Veery Capital LLC Lowers Holdings in Meta Platforms, Inc. (NASDAQ:META)

Veery Capital LLC trimmed its holdings in Meta Platforms, Inc. (NASDAQ:META) by 6.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,222 shares of the social networking company’s stock after selling 84 shares during the quarter. Veery Capital LLC’s holdings in Meta Platforms were worth $593,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the business. Tempus Wealth Planning LLC boosted its stake in shares of Meta Platforms by 2.2% during the 1st quarter. Tempus Wealth Planning LLC now owns 2,181 shares of the social networking company’s stock worth $1,059,000 after acquiring an additional 46 shares in the last quarter. Core Wealth Partners LLC boosted its stake in shares of Meta Platforms by 15.8% during the 1st quarter. Core Wealth Partners LLC now owns 1,063 shares of the social networking company’s stock worth $516,000 after acquiring an additional 145 shares in the last quarter. Accel Wealth Management purchased a new stake in shares of Meta Platforms during the 1st quarter worth about $266,000. First Trust Direct Indexing L.P. boosted its stake in shares of Meta Platforms by 16.1% during the 1st quarter. First Trust Direct Indexing L.P. now owns 51,391 shares of the social networking company’s stock worth $24,955,000 after acquiring an additional 7,112 shares in the last quarter. Finally, Wealthstar Advisors LLC boosted its stake in shares of Meta Platforms by 3.3% during the 1st quarter. Wealthstar Advisors LLC now owns 1,743 shares of the social networking company’s stock worth $847,000 after acquiring an additional 56 shares in the last quarter. 79.91% of the stock is owned by hedge funds and other institutional investors.

Meta Platforms Stock Performance

NASDAQ:META opened at $539.91 on Friday. The company has a debt-to-equity ratio of 0.12, a quick ratio of 2.68 and a current ratio of 2.68. The stock has a market capitalization of $1.37 trillion, a P/E ratio of 31.01, a PEG ratio of 1.32 and a beta of 1.21. The company has a 50 day moving average price of $484.36 and a 200 day moving average price of $460.13. Meta Platforms, Inc. has a fifty-two week low of $274.38 and a fifty-two week high of $540.87.

Meta Platforms (NASDAQ:META) last posted its quarterly earnings data on Wednesday, April 24th. The social networking company reported $4.71 earnings per share for the quarter, topping analysts’ consensus estimates of $4.32 by $0.39. The firm had revenue of $36.46 billion during the quarter, compared to analysts’ expectations of $36.28 billion. Meta Platforms had a net margin of 32.06% and a return on equity of 32.03%. Equities research analysts forecast that Meta Platforms, Inc. will post 20.15 EPS for the current year.

Meta Platforms Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 26th. Investors of record on Friday, June 14th were given a dividend of $0.50 per share. The ex-dividend date was Friday, June 14th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.37%. Meta Platforms’s payout ratio is currently 11.49%.

Insider Buying and Selling

In other Meta Platforms news, insider Jennifer Newstead sold 585 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the insider now owns 38,398 shares of the company’s stock, valued at approximately $20,043,756. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Meta Platforms news, Director Sheryl Sandberg sold 105,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 29th. The shares were sold at an average price of $476.71, for a total value of $50,054,550.00. Following the completion of the transaction, the director now owns 630,293 shares of the company’s stock, valued at approximately $300,466,976.03. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jennifer Newstead sold 585 shares of the firm’s stock in a transaction that occurred on Tuesday, April 9th. The shares were sold at an average price of $522.00, for a total transaction of $305,370.00. Following the completion of the transaction, the insider now directly owns 38,398 shares of the company’s stock, valued at approximately $20,043,756. The disclosure for this sale can be found here. In the last quarter, insiders sold 251,905 shares of company stock valued at $123,528,726. Company insiders own 13.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on META. Raymond James increased their target price on shares of Meta Platforms from $550.00 to $600.00 and gave the stock a “strong-buy” rating in a research note on Monday, July 1st. Wells Fargo & Company lowered their target price on shares of Meta Platforms from $609.00 to $600.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 3rd. Piper Sandler reaffirmed an “overweight” rating and issued a $545.00 price target (down from $600.00) on shares of Meta Platforms in a research note on Thursday, April 25th. UBS Group decreased their price target on shares of Meta Platforms from $610.00 to $575.00 and set a “buy” rating on the stock in a research note on Thursday, April 25th. Finally, TD Cowen decreased their price target on shares of Meta Platforms from $590.00 to $530.00 and set a “buy” rating on the stock in a research note on Thursday, April 25th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating, thirty-seven have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $511.27.

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.