Rezny Wealth Management Inc. Buys 279 Shares of Meta Platforms, Inc. (NASDAQ:META)

Rezny Wealth Management Inc. lifted its stake in shares of Meta Platforms, Inc. (NASDAQ:META) by 10.8% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,874 shares of the social networking company’s stock after acquiring an additional 279 shares during the quarter. Meta Platforms makes up approximately 0.4% of Rezny Wealth Management Inc.’s holdings, making the stock its 16th biggest position. Rezny Wealth Management Inc.’s holdings in Meta Platforms were worth $1,449,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Herold Advisors Inc. grew its stake in shares of Meta Platforms by 35.2% during the 2nd quarter. Herold Advisors Inc. now owns 11,368 shares of the social networking company’s stock valued at $5,732,000 after acquiring an additional 2,958 shares during the period. Van Lanschot Kempen Investment Management N.V. boosted its stake in Meta Platforms by 18.8% in the 2nd quarter. Van Lanschot Kempen Investment Management N.V. now owns 562,122 shares of the social networking company’s stock worth $283,433,000 after purchasing an additional 88,926 shares during the period. Lebenthal Global Advisors LLC boosted its stake in Meta Platforms by 3.0% in the 2nd quarter. Lebenthal Global Advisors LLC now owns 5,423 shares of the social networking company’s stock worth $2,735,000 after purchasing an additional 160 shares during the period. Avitas Wealth Management LLC boosted its stake in Meta Platforms by 2.8% in the 2nd quarter. Avitas Wealth Management LLC now owns 20,861 shares of the social networking company’s stock worth $10,519,000 after purchasing an additional 561 shares during the period. Finally, Everhart Financial Group Inc. boosted its stake in Meta Platforms by 11.3% in the 2nd quarter. Everhart Financial Group Inc. now owns 11,369 shares of the social networking company’s stock worth $5,732,000 after purchasing an additional 1,151 shares during the period. 79.91% of the stock is currently owned by institutional investors.

Insider Activity

In other news, insider Jennifer Newstead sold 905 shares of the firm’s stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $476.69, for a total transaction of $431,404.45. Following the transaction, the insider now owns 42,370 shares in the company, valued at $20,197,355.30. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, Director Sheryl Sandberg sold 105,000 shares of the firm’s stock in a transaction dated Wednesday, May 29th. The stock was sold at an average price of $476.71, for a total transaction of $50,054,550.00. Following the sale, the director now owns 630,293 shares of the company’s stock, valued at $300,466,976.03. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Jennifer Newstead sold 905 shares of the firm’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $476.69, for a total value of $431,404.45. Following the sale, the insider now directly owns 42,370 shares in the company, valued at approximately $20,197,355.30. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 418,680 shares of company stock worth $211,992,147. Company insiders own 13.71% of the company’s stock.

Analyst Ratings Changes

Several research firms have weighed in on META. TD Securities upped their price target on Meta Platforms from $530.00 to $600.00 in a research note on Wednesday, July 10th. Wells Fargo & Company upped their price target on Meta Platforms from $625.00 to $647.00 and gave the stock an “overweight” rating in a research note on Thursday, August 1st. Barclays upped their price target on Meta Platforms from $520.00 to $550.00 and gave the stock an “overweight” rating in a research note on Thursday, August 1st. Morgan Stanley upped their price target on Meta Platforms from $550.00 to $575.00 and gave the stock an “overweight” rating in a research note on Thursday, August 1st. Finally, Raymond James upped their price target on Meta Platforms from $550.00 to $600.00 and gave the stock a “strong-buy” rating in a research note on Monday, July 1st. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating, thirty-three have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $574.41.

Meta Platforms Stock Performance

META stock opened at $528.00 on Friday. The company has a quick ratio of 2.68, a current ratio of 2.83 and a debt-to-equity ratio of 0.12. The business’s fifty day simple moving average is $502.96 and its two-hundred day simple moving average is $491.15. Meta Platforms, Inc. has a twelve month low of $276.03 and a twelve month high of $544.23. The firm has a market cap of $1.34 trillion, a price-to-earnings ratio of 30.33, a PEG ratio of 1.27 and a beta of 1.21.

Meta Platforms (NASDAQ:META) last released its earnings results on Wednesday, July 31st. The social networking company reported $5.16 earnings per share for the quarter, topping analysts’ consensus estimates of $4.70 by $0.46. Meta Platforms had a return on equity of 34.16% and a net margin of 34.34%. The business had revenue of $39.07 billion for the quarter, compared to analyst estimates of $38.26 billion. During the same quarter last year, the firm posted $3.23 earnings per share. The business’s revenue was up 22.1% compared to the same quarter last year. Analysts predict that Meta Platforms, Inc. will post 20.5 earnings per share for the current year.

Meta Platforms Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 26th. Stockholders of record on Friday, June 14th were paid a dividend of $0.50 per share. The ex-dividend date was Friday, June 14th. This represents a $2.00 annualized dividend and a dividend yield of 0.38%. Meta Platforms’s dividend payout ratio 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.