PICTET BANK & TRUST Ltd cut its position in Meta Platforms, Inc. (NASDAQ:META - Free Report) by 23.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,781 shares of the social networking company's stock after selling 1,134 shares during the period. Meta Platforms accounts for 2.7% of PICTET BANK & TRUST Ltd's holdings, making the stock its 13th largest position. PICTET BANK & TRUST Ltd's holdings in Meta Platforms were worth $2,179,000 at the end of the most recent quarter.
A number of other institutional investors have also recently made changes to their positions in the company. Opulen Financial Group LLC acquired a new position in Meta Platforms during the fourth quarter worth $325,000. Brighton Jones LLC boosted its stake in Meta Platforms by 1.7% during the fourth quarter. Brighton Jones LLC now owns 34,551 shares of the social networking company's stock worth $20,230,000 after buying an additional 570 shares during the last quarter. Revolve Wealth Partners LLC boosted its stake in Meta Platforms by 10.2% during the fourth quarter. Revolve Wealth Partners LLC now owns 9,456 shares of the social networking company's stock worth $5,537,000 after buying an additional 875 shares during the last quarter. SOA Wealth Advisors LLC. boosted its stake in Meta Platforms by 5.5% during the fourth quarter. SOA Wealth Advisors LLC. now owns 3,397 shares of the social networking company's stock worth $1,989,000 after buying an additional 178 shares during the last quarter. Finally, Bank Pictet & Cie Europe AG boosted its stake in Meta Platforms by 3.5% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 221,459 shares of the social networking company's stock worth $129,666,000 after buying an additional 7,587 shares during the last quarter. 79.91% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
A number of equities analysts have weighed in on META shares. Roth Capital boosted their price objective on Meta Platforms from $580.00 to $620.00 and gave the stock a "buy" rating in a research note on Thursday, May 1st. UBS Group reissued a "buy" rating and set a $812.00 price objective (up previously from $683.00) on shares of Meta Platforms in a research note on Thursday, June 26th. KeyCorp boosted their price objective on Meta Platforms from $645.00 to $655.00 and gave the stock an "overweight" rating in a research note on Thursday, May 1st. Monness Crespi & Hardt boosted their price objective on Meta Platforms from $775.00 to $780.00 and gave the stock a "buy" rating in a research note on Thursday, May 1st. Finally, Scotiabank reduced their target price on Meta Platforms from $627.00 to $525.00 and set a "sector perform" rating on the stock in a research report on Monday, April 21st. Five equities research analysts have rated the stock with a hold rating, thirty-seven have issued a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, Meta Platforms currently has an average rating of "Moderate Buy" and an average target price of $719.29.
Read Our Latest Stock Report on Meta Platforms
Insider Buying and Selling
In related news, insider Jennifer Newstead sold 519 shares of the firm's stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $737.00, for a total transaction of $382,503.00. Following the sale, the insider directly owned 27,626 shares in the company, valued at $20,360,362. This trade represents a 1.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Mark Zuckerberg sold 2,361 shares of Meta Platforms stock in a transaction on 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. Insiders have sold a total of 154,285 shares of company stock worth $105,518,153 over the last ninety days. Company insiders own 13.61% of the company's stock.
Meta Platforms Trading Up 0.5%
META traded up $3.34 during trading on Friday, reaching $716.91. 8,601,653 shares of the company's stock were exchanged, compared to its average volume of 14,544,817. The company's fifty day moving average price is $658.89 and its 200-day moving average price is $630.04. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.66 and a current ratio of 2.66. The firm has a market capitalization of $1.80 trillion, a PE ratio of 27.96, a P/E/G ratio of 1.76 and a beta of 1.28. Meta Platforms, Inc. has a fifty-two week low of $442.65 and a fifty-two week high of $747.90.
Meta Platforms (NASDAQ:META - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The social networking company reported $6.43 earnings per share (EPS) for the quarter, topping the consensus estimate 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%. The firm's revenue was up 16.1% on a year-over-year basis. During the same period last year, the company earned $4.71 EPS. As a group, equities analysts forecast that Meta Platforms, Inc. will post 26.7 EPS for the current year.
Meta Platforms Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Thursday, June 26th. Stockholders of record on Monday, June 16th were given 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 dividend yield of 0.29%. Meta Platforms's dividend payout ratio is 8.19%.
Meta Platforms Profile
(
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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