Meta Platforms, Inc. (NASDAQ:META) is Prio Wealth Limited Partnership’s 10th Largest Position

Prio Wealth Limited Partnership decreased its position in Meta Platforms, Inc. (NASDAQ:META) by 5.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 148,190 shares of the social networking company’s stock after selling 8,361 shares during the quarter. Meta Platforms makes up 2.2% of Prio Wealth Limited Partnership’s investment portfolio, making the stock its 10th largest position. Prio Wealth Limited Partnership’s holdings in Meta Platforms were worth $74,720,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of META. Capital Research Global Investors raised its position in Meta Platforms by 17.2% during the 4th 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 last quarter. Vanguard Group Inc. increased its stake in shares of Meta Platforms by 1.7% during 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 buying an additional 3,104,550 shares during the period. Jennison Associates LLC raised its holdings in shares of Meta Platforms by 24.7% during the first quarter. Jennison Associates LLC now owns 13,867,398 shares of the social networking company’s stock valued at $6,733,731,000 after acquiring an additional 2,748,620 shares in the last quarter. Sustainable Growth Advisers LP purchased a new stake in Meta Platforms in the second quarter worth $595,152,000. Finally, Morningstar Investment Services LLC bought a new stake in Meta Platforms in the fourth quarter valued at $406,316,000. 79.91% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, insider Jennifer Newstead sold 901 shares of the company’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $451.15, for a total transaction of $406,486.15. Following the completion of the sale, the insider now owns 33,324 shares of the company’s stock, valued at approximately $15,034,122.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Jennifer Newstead sold 901 shares of Meta Platforms stock in a transaction 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 transaction, the insider now owns 33,324 shares in the company, valued at approximately $15,034,122.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Mark Zuckerberg sold 8,727 shares of the company’s stock in a transaction on Friday, July 5th. The stock was sold at an average price of $528.87, for a total value of $4,615,448.49. Following the completion of the sale, the chief executive officer now owns 178,099 shares of the company’s stock, valued at $94,191,218.13. The disclosure for this sale can be found here. Over the last three months, insiders have sold 308,462 shares of company stock valued at $162,308,065. Insiders own 13.71% of the company’s stock.

Meta Platforms Stock Performance

Shares of META stock opened at $576.47 on Wednesday. The firm has a market capitalization of $1.46 trillion, a PE ratio of 33.11, a P/E/G ratio of 1.39 and a beta of 1.21. The company has a 50 day moving average price of $519.65 and a 200-day moving average price of $500.85. Meta Platforms, Inc. has a 52 week low of $279.40 and a 52 week high of $583.04. The company has a quick ratio of 2.83, a current ratio of 2.83 and a debt-to-equity ratio of 0.12.

Meta Platforms (NASDAQ:META) last posted its earnings results on Wednesday, July 31st. The social networking company reported $5.16 EPS for the quarter, topping analysts’ consensus estimates of $4.70 by $0.46. The business had revenue of $39.07 billion during the quarter, compared to the consensus estimate of $38.26 billion. Meta Platforms had a net margin of 34.34% and a return on equity of 34.16%. The firm’s revenue was up 22.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.23 EPS. As a group, equities research analysts expect that Meta Platforms, Inc. will post 21.36 earnings per share for the current year.

Meta Platforms Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, September 26th. Shareholders of record on Monday, September 16th were issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 0.35%. The ex-dividend date was Monday, September 16th. Meta Platforms’s dividend payout ratio is 11.49%.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Needham & Company LLC restated an “underperform” rating on shares of Meta Platforms in a report on Wednesday, September 4th. Citigroup increased their price target on shares of Meta Platforms from $580.00 to $645.00 and gave the stock a “buy” rating in a research note on Monday, September 23rd. Monness Crespi & Hardt lifted their price objective on Meta Platforms from $570.00 to $620.00 and gave the company a “buy” rating in a research report on Monday. Robert W. Baird upped their target price on Meta Platforms from $530.00 to $605.00 and gave the stock an “outperform” rating in a report on Thursday, September 26th. Finally, Bank of America raised their target price on Meta Platforms from $563.00 to $630.00 and gave the company a “buy” rating in a research note on Thursday, September 26th. Two analysts have rated the stock with a sell rating, two have issued a hold rating, thirty-five have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, Meta Platforms currently has a consensus rating of “Moderate Buy” and a consensus target price of $597.95.

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.