Miracle Mile Advisors LLC Has $17.26 Million Stock Position in Meta Platforms, Inc. (NASDAQ:META)

Miracle Mile Advisors LLC lifted its stake in Meta Platforms, Inc. (NASDAQ:META) by 2.8% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 35,550 shares of the social networking company’s stock after acquiring an additional 954 shares during the quarter. Miracle Mile Advisors LLC’s holdings in Meta Platforms were worth $17,262,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Alps Advisors Inc. grew its holdings in Meta Platforms by 69.9% during the third quarter. Alps Advisors Inc. now owns 26,817 shares of the social networking company’s stock worth $8,051,000 after purchasing an additional 11,033 shares during the period. Evergreen Capital Management LLC grew its holdings in Meta Platforms by 0.4% during the third quarter. Evergreen Capital Management LLC now owns 28,577 shares of the social networking company’s stock worth $8,579,000 after purchasing an additional 125 shares during the period. Elevatus Welath Management bought a new position in Meta Platforms during the third quarter worth about $506,000. Lowe Brockenbrough & Co. Inc. grew its holdings in Meta Platforms by 3.4% during the third quarter. Lowe Brockenbrough & Co. Inc. now owns 57,612 shares of the social networking company’s stock worth $17,296,000 after purchasing an additional 1,899 shares during the period. Finally, Lone Pine Capital LLC bought a new position in Meta Platforms during the third quarter worth about $834,315,000. Institutional investors and hedge funds own 79.91% of the company’s stock.

Meta Platforms Price Performance

META stock opened at $504.68 on Tuesday. The stock has a market capitalization of $1.28 trillion, a PE ratio of 28.99, a price-to-earnings-growth ratio of 1.31 and a beta of 1.21. The company’s 50-day moving average is $480.46 and its 200-day moving average is $456.83. The company has a debt-to-equity ratio of 0.12, a current ratio of 2.68 and a quick ratio of 2.68. Meta Platforms, Inc. has a 1 year low of $274.38 and a 1 year high of $531.49.

Meta Platforms (NASDAQ:META) last released its quarterly earnings data on Wednesday, April 24th. The social networking company reported $4.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.32 by $0.39. The company had revenue of $36.46 billion for the quarter, compared to analysts’ expectations of $36.28 billion. Meta Platforms had a net margin of 32.06% and a return on equity of 32.03%. Equities research analysts expect that Meta Platforms, Inc. will post 20.16 EPS for the current fiscal year.

Meta Platforms Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 26th. Investors of record on Friday, June 14th were issued a $0.50 dividend. The ex-dividend date was Friday, June 14th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.40%. Meta Platforms’s dividend payout ratio is presently 11.49%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Raymond James lifted their price target on Meta Platforms from $550.00 to $600.00 and gave the stock a “strong-buy” rating in a report on Monday. BMO Capital Markets reiterated a “market perform” rating and set a $450.00 price target on shares of Meta Platforms in a report on Wednesday, June 12th. Deutsche Bank Aktiengesellschaft reduced their price objective on Meta Platforms from $540.00 to $500.00 and set a “buy” rating for the company in a report on Thursday, April 25th. Canaccord Genuity Group reduced their price objective on Meta Platforms from $610.00 to $575.00 and set a “buy” rating for the company in a report on Thursday, April 25th. Finally, Roth Mkm boosted their price objective on Meta Platforms from $500.00 to $510.00 and gave the stock a “buy” rating in a report on Thursday, April 25th. Two investment analysts have rated the stock with a sell rating, three have given 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.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $511.27.

Insider Buying and Selling

In related news, CEO Mark Zuckerberg sold 16,702 shares of the company’s stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $514.96, for a total value of $8,600,861.92. Following the sale, the chief executive officer now owns 213,007 shares in the company, valued at approximately $109,690,084.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Meta Platforms news, Director Sheryl Sandberg sold 105,000 shares of the stock in a transaction dated Wednesday, May 29th. The shares were sold at an average price of $476.71, for a total value of $50,054,550.00. Following the completion of the sale, the director now owns 630,293 shares in the company, valued at approximately $300,466,976.03. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Mark Zuckerberg sold 16,702 shares of the stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $514.96, for a total transaction of $8,600,861.92. Following the completion of the sale, the chief executive officer now owns 213,007 shares of the company’s stock, valued at approximately $109,690,084.72. The disclosure for this sale can be found here. Insiders have sold 218,086 shares of company stock worth $106,423,370 in the last quarter. Insiders own 13.71% of the company’s stock.

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.