Fortis Capital Management LLC Has $13.86 Million Position in Meta Platforms, Inc. $META

Fortis Capital Management LLC raised its position in Meta Platforms, Inc. (NASDAQ:META) by 11.1% during the first quarter, according to its most recent filing with the SEC. The firm owned 24,226 shares of the social networking company’s stock after purchasing an additional 2,428 shares during the period. Meta Platforms accounts for approximately 1.4% of Fortis Capital Management LLC’s portfolio, making the stock its 9th largest position. Fortis Capital Management LLC’s holdings in Meta Platforms were worth $13,861,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. CacheTech Inc. increased its position in shares of Meta Platforms by 12.1% during the first quarter. CacheTech Inc. now owns 2,339 shares of the social networking company’s stock worth $1,338,000 after buying an additional 253 shares during the period. Clal Insurance Enterprises Holdings Ltd raised its stake in Meta Platforms by 18.9% during the first quarter. Clal Insurance Enterprises Holdings Ltd now owns 315,152 shares of the social networking company’s stock worth $180,308,000 after buying an additional 49,997 shares during the last quarter. Cadence Wealth Management LLC lifted its holdings in Meta Platforms by 0.9% in the first quarter. Cadence Wealth Management LLC now owns 2,107 shares of the social networking company’s stock valued at $1,205,000 after buying an additional 18 shares during the period. ABN Amro Investment Solutions lifted its holdings in Meta Platforms by 15.3% in the first quarter. ABN Amro Investment Solutions now owns 145,873 shares of the social networking company’s stock valued at $83,458,000 after buying an additional 19,354 shares during the period. Finally, PNC Financial Services Group Inc. boosted its position in Meta Platforms by 0.7% during the first quarter. PNC Financial Services Group Inc. now owns 1,377,342 shares of the social networking company’s stock valued at $788,018,000 after acquiring an additional 9,102 shares during the last quarter. 79.91% of the stock is owned by institutional investors.

Meta Platforms Trading Down 1.8%

META opened at $595.19 on Friday. Meta Platforms, Inc. has a 1-year low of $520.26 and a 1-year high of $796.25. The company has a current ratio of 2.35, a quick ratio of 2.35 and a debt-to-equity ratio of 0.24. The company has a market cap of $1.51 trillion, a P/E ratio of 21.64, a price-to-earnings-growth ratio of 1.01 and a beta of 1.25. The company has a fifty day moving average price of $604.51 and a two-hundred day moving average price of $625.76.

Meta Platforms (NASDAQ:META) last announced its quarterly earnings data on Wednesday, April 29th. The social networking company reported $10.44 earnings per share for the quarter, beating the consensus estimate of $6.67 by $3.77. The firm had revenue of $56.31 billion for the quarter, compared to analyst estimates of $55.56 billion. Meta Platforms had a net margin of 32.84% and a return on equity of 36.93%. The business’s quarterly revenue was up 33.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $6.43 earnings per share. Analysts predict that Meta Platforms, Inc. will post 29.49 EPS for the current fiscal year.

Meta Platforms Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 25th. Investors of record on Monday, June 15th were paid a dividend of $0.525 per share. This represents a $2.10 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date of this dividend was Monday, June 15th. Meta Platforms’s dividend payout ratio is 7.63%.

Key Meta Platforms News

Here are the key news stories impacting Meta Platforms this week:

• Positive Sentiment: A new free verification badge system for Facebook users, which may improve trust and platform quality. Fast Company article
• Positive Sentiment: A dedicated Marketplace seller app with tools for merchants, aimed at making Facebook commerce more useful and organized. Reuters article
• Positive Sentiment: Wall Street commentary remained constructive, with articles highlighting Meta as a strong momentum stock and a potentially attractive AI-era value name.
• Positive Sentiment: Analyst sentiment stayed favorable, including a report that Wells Fargo raised its price target on Meta to $835.00.

Insider Transactions at Meta Platforms

In other Meta Platforms news, COO Javier Olivan sold 3,348 shares of the firm’s stock in a transaction that occurred on Monday, July 6th. The stock was sold at an average price of $600.97, for a total value of $2,012,047.56. Following the completion of the sale, the chief operating officer owned 9,498 shares of the company’s stock, valued at approximately $5,708,013.06. This trade represents a 26.06% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Curtis J. Mahoney sold 2,079 shares of the firm’s stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $609.92, for a total value of $1,268,023.68. Following the completion of the sale, the insider directly owned 1,118 shares of the company’s stock, valued at $681,890.56. This trade represents a 65.03% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 37,948 shares of company stock worth $23,184,319 in the last three months. Insiders own 13.53% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Erste Group Bank upgraded Meta Platforms from a “hold” rating to a “buy” rating in a report on Tuesday, July 7th. Royal Bank Of Canada reissued an “outperform” rating and issued a $810.00 price objective on shares of Meta Platforms in a research note on Monday, June 1st. Piper Sandler started coverage on Meta Platforms in a research report on Tuesday, June 2nd. They set an “overweight” rating on the stock. Wedbush started coverage on Meta Platforms in a research note on Thursday, July 16th. They set a “neutral” rating and a $671.00 target price for the company. Finally, Weiss Ratings downgraded Meta Platforms from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, June 26th. Five analysts have rated the stock with a Strong Buy rating, thirty-four have issued a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Meta Platforms presently has a consensus rating of “Moderate Buy” and an average price target of $835.64.

Meta Platforms Profile

Meta Platforms, Inc (NASDAQ: META), formerly Facebook, Inc, is a global technology company best known for building social networking services and immersive computing platforms. Founded in 2004 and headquartered in Menlo Park, California, the company operates a family of consumer-facing products and services that connect users, creators and businesses. In October 2021 the company rebranded as Meta to reflect an expanded strategic focus on augmented and virtual reality technologies alongside its social media businesses.

Meta’s core consumer products include Facebook, Instagram, WhatsApp and Messenger, which enable social networking, messaging, content sharing and community building across mobile and desktop devices.