Meta Platforms, Inc. (NASDAQ:META) Stock Holdings Increased by Pitcairn Co.

Pitcairn Co. increased its holdings in Meta Platforms, Inc. (NASDAQ:META) by 6.1% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 28,388 shares of the social networking company’s stock after buying an additional 1,644 shares during the period. Meta Platforms makes up about 0.9% of Pitcairn Co.’s portfolio, making the stock its 18th largest holding. Pitcairn Co.’s holdings in Meta Platforms were worth $13,785,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in META. Norges Bank bought a new position in Meta Platforms in the 4th quarter worth about $11,285,855,000. International Assets Investment Management LLC grew its holdings in Meta Platforms by 11,154.4% in the 4th quarter. International Assets Investment Management LLC now owns 4,952,254 shares of the social networking company’s stock worth $1,752,900,000 after buying an additional 4,908,251 shares in the last quarter. Capital Research Global Investors increased its position in Meta Platforms by 17.2% in the 4th quarter. Capital Research Global Investors now owns 30,217,175 shares of the social networking company’s stock valued at $10,695,722,000 after acquiring an additional 4,440,229 shares during the period. Concentrum Wealth Management increased its position in Meta Platforms by 111.0% in the 4th quarter. Concentrum Wealth Management now owns 7,391,877 shares of the social networking company’s stock valued at $2,616,000 after acquiring an additional 3,888,308 shares during the period. Finally, Vanguard Group Inc. raised its stake in Meta Platforms by 1.7% during the 4th quarter. Vanguard Group Inc. now owns 186,349,346 shares of the social networking company’s stock valued at $65,960,215,000 after acquiring an additional 3,104,550 shares in the last quarter. 79.91% of the stock is owned by institutional investors.

Meta Platforms Stock Performance

META traded down $7.86 during midday trading on Thursday, reaching $453.41. The company’s stock had a trading volume of 18,125,955 shares, compared to its average volume of 16,210,085. Meta Platforms, Inc. has a twelve month low of $274.38 and a twelve month high of $542.81. The stock has a market cap of $1.15 trillion, a P/E ratio of 26.39, a PEG ratio of 1.26 and a beta of 1.21. The company has a fifty day simple moving average of $493.72 and a 200 day simple moving average of $473.94. The company has a current ratio of 2.68, a quick ratio of 2.68 and a debt-to-equity ratio of 0.12.

Meta Platforms (NASDAQ:META) last issued its quarterly earnings results on Wednesday, April 24th. The social networking company reported $4.71 earnings per share for the quarter, beating analysts’ consensus estimates of $4.32 by $0.39. The firm had revenue of $36.46 billion during the quarter, compared to the consensus estimate of $36.28 billion. Meta Platforms had a net margin of 32.06% and a return on equity of 32.03%. Research analysts expect that Meta Platforms, Inc. will post 20.23 earnings per share for the current year.

Meta Platforms Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 26th. Stockholders of record on Friday, June 14th were given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.44%. The ex-dividend date of this dividend was Friday, June 14th. Meta Platforms’s dividend payout ratio is presently 11.49%.

Insider Activity

In other Meta Platforms news, CEO Mark Zuckerberg sold 2,011 shares of the company’s stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $500.92, for a total value of $1,007,350.12. Following the sale, the chief executive officer now directly owns 318,932 shares in the company, valued at $159,759,417.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Mark Zuckerberg sold 2,011 shares of the firm’s stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $500.92, for a total transaction of $1,007,350.12. Following the completion of the sale, the chief executive officer now directly owns 318,932 shares of the company’s stock, valued at approximately $159,759,417.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Susan J. Li sold 8,951 shares of the business’s stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $471.85, for a total value of $4,223,529.35. Following the completion of the transaction, the chief financial officer now directly owns 74,580 shares in the company, valued at approximately $35,190,573. The disclosure for this sale can be found here. In the last 90 days, insiders sold 310,933 shares of company stock worth $154,451,206. 13.71% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

META has been the topic of a number of research analyst reports. TD Cowen raised their price target on Meta Platforms from $530.00 to $600.00 and gave the company a “buy” rating in a report on Wednesday, July 10th. Sanford C. Bernstein boosted their price target on shares of Meta Platforms from $565.00 to $575.00 and gave the stock an “outperform” rating in a research report on Monday. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Meta Platforms from $540.00 to $500.00 and set a “buy” rating for the company in a report on Thursday, April 25th. KeyCorp upped their price target on shares of Meta Platforms from $475.00 to $540.00 and gave the company an “overweight” rating in a report on Thursday, June 20th. Finally, Rosenblatt Securities upped their target price on Meta Platforms from $520.00 to $562.00 and gave the company a “buy” rating in a report on Thursday, April 25th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating, thirty-six have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $521.48.

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.