Loews Corp Acquires Shares of 110,000 Meta Platforms, Inc. (NASDAQ:META)

Loews Corp acquired a new stake in shares of Meta Platforms, Inc. (NASDAQ:META – Get Rating) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 110,000 shares of the social networking company’s stock, valued at approximately $13,237,000. Meta Platforms makes up about 0.1% of Loews Corp’s investment portfolio, making the stock its 9th biggest position.

A number of other hedge funds have also recently bought and sold shares of META. Mount Vernon Associates Inc. MD bought a new stake in shares of Meta Platforms in the 4th quarter worth approximately $1,732,000. Eagle Ridge Investment Management acquired a new position in Meta Platforms during the 4th quarter worth $11,051,000. Courier Capital LLC acquired a new position in Meta Platforms during the 4th quarter worth $377,000. Meredith Wealth Planning acquired a new position in Meta Platforms during the 4th quarter worth $222,000. Finally, Sterneck Capital Management LLC acquired a new position in Meta Platforms during the 4th quarter worth $1,203,000. Institutional investors and hedge funds own 60.92% of the company’s stock.

Insider Activity at Meta Platforms

In related news, CFO Susan J. Li sold 10,643 shares of the firm’s stock in a transaction on Monday, May 15th. The stock was sold at an average price of $233.81, for a total transaction of $2,488,439.83. Following the completion of the sale, the chief financial officer now directly owns 73,958 shares of the company’s stock, valued at approximately $17,292,119.98. 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 10,643 shares of the stock in a transaction on Monday, May 15th. The stock was sold at an average price of $233.81, for a total value of $2,488,439.83. Following the transaction, the chief financial officer now directly owns 73,958 shares in the company, valued at approximately $17,292,119.98. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jennifer Newstead sold 393 shares of the firm’s stock in a transaction on Tuesday, March 7th. The stock was sold at an average price of $189.00, for a total value of $74,277.00. Following the completion of the transaction, the insider now owns 31,332 shares in the company, valued at $5,921,748. The disclosure for this sale can be found here. Insiders sold 37,762 shares of company stock valued at $8,749,860 in the last three months. Corporate insiders own 13.75% of the company’s stock.

Meta Platforms Price Performance

META stock traded up $6.59 during midday trading on Friday, reaching $259.28. 12,532,623 shares of the company’s stock traded hands, compared to its average volume of 28,532,498. The company has a 50-day simple moving average of $222.84 and a two-hundred day simple moving average of $169.95. Meta Platforms, Inc. has a 1-year low of $88.09 and a 1-year high of $259.84. The company has a market cap of $664.46 billion, a price-to-earnings ratio of 32.16, a PEG ratio of 0.94 and a beta of 1.20. The company has a quick ratio of 2.07, a current ratio of 2.07 and a debt-to-equity ratio of 0.08.

Analysts Set New Price Targets

META has been the subject of several research analyst reports. Raymond James upped their price objective on Meta Platforms from $238.00 to $287.00 and gave the company an “outperform” rating in a report on Thursday, April 27th. 92 Resources restated a “maintains” rating on shares of Meta Platforms in a report on Thursday, April 27th. DZ Bank raised Meta Platforms from a “sell” rating to a “hold” rating and set a $180.00 target price on the stock in a research report on Friday, February 3rd. Bank of America boosted their target price on Meta Platforms from $250.00 to $300.00 and gave the stock a “buy” rating in a research report on Thursday, April 27th. Finally, Wolfe Research boosted their target price on Meta Platforms from $260.00 to $300.00 and gave the stock an “outperform” rating in a research report on Thursday, April 27th. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, forty have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Meta Platforms presently has a consensus rating of “Moderate Buy” and an average price target of $245.87.

About Meta Platforms

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Meta Platforms, Inc, engages in the development of social media applications. It builds technology that helps people connect, find communities, and grow businesses. It operates through the Family of Apps (FoA) and Reality Labs (RL) segments. The FoA segment consists of Facebook, Instagram, Messenger, WhatsApp, and other services.