Colonial River Wealth Management LLC increased its position in shares of Meta Platforms, Inc. (NASDAQ:META – Free Report) by 8.3% during the 2nd quarter, Holdings Channel.com reports. The firm owned 6,254 shares of the social networking company’s stock after buying an additional 477 shares during the quarter. Meta Platforms accounts for 1.7% of Colonial River Wealth Management LLC’s investment portfolio, making the stock its 11th biggest holding. Colonial River Wealth Management LLC’s holdings in Meta Platforms were worth $3,153,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors have also recently added to or reduced their stakes in the company. Delos Wealth Advisors LLC grew its stake in shares of Meta Platforms by 527.3% in the 1st quarter. Delos Wealth Advisors LLC now owns 69 shares of the social networking company’s stock worth $34,000 after purchasing an additional 58 shares during the last quarter. Ruedi Wealth Management Inc. raised its position in shares of Meta Platforms by 122.2% during the second quarter. Ruedi Wealth Management Inc. now owns 80 shares of the social networking company’s stock worth $40,000 after purchasing an additional 44 shares during the period. Richardson Financial Services Inc. lifted its holdings in shares of Meta Platforms by 95.6% during the first quarter. Richardson Financial Services Inc. now owns 88 shares of the social networking company’s stock valued at $41,000 after purchasing an additional 43 shares during the last quarter. Quest Partners LLC acquired a new position in shares of Meta Platforms in the 4th quarter valued at $32,000. Finally, Kathleen S. Wright Associates Inc. acquired a new position in shares of Meta Platforms in the first quarter worth about $44,000. 79.91% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of equities analysts have recently weighed in on META shares. Canaccord Genuity Group dropped their target price on Meta Platforms from $610.00 to $575.00 and set a “buy” rating on the stock in a report on Thursday, April 25th. Jefferies Financial Group increased their target price on shares of Meta Platforms from $565.00 to $600.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. BNP Paribas initiated coverage on shares of Meta Platforms in a research note on Thursday, May 2nd. They set an “underperform” rating and a $360.00 target price for the company. Tigress Financial upped their price target on shares of Meta Platforms from $575.00 to $645.00 and gave the stock a “strong-buy” rating in a research note on Friday, August 16th. Finally, Susquehanna lifted their price objective on Meta Platforms from $550.00 to $600.00 and gave the company a “positive” rating in a research report on Thursday, August 1st. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating, thirty-three have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $574.41.
Check Out Our Latest Research Report on META
Meta Platforms Price Performance
Shares of Meta Platforms stock traded up $2.85 during midday trading on Wednesday, hitting $529.58. 826,787 shares of the company were exchanged, compared to its average volume of 16,176,936. The firm has a 50 day simple moving average of $501.40 and a 200-day simple moving average of $489.81. Meta Platforms, Inc. has a 52 week low of $276.03 and a 52 week high of $542.81. The firm has a market cap of $1.34 trillion, a P/E ratio of 30.25, a PEG ratio of 1.27 and a beta of 1.21. The company has a debt-to-equity ratio of 0.12, a current ratio of 2.83 and a quick ratio of 2.68.
Meta Platforms (NASDAQ:META – Get Free Report) last issued its quarterly earnings data on Wednesday, July 31st. The social networking company reported $5.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.70 by $0.46. Meta Platforms had a return on equity of 34.16% and a net margin of 34.34%. The company had revenue of $39.07 billion during the quarter, compared to analysts’ expectations of $38.26 billion. During the same period last year, the business earned $3.23 earnings per share. The business’s revenue was up 22.1% on a year-over-year basis. Research analysts forecast that Meta Platforms, Inc. will post 20.5 earnings per share for the current year.
Meta Platforms Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Wednesday, June 26th. Shareholders of record on Friday, June 14th were given a $0.50 dividend. The ex-dividend date of this dividend was Friday, June 14th. This represents a $2.00 dividend on an annualized basis and a yield of 0.38%. Meta Platforms’s dividend payout ratio (DPR) is presently 11.49%.
Insider Activity
In related news, insider Jennifer Newstead sold 905 shares of the firm’s stock in a transaction 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 completion of 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Meta Platforms news, CFO Susan J. Li sold 8,950 shares of the stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $526.76, for a total value of $4,714,502.00. Following the transaction, the chief financial officer now directly owns 74,579 shares in the company, valued at approximately $39,285,234.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jennifer Newstead sold 905 shares of Meta Platforms 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 owns 36,940 shares of the company’s stock, valued at approximately $19,724,113. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 384,783 shares of company stock worth $194,001,589. Insiders own 13.71% of the company’s stock.
Meta Platforms Company 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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