Wellington Shields Capital Management LLC Sells 42 Shares of Meta Platforms, Inc. (NASDAQ:META)

Wellington Shields Capital Management LLC lowered its stake in shares of Meta Platforms, Inc. (NASDAQ:META) by 3.3% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 1,243 shares of the social networking company’s stock after selling 42 shares during the period. Wellington Shields Capital Management LLC’s holdings in Meta Platforms were worth $604,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Quest Partners LLC bought a new position in shares of Meta Platforms in the 4th quarter worth approximately $32,000. Kathleen S. Wright Associates Inc. bought a new position in shares of Meta Platforms in the 1st quarter worth approximately $44,000. Clear Investment Research LLC lifted its stake in shares of Meta Platforms by 411.1% in the 4th quarter. Clear Investment Research LLC now owns 92 shares of the social networking company’s stock worth $33,000 after purchasing an additional 74 shares during the period. Gilfoyle & Co LLC bought a new position in shares of Meta Platforms in the 4th quarter worth approximately $39,000. Finally, Cranbrook Wealth Management LLC lifted its stake in shares of Meta Platforms by 80.4% in the 4th quarter. Cranbrook Wealth Management LLC now owns 101 shares of the social networking company’s stock worth $36,000 after purchasing an additional 45 shares during the period. Institutional investors own 79.91% of the company’s stock.

Insider Activity

In other news, insider Jennifer Newstead sold 585 shares of the company’s stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $498.59, for a total transaction of $291,675.15. Following the transaction, the insider now owns 37,813 shares in the company, valued at $18,853,183.67. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, CTO Andrew Bosworth sold 5,058 shares of the stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $471.85, for a total value of $2,386,617.30. Following the transaction, the chief technology officer now owns 15,412 shares in the company, valued at approximately $7,272,152.20. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Jennifer Newstead sold 585 shares of the company’s stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $498.59, for a total value of $291,675.15. Following the completion of the sale, the insider now owns 37,813 shares in the company, valued at approximately $18,853,183.67. The disclosure for this sale can be found here. Insiders have sold a total of 294,768 shares of company stock worth $146,314,257 over the last 90 days. 13.71% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on META shares. Royal Bank of Canada reduced their target price on shares of Meta Platforms from $600.00 to $570.00 and set an “outperform” rating for the company in a report on Thursday, April 25th. Citigroup reduced their target price on shares of Meta Platforms from $590.00 to $550.00 and set a “buy” rating for the company in a report on Thursday, April 25th. Sanford C. Bernstein reduced their target price on shares of Meta Platforms from $590.00 to $565.00 and set an “outperform” rating for the company in a report on Thursday, April 25th. Barclays reduced their target price on shares of Meta Platforms from $550.00 to $520.00 and set an “overweight” rating for the company in a report on Thursday, April 25th. Finally, BNP Paribas started coverage on shares of Meta Platforms in a report on Thursday, May 2nd. They issued an “underperform” rating and a $360.00 target price for the company. Two equities research analysts have rated the stock with a sell rating, three have issued 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, Meta Platforms currently has an average rating of “Moderate Buy” and a consensus price target of $515.64.

Meta Platforms Stock Performance

Shares of Meta Platforms stock opened at $534.04 on Thursday. The company has a market capitalization of $1.35 trillion, a PE ratio of 30.71, a P/E/G ratio of 1.37 and a beta of 1.21. The company has a debt-to-equity ratio of 0.12, a quick ratio of 2.68 and a current ratio of 2.68. The company has a 50-day simple moving average of $490.20 and a two-hundred day simple moving average of $464.66. Meta Platforms, Inc. has a one year low of $274.38 and a one year high of $542.81.

Meta Platforms (NASDAQ:META) last announced its earnings results on Wednesday, April 24th. The social networking company reported $4.71 EPS for the quarter, topping analysts’ consensus estimates of $4.32 by $0.39. The business had revenue of $36.46 billion during the quarter, compared to the consensus estimate of $36.28 billion. Meta Platforms had a net margin of 32.06% and a return on equity of 32.03%. Research analysts expect that Meta Platforms, Inc. will post 20.15 EPS for the current fiscal year.

Meta Platforms Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 26th. Stockholders of record on Friday, June 14th were issued a dividend of $0.50 per share. The ex-dividend date of this dividend was Friday, June 14th. This represents a $2.00 annualized dividend and a dividend yield of 0.37%. Meta Platforms’s dividend payout ratio (DPR) is currently 11.49%.

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.