Lorne Steinberg Wealth Management Inc. lessened its holdings in Meta Platforms, Inc. (NASDAQ:META – Free Report) by 0.3% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 20,944 shares of the social networking company’s stock after selling 53 shares during the period. Meta Platforms makes up 3.4% of Lorne Steinberg Wealth Management Inc.’s investment portfolio, making the stock its 4th largest position. Lorne Steinberg Wealth Management Inc.’s holdings in Meta Platforms were worth $10,560,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently modified their holdings of META. Norges Bank acquired a new position in Meta Platforms during the 4th quarter worth about $11,285,855,000. Capital Research Global Investors lifted its position in shares of Meta Platforms by 17.2% during the fourth quarter. Capital Research Global Investors now owns 30,217,175 shares of the social networking company’s stock worth $10,695,722,000 after purchasing an additional 4,440,229 shares in the last quarter. Concentrum Wealth Management boosted its stake in shares of Meta Platforms by 111.0% in the fourth quarter. Concentrum Wealth Management now owns 7,391,877 shares of the social networking company’s stock valued at $2,616,000 after purchasing an additional 3,888,308 shares during the period. Vanguard Group Inc. grew its holdings in shares of Meta Platforms by 1.7% in the fourth quarter. Vanguard Group Inc. now owns 186,349,346 shares of the social networking company’s stock valued at $65,960,215,000 after purchasing an additional 3,104,550 shares in the last quarter. Finally, Jennison Associates LLC lifted its holdings in Meta Platforms by 24.7% during the 1st quarter. Jennison Associates LLC now owns 13,867,398 shares of the social networking company’s stock worth $6,733,731,000 after buying an additional 2,748,620 shares in the last quarter. 79.91% of the stock is owned by institutional investors and hedge funds.
Meta Platforms Trading Down 1.8 %
Shares of META opened at $527.42 on Friday. Meta Platforms, Inc. has a one year low of $274.38 and a one year high of $542.81. The stock has a 50-day moving average price of $500.48 and a 200 day moving average price of $487.20. The company has a debt-to-equity ratio of 0.12, a quick ratio of 2.68 and a current ratio of 2.83. The company has a market capitalization of $1.34 trillion, a P/E ratio of 30.29, a P/E/G ratio of 1.27 and a beta of 1.21.
Meta Platforms (NASDAQ:META – Get Free Report) last released its quarterly earnings results on Wednesday, July 31st. The social networking company reported $5.16 earnings per share for the quarter, topping analysts’ consensus estimates of $4.70 by $0.46. Meta Platforms had a net margin of 34.34% and a return on equity of 34.16%. The business had revenue of $39.07 billion during the quarter, compared to the consensus estimate of $38.26 billion. During the same quarter last year, the company earned $3.23 earnings per share. The business’s quarterly revenue was up 22.1% compared to the same quarter last year. Sell-side analysts forecast that Meta Platforms, Inc. will post 20.5 EPS for the current fiscal year.
Meta Platforms Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 26th. Investors of record on Friday, June 14th were issued a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 0.38%. The ex-dividend date of this dividend was Friday, June 14th. Meta Platforms’s dividend payout ratio is currently 11.49%.
Insiders Place Their Bets
In related news, insider Jennifer Newstead sold 905 shares of the company’s stock in a transaction that occurred on Tuesday, July 9th. The stock was sold at an average price of $533.95, for a total transaction of $483,224.75. Following the sale, the insider now directly owns 36,940 shares of the company’s stock, valued at approximately $19,724,113. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, CEO Mark Zuckerberg sold 16,702 shares of the firm’s stock in a transaction that occurred on Wednesday, July 10th. The stock was sold at an average price of $533.87, for a total value of $8,916,696.74. Following the sale, the chief executive officer now owns 151,918 shares of the company’s stock, valued at approximately $81,104,462.66. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Jennifer Newstead sold 905 shares of the business’s stock in a transaction that occurred on Tuesday, July 9th. The shares were sold at an average price of $533.95, for a total value of $483,224.75. Following the transaction, the insider now owns 36,940 shares of the company’s stock, valued at approximately $19,724,113. The disclosure for this sale can be found here. Insiders have sold a total of 349,174 shares of company stock valued at $175,146,777 in the last quarter. Insiders own 13.71% of the company’s stock.
Analyst Ratings Changes
A number of research firms have recently weighed in on META. Loop Capital upped their price objective on Meta Platforms from $550.00 to $575.00 and gave the stock a “buy” rating in a research report on Tuesday, August 6th. BMO Capital Markets reiterated a “market perform” rating and issued a $450.00 price objective on shares of Meta Platforms in a research note on Wednesday, June 12th. Citigroup upped their target price on shares of Meta Platforms from $550.00 to $580.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Jefferies Financial Group boosted their target price on shares of Meta Platforms from $565.00 to $600.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Finally, Guggenheim boosted their target price on Meta Platforms from $500.00 to $600.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating, thirty-three have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $574.41.
Get Our Latest Report on Meta Platforms
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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