Addenda Capital Inc. Reduces Stock Position in Meta Platforms, Inc. (NASDAQ:META)

Addenda Capital Inc. lowered its stake in shares of Meta Platforms, Inc. (NASDAQ:META) by 0.2% during the 1st quarter, HoldingsChannel reports. The fund owned 16,516 shares of the social networking company’s stock after selling 28 shares during the period. Addenda Capital Inc.’s holdings in Meta Platforms were worth $9,510,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in META. Millstone Evans Group LLC purchased a new stake in shares of Meta Platforms during the fourth quarter worth $40,000. WealthTrak Capital Management LLC purchased a new stake in shares of Meta Platforms in the fourth quarter worth $43,000. Marshall & Sterling Wealth Advisors Inc. purchased a new stake in shares of Meta Platforms in the fourth quarter worth $45,000. Stuart Chaussee & Associates Inc. purchased a new stake in shares of Meta Platforms in the fourth quarter worth $47,000. Finally, Conquis Financial LLC purchased a new stake in shares of Meta Platforms in the fourth quarter worth $59,000. Hedge funds and other institutional investors own 79.91% of the company’s stock.

Meta Platforms Stock Down 0.4%

NASDAQ META opened at $642.23 on Friday. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.98 and a quick ratio of 2.98. The stock has a market capitalization of $1.61 trillion, a PE ratio of 26.85, a PEG ratio of 1.42 and a beta of 1.24. Meta Platforms, Inc. has a 1 year low of $442.65 and a 1 year high of $740.91. The business’s 50-day moving average is $578.56 and its 200 day moving average is $611.04.

Meta Platforms (NASDAQ:META) last posted its earnings results on Wednesday, April 30th. The social networking company reported $6.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.33 by $1.10. The company had revenue of $42.31 billion for the quarter, compared to analysts’ expectations of $41.45 billion. Meta Platforms had a return on equity of 38.17% and a net margin of 37.91%. Meta Platforms’s quarterly revenue was up 16.1% on a year-over-year basis. During the same period last year, the firm earned $4.71 earnings per share. Sell-side analysts forecast that Meta Platforms, Inc. will post 26.7 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, June 26th. Investors of record on Monday, June 16th will be paid a $0.525 dividend. The ex-dividend date is Monday, June 16th. This represents a $2.10 annualized dividend and a dividend yield of 0.33%. Meta Platforms’s payout ratio is presently 8.19%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on META. Rosenblatt Securities increased their price objective on Meta Platforms from $846.00 to $918.00 and gave the stock a “buy” rating in a research report on Thursday, May 1st. Monness Crespi & Hardt increased their price objective on Meta Platforms from $775.00 to $780.00 and gave the stock a “buy” rating in a research report on Thursday, May 1st. Scotiabank lowered their price objective on Meta Platforms from $627.00 to $525.00 and set a “sector perform” rating on the stock in a research report on Monday, April 21st. Oppenheimer increased their price objective on Meta Platforms from $650.00 to $665.00 and gave the stock an “outperform” rating in a research report on Thursday, May 1st. Finally, Citigroup increased their price objective on Meta Platforms from $655.00 to $690.00 and gave the stock a “buy” rating in a research report on Thursday, May 1st. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, thirty-seven have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, Meta Platforms currently has a consensus rating of “Moderate Buy” and an average target price of $701.05.

Insider Buying and Selling

In other Meta Platforms news, COO Javier Olivan sold 517 shares of Meta Platforms stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $635.41, for a total transaction of $328,506.97. Following the sale, the chief operating officer now directly owns 10,438 shares of the company’s stock, valued at approximately $6,632,409.58. The trade was a 4.72% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CTO Andrew Bosworth sold 5,057 shares of Meta Platforms stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $659.36, for a total value of $3,334,383.52. Following the sale, the chief technology officer now directly owns 16,463 shares in the company, valued at approximately $10,855,043.68. The trade was a 23.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 56,664 shares of company stock valued at $35,484,670 over the last ninety days. 13.61% of the stock is owned by 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.