Axxcess Wealth Management LLC Has $24.38 Million Holdings in Meta Platforms, Inc. (NASDAQ:META)

Axxcess Wealth Management LLC boosted its position in shares of Meta Platforms, Inc. (NASDAQ:META) by 63.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 48,358 shares of the social networking company’s stock after acquiring an additional 18,763 shares during the period. Axxcess Wealth Management LLC’s holdings in Meta Platforms were worth $24,383,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. S.A. Mason LLC raised its holdings in shares of Meta Platforms by 1.5% in the 1st quarter. S.A. Mason LLC now owns 1,328 shares of the social networking company’s stock worth $645,000 after buying an additional 20 shares in the last quarter. Horizon Bancorp Inc. IN grew its position in Meta Platforms by 2.0% in the first quarter. Horizon Bancorp Inc. IN now owns 1,057 shares of the social networking company’s stock valued at $513,000 after acquiring an additional 21 shares during the period. Northern Capital Management Inc. raised its stake in Meta Platforms by 3.4% during the first quarter. Northern Capital Management Inc. now owns 647 shares of the social networking company’s stock worth $314,000 after acquiring an additional 21 shares in the last quarter. Buckingham Capital Management Inc. lifted its holdings in shares of Meta Platforms by 5.1% during the second quarter. Buckingham Capital Management Inc. now owns 433 shares of the social networking company’s stock valued at $218,000 after acquiring an additional 21 shares during the period. Finally, LongView Wealth Management boosted its stake in shares of Meta Platforms by 1.3% in the 1st quarter. LongView Wealth Management now owns 1,762 shares of the social networking company’s stock valued at $856,000 after purchasing an additional 22 shares in the last quarter. 79.91% of the stock is currently owned by institutional investors.

Meta Platforms Trading Up 3.9 %

META opened at $559.10 on Friday. The firm’s fifty day moving average is $505.40 and its two-hundred day moving average is $496.34. The firm has a market cap of $1.42 trillion, a PE ratio of 32.11, a price-to-earnings-growth ratio of 1.26 and a beta of 1.21. Meta Platforms, Inc. has a twelve month low of $279.40 and a twelve month high of $562.07. 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 quarterly earnings data 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. The business had revenue of $39.07 billion for the quarter, compared to the consensus estimate of $38.26 billion. Meta Platforms had a return on equity of 34.16% and a net margin of 34.34%. The firm’s revenue was up 22.1% compared to the same quarter last year. During the same quarter last year, the business posted $3.23 EPS. Equities research analysts anticipate that Meta Platforms, Inc. will post 21.36 EPS for the current year.

Meta Platforms Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 26th. Stockholders of record on Monday, September 16th will be issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 0.36%. The ex-dividend date is Monday, September 16th. Meta Platforms’s dividend payout ratio (DPR) is presently 11.49%.

Analyst Ratings Changes

META has been the subject of a number of recent analyst reports. Piper Sandler increased their target price on shares of Meta Platforms from $545.00 to $575.00 and gave the stock an “overweight” rating in a research report on Thursday, August 1st. JPMorgan Chase & Co. boosted their target price on Meta Platforms from $480.00 to $610.00 and gave the stock an “overweight” rating in a report on Thursday, August 1st. Loop Capital raised their price target on Meta Platforms from $550.00 to $575.00 and gave the company a “buy” rating in a report on Tuesday, August 6th. BMO Capital Markets reissued a “market perform” rating and issued a $450.00 price objective on shares of Meta Platforms in a research note on Wednesday, June 12th. Finally, KeyCorp raised their target price on Meta Platforms from $540.00 to $560.00 and gave the company an “overweight” 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 assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $577.26.

Insider Activity at Meta Platforms

In other Meta Platforms news, CEO Mark Zuckerberg sold 9,760 shares of the firm’s stock in a transaction that occurred on Monday, June 24th. The shares were sold at an average price of $502.87, for a total transaction of $4,908,011.20. Following the sale, the chief executive officer now directly owns 247,915 shares in the company, valued at approximately $124,669,016.05. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, 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 value of $2,663,825.32. Following the sale, the chief technology officer now directly owns 11,990 shares of the company’s stock, valued at approximately $6,315,852.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Mark Zuckerberg sold 9,760 shares of the stock in a transaction dated Monday, June 24th. The stock was sold at an average price of $502.87, for a total value of $4,908,011.20. Following the transaction, the chief executive officer now owns 247,915 shares of the company’s stock, valued at approximately $124,669,016.05. The disclosure for this sale can be found here. In the last three months, insiders sold 356,426 shares of company stock worth $185,053,425. 13.71% of the stock is owned by company insiders.

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.