Meta Platforms, Inc. (NASDAQ:META) is Wedge Capital Management L L P NC’s Largest Position

by · The Markets Daily

Wedge Capital Management L L P NC lifted its position in Meta Platforms, Inc. (NASDAQ:META – Free Report) by 3,352.2% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 116,580 shares of the social networking company’s stock after buying an additional 113,203 shares during the quarter. Meta Platforms comprises 1.2% of Wedge Capital Management L L P NC’s investment portfolio, making the stock its largest holding. Wedge Capital Management L L P NC’s holdings in Meta Platforms were worth $66,735,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Scarborough Advisors LLC bought a new stake in shares of Meta Platforms during the 4th quarter worth about $146,000. Cape ANN Savings Bank bought a new stake in Meta Platforms during the fourth quarter worth approximately $231,000. BlueChip Wealth Advisors LLC acquired a new position in Meta Platforms during the fourth quarter valued at approximately $617,000. Skyline Advisors Inc. bought a new position in shares of Meta Platforms in the fourth quarter valued at approximately $271,000. Finally, M3 Advisory Group LLC bought a new position in shares of Meta Platforms in the fourth quarter valued at approximately $207,000. Institutional investors and hedge funds own 79.91% of the company’s stock.

Insiders Place Their Bets

In other news, insider Jennifer Newstead sold 901 shares of the stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $451.15, for a total transaction of $406,486.15. Following the sale, the insider now directly owns 33,324 shares of the company’s stock, valued at $15,034,122.60. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, insider Jennifer Newstead sold 901 shares of the firm’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $451.15, for a total value of $406,486.15. Following the transaction, the insider now owns 33,324 shares in the company, valued at $15,034,122.60. This trade represents a 0.00 % decrease in their ownership of the stock. 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 33,018 shares of the business’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $517.94, for a total value of $17,101,342.92. The disclosure for this sale can be found here. Over the last three months, insiders sold 249,826 shares of company stock valued at $131,791,613. Insiders own 13.71% of the company’s stock.

Meta Platforms Stock Performance

NASDAQ:META opened at $590.42 on Tuesday. The stock has a market capitalization of $1.50 trillion, a P/E ratio of 33.91, a price-to-earnings-growth ratio of 1.45 and a beta of 1.22. The company has a current ratio of 2.83, a quick ratio of 2.83 and a debt-to-equity ratio of 0.12. Meta Platforms, Inc. has a 1 year low of $279.40 and a 1 year high of $602.95. The firm has a 50 day moving average of $540.41 and a 200-day moving average of $506.41.

Meta Platforms (NASDAQ:META – Get Free Report) last issued its quarterly earnings data on Wednesday, July 31st. The social networking company reported $5.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.70 by $0.46. Meta Platforms had a return on equity of 34.16% and a net margin of 34.34%. The firm had revenue of $39.07 billion during the quarter, compared to the consensus estimate of $38.26 billion. During the same quarter in the previous year, the company posted $3.23 EPS. The business’s revenue for the quarter was up 22.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that Meta Platforms, Inc. will post 21.37 EPS for the current fiscal year.

Meta Platforms Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 26th. Shareholders of record on Monday, September 16th were given a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 0.34%. The ex-dividend date was Monday, September 16th. Meta Platforms’s payout ratio is presently 11.49%.

Analysts Set New Price Targets

META has been the subject of several recent analyst reports. Truist Financial upped their price objective on shares of Meta Platforms from $570.00 to $650.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Monness Crespi & Hardt upped their price target on shares of Meta Platforms from $570.00 to $620.00 and gave the company a “buy” rating in a report on Monday, September 30th. Evercore ISI lifted their price objective on Meta Platforms from $550.00 to $600.00 and gave the stock an “outperform” rating in a research note on Thursday, August 1st. DA Davidson started coverage on Meta Platforms in a research note on Tuesday, September 10th. They set a “buy” rating and a $600.00 target price for the company. Finally, TD Cowen lifted their price target on Meta Platforms from $530.00 to $600.00 and gave the stock a “buy” rating in a research report on Wednesday, July 10th. Two analysts have rated the stock with a sell rating, three have issued a hold rating, thirty-five have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $613.46.

Get Our Latest Stock Report on META

Meta Platforms Profile

(Free Report)

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.

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