ProVise Management Group LLC boosted its holdings in Meta Platforms, Inc. (NASDAQ:META - Free Report) by 7.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 19,327 shares of the social networking company's stock after buying an additional 1,356 shares during the period. ProVise Management Group LLC's holdings in Meta Platforms were worth $11,139,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds have also bought and sold shares of META. Inlight Wealth Management LLC purchased a new position in shares of Meta Platforms during the 1st quarter valued at $25,000. Barnes Dennig Private Wealth Management LLC purchased a new position in shares of Meta Platforms during the 1st quarter valued at $28,000. MJT & Associates Financial Advisory Group Inc. purchased a new position in shares of Meta Platforms during the 1st quarter valued at $33,000. Marshall & Sterling Wealth Advisors Inc. purchased a new position in shares of Meta Platforms during the 4th quarter valued at $45,000. Finally, JCIC Asset Management Inc. grew its position in shares of Meta Platforms by 102.6% during the 1st quarter. JCIC Asset Management Inc. now owns 79 shares of the social networking company's stock valued at $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.
Insider Activity
In related news, Director Robert M. Kimmitt sold 465 shares of the firm's stock in a transaction that occurred on Tuesday, July 15th. The shares were sold at an average price of $723.08, for a total value of $336,232.20. Following the sale, the director owned 9,342 shares in the company, valued at approximately $6,755,013.36. This trade represents a 4.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Jennifer Newstead sold 519 shares of the firm's stock in a transaction that occurred on Tuesday, July 29th. The stock was sold at an average price of $719.86, for a total transaction of $373,607.34. Following the completion of the sale, the insider owned 25,550 shares in the company, valued at $18,392,423. This represents a 1.99% decrease in their position. The disclosure for this sale can be found here. Insiders sold 167,298 shares of company stock worth $116,742,790 over the last three months. 13.61% of the stock is currently owned by insiders.
Meta Platforms Price Performance
Shares of META opened at $763.46 on Wednesday. The company has a market capitalization of $1.92 trillion, a P/E ratio of 27.64, a price-to-earnings-growth ratio of 1.59 and a beta of 1.27. The company has a quick ratio of 1.97, a current ratio of 1.97 and a debt-to-equity ratio of 0.15. The firm has a 50 day moving average of $707.08 and a 200 day moving average of $648.07. Meta Platforms, Inc. has a twelve month low of $478.65 and a twelve month high of $784.75.
Meta Platforms (NASDAQ:META - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The social networking company reported $7.14 earnings per share for the quarter, beating the consensus estimate of $5.75 by $1.39. The company had revenue of $47.52 billion during the quarter, compared to the consensus estimate of $44.55 billion. Meta Platforms had a net margin of 39.99% and a return on equity of 39.33%. The firm's quarterly revenue was up 21.6% compared to the same quarter last year. During the same quarter last year, the firm earned $5.16 earnings per share. As a group, equities research analysts anticipate that Meta Platforms, Inc. will post 26.7 earnings per share for the current fiscal year.
Meta Platforms Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Thursday, June 26th. Investors of record on Monday, June 16th were given a dividend of $0.525 per share. The ex-dividend date of this dividend was Monday, June 16th. This represents a $2.10 annualized dividend and a dividend yield of 0.3%. Meta Platforms's dividend payout ratio (DPR) is 7.60%.
Wall Street Analysts Forecast Growth
A number of research firms have recently commented on META. Robert W. Baird boosted their price target on shares of Meta Platforms from $635.00 to $740.00 and gave the company an "outperform" rating in a research report on Wednesday, July 2nd. Monness Crespi & Hardt boosted their price target on shares of Meta Platforms from $780.00 to $860.00 and gave the company a "buy" rating in a research report on Thursday, July 31st. Wells Fargo & Company boosted their price target on shares of Meta Platforms from $783.00 to $811.00 and gave the company an "overweight" rating in a research report on Thursday, July 31st. Roth Capital lifted their price objective on shares of Meta Platforms from $620.00 to $740.00 and gave the stock a "buy" rating in a report on Tuesday, July 8th. Finally, Oppenheimer lifted their price objective on shares of Meta Platforms from $775.00 to $870.00 and gave the stock an "outperform" rating in a report on Thursday, July 31st. Four investment analysts have rated the stock with a hold rating, thirty-nine have issued a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat, Meta Platforms presently has an average rating of "Moderate Buy" and a consensus price target of $822.41.
View Our Latest Report on META
Meta Platforms Company 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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