Meta Platforms, Inc. (NASDAQ:META) Stake Reduced by Morningstar Investment Management LLC

Morningstar Investment Management LLC cut its holdings in shares of Meta Platforms, Inc. (NASDAQ:META) by 6.7% in the second quarter, HoldingsChannel.com reports. The firm owned 51,333 shares of the social networking company’s stock after selling 3,685 shares during the quarter. Meta Platforms accounts for about 2.7% of Morningstar Investment Management LLC’s investment portfolio, making the stock its 9th largest holding. Morningstar Investment Management LLC’s holdings in Meta Platforms were worth $25,883,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Quest Partners LLC acquired a new stake in shares of Meta Platforms in the fourth quarter valued at $32,000. Clear Investment Research LLC boosted 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 valued at $33,000 after acquiring an additional 74 shares during the period. Delos Wealth Advisors LLC boosted its holdings in Meta Platforms by 527.3% during the 1st quarter. Delos Wealth Advisors LLC now owns 69 shares of the social networking company’s stock valued at $34,000 after acquiring an additional 58 shares during the period. POM Investment Strategies LLC acquired a new position in Meta Platforms in the 2nd quarter valued at about $38,000. Finally, Ruedi Wealth Management Inc. increased its stake in Meta Platforms by 122.2% during the second quarter. Ruedi Wealth Management Inc. now owns 80 shares of the social networking company’s stock worth $40,000 after purchasing an additional 44 shares during the period. 79.91% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Meta Platforms

In related news, CTO Andrew Bosworth sold 5,057 shares of Meta Platforms stock in a transaction that occurred on 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 completion of the transaction, the chief technology officer now directly owns 11,990 shares in the company, valued at approximately $6,315,852.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Mark Zuckerberg sold 2,054 shares of the firm’s stock in a transaction that occurred on Friday, June 21st. The shares were sold at an average price of $501.05, for a total transaction of $1,029,156.70. Following the sale, the chief executive officer now owns 253,000 shares in the company, valued at $126,765,650. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CTO Andrew Bosworth sold 5,057 shares of the stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $526.76, for a total value of $2,663,825.32. Following the transaction, the chief technology officer now directly owns 11,990 shares in the company, valued at approximately $6,315,852.40. The disclosure for this sale can be found here. Insiders have sold 357,574 shares of company stock valued at $185,587,773 in the last quarter. 13.71% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Morgan Stanley lifted their price objective on shares of Meta Platforms from $550.00 to $575.00 and gave the company an “overweight” rating in a report on Thursday, August 1st. JPMorgan Chase & Co. upped their price objective on Meta Platforms from $480.00 to $610.00 and gave the stock an “overweight” rating in a research report on Thursday, August 1st. Evercore ISI lifted their target price on Meta Platforms from $550.00 to $600.00 and gave the company an “outperform” rating in a report on Thursday, August 1st. Raymond James upped their price target on Meta Platforms from $550.00 to $600.00 and gave the stock a “strong-buy” rating in a report on Monday, July 1st. Finally, UBS Group lifted their price objective on Meta Platforms from $630.00 to $635.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating, thirty-four have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $577.26.

Meta Platforms Stock Down 0.2 %

Meta Platforms stock opened at $524.62 on Monday. The stock’s 50 day moving average price is $505.13 and its 200 day moving average price is $495.51. Meta Platforms, Inc. has a 1-year low of $279.40 and a 1-year high of $544.23. The company has a market cap of $1.33 trillion, a PE ratio of 30.13, a price-to-earnings-growth ratio of 1.26 and a beta of 1.21. The company has a debt-to-equity ratio of 0.12, a current ratio of 2.83 and a quick ratio of 2.83.

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

Meta Platforms Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 26th. Stockholders of record on Monday, September 16th will be given a dividend of $0.50 per share. The ex-dividend date of this dividend is Monday, September 16th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.38%. Meta Platforms’s payout ratio is 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.