Choreo LLC Raises Stake in Meta Platforms, Inc. (NASDAQ:META)

Choreo LLC increased its stake in Meta Platforms, Inc. (NASDAQ:META) by 187.5% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 65,695 shares of the social networking company’s stock after acquiring an additional 42,848 shares during the quarter. Choreo LLC’s holdings in Meta Platforms were worth $33,148,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in shares of Meta Platforms by 0.4% in the 1st quarter. Vanguard Group Inc. now owns 187,180,393 shares of the social networking company’s stock worth $90,891,055,000 after buying an additional 831,047 shares during the period. Capital World Investors raised its holdings in shares of Meta Platforms by 0.6% in the first quarter. Capital World Investors now owns 38,299,316 shares of the social networking company’s stock valued at $18,597,382,000 after acquiring an additional 244,803 shares in the last quarter. Capital International Investors lifted its stake in Meta Platforms by 3.2% in the fourth quarter. Capital International Investors now owns 34,738,470 shares of the social networking company’s stock worth $12,296,383,000 after acquiring an additional 1,083,719 shares during the period. Capital Research Global Investors lifted its stake in Meta Platforms by 14.5% in the first quarter. Capital Research Global Investors now owns 34,597,001 shares of the social networking company’s stock worth $16,799,612,000 after acquiring an additional 4,379,826 shares during the period. Finally, Norges Bank bought a new position in Meta Platforms during the 4th quarter worth about $11,285,855,000. Institutional investors own 79.91% of the company’s stock.

Insider Buying and Selling

In other Meta Platforms news, CTO Andrew Bosworth sold 5,057 shares of Meta Platforms stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $526.76, for a total value of $2,663,825.32. Following the completion of the transaction, the chief technology officer now owns 11,990 shares of the company’s stock, valued at $6,315,852.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CTO Andrew Bosworth sold 5,057 shares of the firm’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $526.76, for a total transaction of $2,663,825.32. Following the sale, the chief technology officer now directly owns 11,990 shares in the company, valued at approximately $6,315,852.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jennifer Newstead sold 905 shares of Meta Platforms stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $507.63, for a total value of $459,405.15. Following the completion of the transaction, the insider now owns 37,817 shares of the company’s stock, valued at approximately $19,197,043.71. The disclosure for this sale can be found here. Over the last three months, insiders have sold 357,574 shares of company stock valued at $185,587,773. Corporate insiders own 13.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on META shares. BMO Capital Markets reaffirmed a “market perform” rating and issued a $450.00 price target on shares of Meta Platforms in a research report on Wednesday, June 12th. Needham & Company LLC restated an “underperform” rating on shares of Meta Platforms in a report on Wednesday, September 4th. Wedbush reiterated an “outperform” rating and issued a $570.00 price target on shares of Meta Platforms in a report on Wednesday, July 24th. Evercore ISI upped their price objective on Meta Platforms from $550.00 to $600.00 and gave the stock an “outperform” rating in a research note on Thursday, August 1st. Finally, Rosenblatt Securities raised their price objective on Meta Platforms from $562.00 to $643.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating, thirty-four have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $577.26.

Meta Platforms Price Performance

Shares of META opened at $525.60 on Friday. The business’s 50-day moving average is $505.44 and its two-hundred day moving average is $495.07. The company has a market capitalization of $1.33 trillion, a P/E ratio of 30.19, a P/E/G ratio of 1.23 and a beta of 1.21. Meta Platforms, Inc. has a fifty-two week low of $279.40 and a fifty-two week high of $544.23. The company has a debt-to-equity ratio of 0.12, a quick ratio of 2.83 and a current ratio of 2.83.

Meta Platforms (NASDAQ:META) last posted its earnings results on Wednesday, July 31st. The social networking company reported $5.16 EPS for the quarter, topping the consensus estimate of $4.70 by $0.46. Meta Platforms had a return on equity of 34.16% and a net margin of 34.34%. The firm had revenue of $39.07 billion for the quarter, compared to analyst estimates of $38.26 billion. During the same period last year, the company earned $3.23 earnings per share. Meta Platforms’s revenue for the quarter was up 22.1% compared to the same quarter last year. Research analysts predict that Meta Platforms, Inc. will post 21.36 earnings per share for the current year.

Meta Platforms Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 26th. Investors of record on Monday, September 16th will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 0.38%. The ex-dividend date is Monday, September 16th. Meta Platforms’s dividend payout ratio is currently 11.49%.

Meta Platforms Company 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.