Red Door Wealth Management LLC Boosts Stock Position in Meta Platforms, Inc. (NASDAQ:META)

Red Door Wealth Management LLC boosted its stake in Meta Platforms, Inc. (NASDAQ:META) by 15.1% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,755 shares of the social networking company’s stock after buying an additional 494 shares during the period. Red Door Wealth Management LLC’s holdings in Meta Platforms were worth $1,823,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of META. Ameriprise Financial Inc. increased its position in shares of Meta Platforms by 7.7% during the third quarter. Ameriprise Financial Inc. now owns 8,314,722 shares of the social networking company’s stock valued at $2,496,450,000 after acquiring an additional 592,085 shares in the last quarter. Alps Advisors Inc. grew its position in Meta Platforms by 69.9% in the 3rd quarter. Alps Advisors Inc. now owns 26,817 shares of the social networking company’s stock worth $8,051,000 after purchasing an additional 11,033 shares during the period. Alerus Financial NA grew its position in Meta Platforms by 503.5% in the 3rd quarter. Alerus Financial NA now owns 22,920 shares of the social networking company’s stock worth $6,881,000 after purchasing an additional 19,122 shares during the period. Adage Capital Partners GP L.L.C. grew its position in Meta Platforms by 0.3% in the 3rd quarter. Adage Capital Partners GP L.L.C. now owns 2,211,935 shares of the social networking company’s stock worth $664,045,000 after purchasing an additional 6,300 shares during the period. Finally, Evergreen Capital Management LLC grew its position in Meta Platforms by 0.4% in the 3rd quarter. Evergreen Capital Management LLC now owns 28,577 shares of the social networking company’s stock worth $8,579,000 after purchasing an additional 125 shares during the period. 79.91% of the stock is currently owned by hedge funds and other institutional investors.

Meta Platforms Stock Performance

Shares of NASDAQ:META opened at $504.22 on Monday. The company has a market capitalization of $1.28 trillion, a price-to-earnings ratio of 28.96, a PEG ratio of 1.31 and a beta of 1.21. Meta Platforms, Inc. has a 12 month low of $274.38 and a 12 month high of $531.49. The firm’s 50-day moving average is $480.00 and its 200 day moving average is $455.62. The company has a current ratio of 2.68, a quick ratio of 2.68 and a debt-to-equity ratio of 0.12.

Meta Platforms (NASDAQ:META) last issued its quarterly earnings results on Wednesday, April 24th. The social networking company reported $4.71 EPS for the quarter, beating the consensus estimate of $4.32 by $0.39. The company had revenue of $36.46 billion for the quarter, compared to the consensus estimate of $36.28 billion. Meta Platforms had a net margin of 32.06% and a return on equity of 32.03%. Research analysts predict that Meta Platforms, Inc. will post 20.16 EPS for the current year.

Meta Platforms Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 26th. Investors of record on Friday, June 14th were issued a dividend of $0.50 per share. The ex-dividend date was Friday, June 14th. This represents a $2.00 annualized dividend and a yield of 0.40%. Meta Platforms’s payout ratio is 11.49%.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. Rosenblatt Securities lifted their target price on shares of Meta Platforms from $520.00 to $562.00 and gave the stock a “buy” rating in a research report on Thursday, April 25th. Wolfe Research cut their target price on shares of Meta Platforms from $530.00 to $500.00 and set an “outperform” rating for the company in a research report on Thursday, April 25th. KeyCorp lifted their target price on shares of Meta Platforms from $475.00 to $540.00 and gave the stock an “overweight” rating in a research report on Thursday, June 20th. Stifel Nicolaus lifted their target price on shares of Meta Platforms from $527.00 to $588.00 and gave the stock a “buy” rating in a research report on Tuesday, April 16th. Finally, Guggenheim cut their target price on shares of Meta Platforms from $520.00 to $500.00 and set a “buy” rating for the company in a research report on Thursday, April 25th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating, thirty-seven have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, Meta Platforms currently has a consensus rating of “Moderate Buy” and a consensus target price of $510.05.

Insider Activity at Meta Platforms

In related news, insider Jennifer Newstead sold 585 shares of the company’s stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $485.00, for a total transaction of $283,725.00. Following the transaction, the insider now directly owns 38,983 shares in the company, valued at approximately $18,906,755. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Meta Platforms news, insider Jennifer Newstead sold 585 shares of the company’s stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $485.00, for a total value of $283,725.00. Following the transaction, the insider now directly owns 38,983 shares in the company, valued at approximately $18,906,755. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Javier Olivan sold 490 shares of the company’s stock in a transaction dated Friday, April 26th. The stock was sold at an average price of $441.54, for a total transaction of $216,354.60. Following the completion of the transaction, the chief operating officer now owns 6,599 shares in the company, valued at $2,913,722.46. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 201,557 shares of company stock worth $97,894,296. 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.