Meta Platforms, Inc. (NASDAQ:META) Stock Holdings Increased by Summit Financial LLC

Summit Financial LLC raised its stake in Meta Platforms, Inc. (NASDAQ:META) by 109.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 28,243 shares of the social networking company’s stock after acquiring an additional 14,758 shares during the period. Meta Platforms accounts for about 0.7% of Summit Financial LLC’s investment portfolio, making the stock its 19th biggest holding. Summit Financial LLC’s holdings in Meta Platforms were worth $9,997,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Stone House Investment Management LLC boosted its position in Meta Platforms by 625.0% during the 3rd quarter. Stone House Investment Management LLC now owns 87 shares of the social networking company’s stock worth $26,000 after acquiring an additional 75 shares during the period. Gilfoyle & Co LLC bought a new stake in shares of Meta Platforms during the fourth quarter valued at approximately $39,000. Cranbrook Wealth Management LLC grew its position in Meta Platforms by 80.4% in the fourth quarter. Cranbrook Wealth Management LLC now owns 101 shares of the social networking company’s stock valued at $36,000 after acquiring an additional 45 shares during the period. Beaird Harris Wealth Management LLC grew its position in Meta Platforms by 68.9% in the third quarter. Beaird Harris Wealth Management LLC now owns 103 shares of the social networking company’s stock valued at $31,000 after acquiring an additional 42 shares during the period. Finally, PayPay Securities Corp boosted its stake in Meta Platforms by 65.2% in the third quarter. PayPay Securities Corp now owns 109 shares of the social networking company’s stock worth $33,000 after purchasing an additional 43 shares in the last quarter. 79.91% of the stock is currently owned by institutional investors and hedge funds.

Meta Platforms Stock Up 2.1 %

META stock traded up $9.02 during mid-day trading on Wednesday, reaching $439.19. 20,312,433 shares of the company traded hands, compared to its average volume of 18,452,602. The stock has a market cap of $1.12 trillion, a price-to-earnings ratio of 25.36, a P/E/G ratio of 1.12 and a beta of 1.20. Meta Platforms, Inc. has a fifty-two week low of $229.85 and a fifty-two week high of $531.49. The firm’s 50 day moving average price is $492.83 and its 200 day moving average price is $406.97. The company has a quick ratio of 2.68, a current ratio of 2.68 and a debt-to-equity ratio of 0.12.

Meta Platforms (NASDAQ:META) last posted its quarterly earnings results on Wednesday, April 24th. The social networking company reported $4.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.32 by $0.39. Meta Platforms had a net margin of 32.06% and a return on equity of 32.03%. The company had revenue of $36.46 billion for the quarter, compared to analyst estimates of $36.28 billion. As a group, equities research analysts predict that Meta Platforms, Inc. will post 20.17 EPS for the current fiscal year.

Meta Platforms Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 26th. Investors of record on Thursday, February 22nd were given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 0.46%. The ex-dividend date of this dividend was Wednesday, February 21st. Meta Platforms’s dividend payout ratio (DPR) is 11.49%.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on META shares. Evercore ISI increased their price target on Meta Platforms from $425.00 to $550.00 and gave the stock an “outperform” rating in a report on Friday, February 2nd. JMP Securities reissued a “market outperform” rating and set a $550.00 price target on shares of Meta Platforms in a report on Monday, April 22nd. Deutsche Bank Aktiengesellschaft lowered their price objective on Meta Platforms from $540.00 to $500.00 and set a “buy” rating on the stock in a research note on Thursday, April 25th. Monness Crespi & Hardt raised their price objective on Meta Platforms from $370.00 to $540.00 and gave the company a “buy” rating in a report on Friday, February 2nd. Finally, Royal Bank of Canada cut their target price on Meta Platforms from $600.00 to $570.00 and set an “outperform” rating on the stock in a report on Thursday, April 25th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, thirty-seven have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, Meta Platforms presently has a consensus rating of “Moderate Buy” and a consensus price target of $513.55.

Insider Transactions at Meta Platforms

In other Meta Platforms news, CEO Mark Zuckerberg sold 34,398 shares of Meta Platforms stock in a transaction on Tuesday, February 6th. The shares were sold at an average price of $457.52, for a total transaction of $15,737,772.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, COO Javier Olivan sold 490 shares of the business’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $488.03, for a total transaction of $239,134.70. Following the sale, the chief operating officer now owns 79,944 shares in the company, valued at $39,015,070.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Mark Zuckerberg sold 34,398 shares of the company’s stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $457.52, for a total value of $15,737,772.96. The disclosure for this sale can be found here. Insiders have sold 1,257,291 shares of company stock worth $612,916,087 in the last quarter. Company insiders own 13.71% of the company’s stock.

About Meta Platforms

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.