Summit Wealth Partners LLC Raises Position in Meta Platforms, Inc. (NASDAQ:META)

Summit Wealth Partners LLC boosted its holdings in Meta Platforms, Inc. (NASDAQ:META) by 19.3% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 797 shares of the social networking company’s stock after buying an additional 129 shares during the period. Summit Wealth Partners LLC’s holdings in Meta Platforms were worth $456,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of META. International Assets Investment Management LLC grew its position in shares of Meta Platforms by 57,001.5% during the 3rd quarter. International Assets Investment Management LLC now owns 9,517,111 shares of the social networking company’s stock valued at $5,447,975,000 after purchasing an additional 9,500,444 shares in the last quarter. 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 purchasing an additional 4,379,826 shares during the last quarter. Jennison Associates LLC lifted its stake in Meta Platforms by 24.7% in the first quarter. Jennison Associates LLC now owns 13,867,398 shares of the social networking company’s stock worth $6,733,731,000 after purchasing an additional 2,748,620 shares during the last quarter. Sustainable Growth Advisers LP bought a new stake in Meta Platforms in the second quarter worth $595,152,000. Finally, Vanguard Group Inc. raised its stake in shares of Meta Platforms by 0.4% during the first quarter. Vanguard Group Inc. now owns 187,180,393 shares of the social networking company’s stock valued at $90,891,055,000 after acquiring an additional 831,047 shares during the last quarter. 79.91% of the stock is currently owned by hedge funds and other institutional investors.

Meta Platforms Stock Performance

Shares of NASDAQ:META opened at $567.16 on Monday. Meta Platforms, Inc. has a 52 week low of $308.33 and a 52 week high of $602.95. The stock has a market capitalization of $1.43 trillion, a P/E ratio of 26.72, a PEG ratio of 1.36 and a beta of 1.22. The firm has a fifty day simple moving average of $555.99 and a two-hundred day simple moving average of $513.25. The company has a quick ratio of 2.83, a current ratio of 2.73 and a debt-to-equity ratio of 0.18.

Meta Platforms (NASDAQ:META) last released its earnings results on Wednesday, October 30th. The social networking company reported $6.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.19 by $0.84. The firm had revenue of $40.59 billion during the quarter, compared to analyst estimates of $40.21 billion. Meta Platforms had a net margin of 35.55% and a return on equity of 35.60%. On average, analysts expect that Meta Platforms, Inc. will post 21.84 earnings per share for the current fiscal year.

Meta Platforms Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, September 26th. Stockholders of record on Monday, September 16th were issued a $0.50 dividend. The ex-dividend date of this dividend was Monday, September 16th. This represents a $2.00 annualized dividend and a dividend yield of 0.35%. Meta Platforms’s dividend payout ratio (DPR) is presently 9.42%.

Insider Activity at Meta Platforms

In related news, CEO Mark Zuckerberg sold 84 shares of Meta Platforms stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $600.00, for a total transaction of $50,400.00. Following the completion of the sale, the chief executive officer now owns 518,424 shares in the company, valued at $311,054,400. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Meta Platforms news, insider Jennifer Newstead sold 905 shares of the firm’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $532.21, for a total transaction of $481,650.05. Following the transaction, the insider now owns 41,437 shares of the company’s stock, valued at approximately $22,053,185.77. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Mark Zuckerberg sold 84 shares of Meta Platforms stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $600.00, for a total transaction of $50,400.00. Following the completion of the transaction, the chief executive officer now directly owns 518,424 shares in the company, valued at approximately $311,054,400. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 251,092 shares of company stock worth $132,865,496 in the last 90 days. 13.71% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

META has been the subject of several recent analyst reports. Wolfe Research initiated coverage on shares of Meta Platforms in a research note on Tuesday, July 16th. They set an “outperform” rating and a $620.00 price objective for the company. JMP Securities upped their price objective on shares of Meta Platforms from $635.00 to $660.00 and gave the stock a “market outperform” rating in a report on Thursday. The Goldman Sachs Group upped their price objective on shares of Meta Platforms from $555.00 to $636.00 and gave the stock a “buy” rating in a report on Monday, October 14th. KeyCorp upped their target price on shares of Meta Platforms from $560.00 to $655.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 9th. Finally, Scotiabank dropped their target price on shares of Meta Platforms from $585.00 to $583.00 and set a “sector perform” rating on the stock in a research note on Thursday. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, thirty-five have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $634.10.

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.