Canada reiterated an "outperform" rating and issued a $740.00 price objective on shares of Meta Platforms in a report on Thursday, May 1st. Pivotal Research decreased their target price on Meta Platforms from $875.00 to $830.00 and set a "buy" rating for the company in a research note on Thursday, May 1st. Finally, Stifel Nicolaus upped their price target on Meta Platforms from $628.00 to $655.00 and gave the company a "buy" rating in a report on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, thirty-seven have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, Meta Platforms presently has an average rating of "Moderate Buy" and a consensus price target of $712.69.
Get Our Latest Stock Analysis on Meta Platforms
Meta Platforms Price Performance
Meta Platforms stock traded down $3.52 during mid-day trading on Wednesday, reaching $708.68. The company had a trading volume of 9,278,251 shares, compared to its average volume of 16,217,372. The stock's 50-day simple moving average is $625.25 and its 200-day simple moving average is $624.38. Meta Platforms, Inc. has a 1 year low of $442.65 and a 1 year high of $740.91. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.66 and a quick ratio of 2.66. The company has a market capitalization of $1.78 trillion, a P/E ratio of 27.64, a P/E/G ratio of 1.72 and a beta of 1.26.
Meta Platforms (NASDAQ:META - Get Free Report) last released its quarterly earnings data 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 analyst estimates of $41.45 billion. During the same period in the previous year, the firm earned $4.71 EPS. The business's revenue for the quarter was up 16.1% compared to the same quarter last year. On average, equities analysts predict that Meta Platforms, Inc. will post 26.7 EPS for the current year.
Meta Platforms Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Thursday, June 26th. Investors of record on Monday, June 16th will be paid a $0.525 dividend. This represents a $2.10 dividend on an annualized basis and a yield of 0.30%. The ex-dividend date is Monday, June 16th. Meta Platforms's payout ratio is currently 8.19%.
Insider Transactions at Meta Platforms
In other Meta Platforms news, CTO Andrew Bosworth sold 22,449 shares of Meta Platforms stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $636.85, for a total value of $14,296,645.65. Following the completion of the sale, the chief technology officer now directly owns 1,183 shares of the company's stock, valued at approximately $753,393.55. The trade was a 94.99% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Mark Zuckerberg sold 500 shares of the business's stock in a transaction on Friday, June 20th. The shares were sold at an average price of $700.38, for a total value of $350,190.00. Following the completion of the transaction, the chief executive officer now owns 85,119 shares of the company's stock, valued at $59,615,645.22. This trade represents a 0.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 110,002 shares of company stock valued at $73,353,340 over the last three months. 13.61% of the stock is currently owned by insiders.
Meta Platforms Company 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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