Congress Wealth Management LLC DE Grows Holdings in Meta Platforms, Inc. (NASDAQ:META)

Congress Wealth Management LLC DE increased its position in shares of Meta Platforms, Inc. (NASDAQ:META) by 34.3% during the 1st quarter, Holdings Channel reports. The firm owned 62,486 shares of the social networking company’s stock after purchasing an additional 15,949 shares during the quarter. Congress Wealth Management LLC DE’s holdings in Meta Platforms were worth $30,342,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Norges Bank purchased a new position in Meta Platforms in the fourth quarter valued at about $11,285,855,000. International Assets Investment Management LLC boosted its stake in Meta Platforms by 11,154.4% in the fourth quarter. International Assets Investment Management LLC now owns 4,952,254 shares of the social networking company’s stock valued at $1,752,900,000 after acquiring an additional 4,908,251 shares during the last quarter. Capital Research Global Investors raised its position in shares of Meta Platforms by 17.2% in the fourth quarter. Capital Research Global Investors now owns 30,217,175 shares of the social networking company’s stock valued at $10,695,722,000 after purchasing an additional 4,440,229 shares during the period. Concentrum Wealth Management raised its position in shares of Meta Platforms by 111.0% in the fourth quarter. Concentrum Wealth Management now owns 7,391,877 shares of the social networking company’s stock valued at $2,616,000 after purchasing an additional 3,888,308 shares during the period. Finally, Vanguard Group Inc. raised its position in shares of Meta Platforms by 1.7% in the fourth quarter. Vanguard Group Inc. now owns 186,349,346 shares of the social networking company’s stock valued at $65,960,215,000 after purchasing an additional 3,104,550 shares during the period. 79.91% of the stock is currently owned by hedge funds and other institutional investors.

Meta Platforms Price Performance

Shares of Meta Platforms stock opened at $509.50 on Wednesday. Meta Platforms, Inc. has a 52-week low of $274.38 and a 52-week high of $531.49. The stock has a market capitalization of $1.29 trillion, a price-to-earnings ratio of 29.26, a price-to-earnings-growth ratio of 1.31 and a beta of 1.21. The company has a fifty day moving average of $480.72 and a 200-day moving average of $458.05. The company has a debt-to-equity ratio of 0.12, a quick ratio of 2.68 and a current ratio of 2.68.

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

Meta Platforms Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 26th. Stockholders of record on Friday, June 14th were paid 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 0.39%. Meta Platforms’s dividend payout ratio (DPR) is 11.49%.

Insider Activity

In other Meta Platforms news, COO Javier Olivan sold 412 shares of the stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of $472.70, for a total transaction of $194,752.40. Following the completion of the sale, the chief operating officer now owns 15,376 shares of the company’s stock, valued at approximately $7,268,235.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Meta Platforms news, CFO Susan J. Li sold 8,951 shares of the stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $471.85, for a total transaction of $4,223,529.35. Following the completion of the sale, the chief financial officer now owns 74,580 shares of the company’s stock, valued at approximately $35,190,573. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, COO Javier Olivan sold 412 shares of the stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of $472.70, for a total transaction of $194,752.40. Following the sale, the chief operating officer now directly owns 15,376 shares of the company’s stock, valued at approximately $7,268,235.20. The disclosure for this sale can be found here. In the last 90 days, insiders sold 218,086 shares of company stock valued at $106,423,370. Corporate insiders own 13.71% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. Royal Bank of Canada lowered their price target on shares of Meta Platforms from $600.00 to $570.00 and set an “outperform” rating on the stock in a research report on Thursday, April 25th. JMP Securities reissued a “market outperform” rating and issued a $550.00 price target on shares of Meta Platforms in a research report on Monday, April 22nd. Wolfe Research lowered their price target on shares of Meta Platforms from $530.00 to $500.00 and set an “outperform” rating on the stock in a research report on Thursday, April 25th. Oppenheimer lowered their price target on shares of Meta Platforms from $585.00 to $500.00 and set an “outperform” rating on the stock in a research report on Thursday, April 25th. Finally, Deutsche Bank Aktiengesellschaft lowered their price target on shares of Meta Platforms from $540.00 to $500.00 and set a “buy” rating on the stock in a research report on Thursday, April 25th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating, thirty-seven have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $511.27.

Meta Platforms Company 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.