Capital Market Strategies LLC Cuts Stock Position in Meta Platforms, Inc. (NASDAQ:META)

Capital Market Strategies LLC reduced its position in Meta Platforms, Inc. (NASDAQ:META) by 17.3% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,209 shares of the social networking company’s stock after selling 253 shares during the quarter. Capital Market Strategies LLC’s holdings in Meta Platforms were worth $697,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Millstone Evans Group LLC purchased a new position in shares of Meta Platforms in the 4th quarter worth about $40,000. WealthTrak Capital Management LLC purchased a new stake in Meta Platforms during the 4th quarter valued at about $43,000. Marshall & Sterling Wealth Advisors Inc. purchased a new stake in Meta Platforms during the 4th quarter valued at about $45,000. Stuart Chaussee & Associates Inc. purchased a new stake in Meta Platforms during the 4th quarter valued at about $47,000. Finally, Conquis Financial LLC purchased a new stake in Meta Platforms during the 4th quarter valued at about $59,000. 79.91% of the stock is currently owned by hedge funds and other institutional investors.

Meta Platforms Stock Up 0.2%

Shares of NASDAQ:META opened at $645.05 on Friday. Meta Platforms, Inc. has a 52-week low of $442.65 and a 52-week high of $740.91. The firm has a market capitalization of $1.62 trillion, a P/E ratio of 26.97, a P/E/G ratio of 1.42 and a beta of 1.24. The stock has a 50 day moving average price of $578.25 and a 200-day moving average price of $610.43. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.98 and a current ratio of 2.98.

Meta Platforms (NASDAQ:META) last posted its quarterly earnings data on Wednesday, April 30th. The social networking company reported $6.43 earnings per share for the quarter, beating analysts’ consensus estimates of $5.33 by $1.10. Meta Platforms had a return on equity of 38.17% and a net margin of 37.91%. The company had revenue of $42.31 billion during the quarter, compared to analyst estimates of $41.45 billion. During the same quarter last year, the company earned $4.71 EPS. The firm’s revenue for the quarter was up 16.1% on a year-over-year basis. As a group, equities research analysts anticipate that Meta Platforms, Inc. will post 26.7 EPS for the current fiscal year.

Meta Platforms Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 26th. Investors of record on Monday, June 16th will be given a dividend of $0.525 per share. This represents a $2.10 dividend on an annualized basis and a yield of 0.33%. Meta Platforms’s dividend payout ratio (DPR) is presently 8.19%.

Insider Activity at Meta Platforms

In related news, insider Jennifer Newstead sold 921 shares of the firm’s stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $644.00, for a total transaction of $593,124.00. Following the completion of the transaction, the insider now owns 33,945 shares of the company’s stock, valued at $21,860,580. This trade represents a 2.64% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Robert M. Kimmitt sold 475 shares of the firm’s stock in a transaction that occurred on Monday, May 19th. The shares were sold at an average price of $628.25, for a total value of $298,418.75. Following the transaction, the director now directly owns 10,272 shares of the company’s stock, valued at approximately $6,453,384. This trade represents a 4.42% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 56,664 shares of company stock valued at $35,484,670 in the last 90 days. Corporate insiders own 13.61% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on META. Cantor Fitzgerald increased their target price on Meta Platforms from $624.00 to $676.00 and gave the company an “overweight” rating in a report on Thursday, May 1st. Loop Capital increased their target price on Meta Platforms from $695.00 to $888.00 and gave the company a “buy” rating in a report on Friday, May 16th. JPMorgan Chase & Co. increased their target price on Meta Platforms from $610.00 to $675.00 and gave the company an “overweight” rating in a report on Thursday, May 1st. Barclays dropped their target price on Meta Platforms from $705.00 to $640.00 and set an “overweight” rating for the company in a report on Thursday, May 1st. Finally, Guggenheim increased their target price on Meta Platforms from $675.00 to $725.00 and gave the company a “buy” rating in a report on Thursday, May 1st. One equities 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. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $701.05.

About Meta Platforms

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.