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Waterfront Wealth Inc. grew its holdings in shares of Meta Platforms, Inc. (NASDAQ:META – Free Report) by 6.9% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 716 shares of the social networking company’s stock after purchasing an additional 46 shares during the quarter. Waterfront Wealth Inc.’s holdings in Meta Platforms were worth $413,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds also recently made changes to their positions in the company. Inlight Wealth Management LLC bought a new stake in shares of Meta Platforms during the first quarter valued at approximately $25,000. Millstone Evans Group LLC bought a new stake in shares of Meta Platforms during the fourth quarter valued at approximately $40,000. WealthTrak Capital Management LLC bought a new stake in shares of Meta Platforms during the fourth quarter valued at approximately $43,000. Marshall & Sterling Wealth Advisors Inc. bought a new stake in Meta Platforms during the fourth quarter worth approximately $45,000. Finally, JCIC Asset Management Inc. raised its holdings in Meta Platforms by 102.6% during the first quarter. JCIC Asset Management Inc. now owns 79 shares of the social networking company’s stock worth $46,000 after purchasing an additional 40 shares in the last quarter. Institutional investors own 79.91% of the company’s stock.
Meta Platforms Stock Up 0.5%
Meta Platforms stock opened at $716.91 on Friday. The firm has a market cap of $1.80 trillion, a price-to-earnings ratio of 27.96, a P/E/G ratio of 1.75 and a beta of 1.28. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.66 and a quick ratio of 2.66. Meta Platforms, Inc. has a fifty-two week low of $442.65 and a fifty-two week high of $747.90. The firm has a fifty day moving average price of $655.49 and a two-hundred day moving average price of $629.14.
Meta Platforms (NASDAQ:META – Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The social networking company reported $6.43 EPS for the quarter, beating analysts’ consensus estimates of $5.33 by $1.10. The business had revenue of $42.31 billion during the quarter, compared to analyst estimates of $41.45 billion. Meta Platforms had a net margin of 39.11% and a return on equity of 38.69%. The firm’s revenue for the quarter was up 16.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $4.71 earnings per share. As a group, analysts forecast that Meta Platforms, Inc. will post 26.7 earnings per share for the current year.
Meta Platforms Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Thursday, June 26th. Investors of record on Monday, June 16th were paid a $0.525 dividend. The ex-dividend date of this dividend was Monday, June 16th. This represents a $2.10 dividend on an annualized basis and a yield of 0.29%. Meta Platforms’s payout ratio is currently 8.19%.
Analyst Ratings Changes
Several equities research analysts recently commented on META shares. TD Securities dropped their target price on Meta Platforms from $725.00 to $700.00 and set a “buy” rating on the stock in a report on Thursday, May 1st. Barclays dropped their target price on Meta Platforms from $705.00 to $640.00 and set an “overweight” rating on the stock in a report on Thursday, May 1st. The Goldman Sachs Group boosted their target price on Meta Platforms from $685.00 to $690.00 and gave the stock a “buy” rating in a report on Thursday, May 1st. Monness Crespi & Hardt boosted their target price on Meta Platforms from $775.00 to $780.00 and gave the stock a “buy” rating in a report on Thursday, May 1st. Finally, Benchmark dropped their target price on Meta Platforms from $820.00 to $640.00 and set a “buy” rating on the stock in a report on Wednesday, April 23rd. Five investment analysts have rated the stock with a hold rating, thirty-seven have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, Meta Platforms currently has an average rating of “Moderate Buy” and an average price target of $719.29.
Get Our Latest Report on Meta Platforms
Insider Activity at Meta Platforms
In related news, CEO Mark Zuckerberg sold 2,361 shares of the company’s stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $716.48, for a total value of $1,691,609.28. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, COO Javier Olivan sold 517 shares of the company’s stock in a transaction dated Monday, June 30th. The shares were sold at an average price of $740.97, for a total transaction of $383,081.49. Following the completion of the sale, the chief operating officer directly owned 7,853 shares in the company, valued at approximately $5,818,837.41. The trade was a 6.18% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 154,285 shares of company stock valued at $105,518,153 over the last quarter. 13.61% of the stock is owned by company insiders.
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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Want to see what other hedge funds are holding META? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Meta Platforms, Inc. (NASDAQ:META – Free Report).
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