Cullinan Associates Inc. Has $8.89 Million Position in Meta Platforms, Inc. (NASDAQ:META)

Cullinan Associates Inc. increased its stake in Meta Platforms, Inc. (NASDAQ:META) by 26.8% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 18,316 shares of the social networking company’s stock after purchasing an additional 3,868 shares during the period. Cullinan Associates Inc.’s holdings in Meta Platforms were worth $8,894,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Beaird Harris Wealth Management LLC raised its holdings in Meta Platforms by 68.9% during the 3rd quarter. Beaird Harris Wealth Management LLC now owns 103 shares of the social networking company’s stock worth $31,000 after purchasing an additional 42 shares during the last quarter. Quest Partners LLC bought a new stake in Meta Platforms during the fourth quarter valued at $32,000. Clear Investment Research LLC grew its holdings in Meta Platforms by 411.1% during the 4th quarter. Clear Investment Research LLC now owns 92 shares of the social networking company’s stock worth $33,000 after acquiring an additional 74 shares during the period. Cranbrook Wealth Management LLC increased its holdings 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 worth $36,000 after purchasing an additional 45 shares in the last quarter. Finally, Gilfoyle & Co LLC acquired a new stake in Meta Platforms in the fourth quarter worth $39,000. 79.91% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

META has been the topic of a number of research reports. Piper Sandler reaffirmed an “overweight” rating and set a $545.00 target price (down from $600.00) on shares of Meta Platforms in a research report on Thursday, April 25th. Benchmark reissued a “hold” rating on shares of Meta Platforms in a research report on Monday, April 22nd. Raymond James increased their price target on shares of Meta Platforms from $550.00 to $600.00 and gave the company a “strong-buy” rating in a research report on Monday. KeyCorp increased their target price on shares of Meta Platforms from $475.00 to $540.00 and gave the company an “overweight” rating in a research report on Thursday, June 20th. Finally, Citigroup lowered their price target on shares of Meta Platforms from $590.00 to $550.00 and set a “buy” rating on the stock in a report on Thursday, April 25th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating, thirty-seven have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Meta Platforms presently has a consensus rating of “Moderate Buy” and an average price target of $511.27.

Meta Platforms Price Performance

META stock opened at $509.50 on Wednesday. The firm has a market capitalization of $1.29 trillion, a P/E ratio of 29.26, a price-to-earnings-growth ratio of 1.31 and a beta of 1.21. Meta Platforms, Inc. has a 52 week low of $274.38 and a 52 week high of $531.49. The company has a fifty day simple moving average of $480.72 and a two-hundred day simple moving average of $458.05. 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 issued its earnings results on Wednesday, April 24th. The social networking company reported $4.71 EPS for the quarter, topping analysts’ consensus estimates of $4.32 by $0.39. The business had revenue of $36.46 billion for the quarter, compared to analyst estimates of $36.28 billion. Meta Platforms had a net margin of 32.06% and a return on equity of 32.03%. Analysts anticipate that Meta Platforms, Inc. will post 20.16 earnings per share for the current fiscal year.

Meta Platforms Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 26th. Shareholders of record on Friday, June 14th were issued a dividend of $0.50 per share. 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 0.39%. Meta Platforms’s dividend payout ratio is currently 11.49%.

Insider Buying and Selling at Meta Platforms

In other news, insider Jennifer Newstead sold 585 shares of the company’s stock in a transaction dated Tuesday, April 9th. The shares were sold at an average price of $522.00, for a total transaction of $305,370.00. Following the transaction, the insider now owns 38,398 shares in the company, valued at $20,043,756. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Meta Platforms news, insider Jennifer Newstead sold 585 shares of the company’s stock in a transaction on Tuesday, April 9th. The shares were sold at an average price of $522.00, for a total value of $305,370.00. Following the sale, the insider now directly owns 38,398 shares of the company’s stock, valued at $20,043,756. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Javier Olivan sold 490 shares of the stock in a transaction on Friday, April 5th. The stock was sold at an average price of $516.51, for a total transaction of $253,089.90. Following the sale, the chief operating officer now directly owns 8,069 shares in the company, valued at $4,167,719.19. The disclosure for this sale can be found here. Insiders have sold 218,086 shares of company stock worth $106,423,370 over the last quarter. Insiders own 13.71% of the company’s stock.

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.