Lyell Wealth Management LP Has $24.45 Million Stock Position in Meta Platforms, Inc. (NASDAQ:META)

Lyell Wealth Management LP grew its position in shares of Meta Platforms, Inc. (NASDAQ:META) by 8.4% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 48,480 shares of the social networking company’s stock after buying an additional 3,756 shares during the quarter. Meta Platforms accounts for 2.3% of Lyell Wealth Management LP’s holdings, making the stock its 7th biggest position. Lyell Wealth Management LP’s holdings in Meta Platforms were worth $24,445,000 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. Vantage Financial Partners LLC raised its position in Meta Platforms by 3.2% in the fourth quarter. Vantage Financial Partners LLC now owns 1,323 shares of the social networking company’s stock worth $468,000 after acquiring an additional 41 shares during the period. Concentrum Wealth Management increased its stake in shares of Meta Platforms by 111.0% during the 4th quarter. Concentrum Wealth Management now owns 7,391,877 shares of the social networking company’s stock worth $2,616,000 after purchasing an additional 3,888,308 shares during the last quarter. Aveo Capital Partners LLC raised its holdings in shares of Meta Platforms by 45.7% in the 4th quarter. Aveo Capital Partners LLC now owns 2,302 shares of the social networking company’s stock worth $815,000 after purchasing an additional 722 shares during the period. 9258 Wealth Management LLC lifted its stake in Meta Platforms by 66.4% in the fourth quarter. 9258 Wealth Management LLC now owns 3,993 shares of the social networking company’s stock valued at $1,413,000 after purchasing an additional 1,594 shares during the last quarter. Finally, Rollins Financial grew its holdings in Meta Platforms by 7.5% during the fourth quarter. Rollins Financial now owns 30,657 shares of the social networking company’s stock valued at $10,851,000 after purchasing an additional 2,133 shares during the period. Hedge funds and other 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 the company’s 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 directly owns 11,990 shares in the company, valued at approximately $6,315,852.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, COO Javier Olivan sold 413 shares of the company’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $536.92, for a total value of $221,747.96. Following the sale, the chief operating officer now directly owns 14,424 shares of the company’s stock, valued at $7,744,534.08. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CTO Andrew Bosworth sold 5,057 shares of the business’s stock in a transaction on Thursday, August 15th. The shares were 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 owns 11,990 shares in the company, valued at approximately $6,315,852.40. The disclosure for this sale can be found here. Insiders sold 357,987 shares of company stock valued at $185,802,769 over the last quarter. 13.71% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on META. JPMorgan Chase & Co. boosted their target price on Meta Platforms from $480.00 to $610.00 and gave the company an “overweight” rating in a research note on Thursday, August 1st. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Meta Platforms from $525.00 to $585.00 and gave the company a “buy” rating in a report on Thursday, August 1st. The Goldman Sachs Group lifted their target price on shares of Meta Platforms from $522.00 to $555.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Susquehanna upped their price target on shares of Meta Platforms from $550.00 to $600.00 and gave the company a “positive” rating in a research note on Thursday, August 1st. Finally, Bank of America lifted their price objective on shares of Meta Platforms from $550.00 to $563.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating, thirty-four have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $577.26.

Meta Platforms Price Performance

META stock opened at $536.32 on Wednesday. The firm has a market cap of $1.36 trillion, a P/E ratio of 30.80, a P/E/G ratio of 1.26 and a beta of 1.21. The firm’s fifty day moving average is $505.34 and its 200 day moving average is $496.05. Meta Platforms, Inc. has a 52 week low of $279.40 and a 52 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 issued its earnings results on Wednesday, July 31st. The social networking company reported $5.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.70 by $0.46. Meta Platforms had a net margin of 34.34% and a return on equity of 34.16%. The firm had revenue of $39.07 billion for the quarter, compared to analysts’ expectations of $38.26 billion. During the same quarter last year, the business earned $3.23 earnings per share. The business’s revenue was up 22.1% on a year-over-year basis. Research analysts predict that Meta Platforms, Inc. will post 21.36 earnings per share for the current year.

Meta Platforms Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 26th. Investors of record on Monday, September 16th will be issued a dividend of $0.50 per share. The ex-dividend date is Monday, September 16th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.37%. Meta Platforms’s dividend payout ratio is presently 11.49%.

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.