Pitti Group Wealth Management LLC Increases Holdings in Meta Platforms, Inc. (NASDAQ:META)

Pitti Group Wealth Management LLC raised its holdings in Meta Platforms, Inc. (NASDAQ:META) by 5.2% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 6,969 shares of the social networking company’s stock after acquiring an additional 344 shares during the period. Meta Platforms makes up 3.7% of Pitti Group Wealth Management LLC’s investment portfolio, making the stock its 8th largest position. Pitti Group Wealth Management LLC’s holdings in Meta Platforms were worth $3,514,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Capital Research Global Investors raised its stake in 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 in the last quarter. Concentrum Wealth Management increased its holdings in shares of Meta Platforms by 111.0% in the 4th quarter. Concentrum Wealth Management now owns 7,391,877 shares of the social networking company’s stock worth $2,616,000 after buying an additional 3,888,308 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Meta Platforms by 1.7% in the 4th quarter. Vanguard Group Inc. now owns 186,349,346 shares of the social networking company’s stock worth $65,960,215,000 after buying an additional 3,104,550 shares during the last quarter. Jennison Associates LLC raised its position in shares of Meta Platforms by 24.7% during the 1st quarter. Jennison Associates LLC now owns 13,867,398 shares of the social networking company’s stock valued at $6,733,731,000 after buying an additional 2,748,620 shares in the last quarter. Finally, Sustainable Growth Advisers LP bought a new stake in shares of Meta Platforms during the 2nd quarter worth $595,152,000. Institutional investors own 79.91% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on META. Jefferies Financial Group increased their target price on Meta Platforms from $565.00 to $600.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Royal Bank of Canada reiterated an “outperform” rating and set a $570.00 price objective on shares of Meta Platforms in a research report on Thursday, August 1st. Wells Fargo & Company boosted their target price on Meta Platforms from $625.00 to $647.00 and gave the stock an “overweight” rating in a research report on Thursday, August 1st. Raymond James upped their target price 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. Finally, JMP Securities reissued a “market outperform” rating and set a $525.00 price target on shares of Meta Platforms in a research note on Tuesday, July 30th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating, thirty-four have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $577.26.

Meta Platforms Stock Performance

Meta Platforms stock opened at $559.10 on Friday. Meta Platforms, Inc. has a fifty-two week low of $279.40 and a fifty-two week high of $562.07. The stock’s 50 day simple moving average is $505.40 and its two-hundred day simple moving average is $496.34. The company has a debt-to-equity ratio of 0.12, a quick ratio of 2.83 and a current ratio of 2.83. The stock has a market cap of $1.42 trillion, a price-to-earnings ratio of 32.11, a PEG ratio of 1.26 and a beta of 1.21.

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

Meta Platforms Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 26th. Investors of record on Monday, September 16th will be given a dividend of $0.50 per share. The ex-dividend date of this dividend is Monday, September 16th. This represents a $2.00 dividend on an annualized basis and a yield of 0.36%. Meta Platforms’s dividend payout ratio (DPR) is currently 11.49%.

Insider Activity

In related news, insider Jennifer Newstead sold 905 shares of the company’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $537.72, for a total value of $486,636.60. Following the sale, the insider now owns 36,912 shares in the company, valued at approximately $19,848,320.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Meta Platforms news, insider Jennifer Newstead sold 905 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $537.72, for a total transaction of $486,636.60. Following the completion of the sale, the insider now directly owns 36,912 shares in the company, valued at approximately $19,848,320.64. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CTO Andrew Bosworth sold 5,057 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $526.76, for a total transaction of $2,663,825.32. Following the completion of the transaction, the chief technology officer now owns 11,990 shares in the company, valued at approximately $6,315,852.40. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 356,426 shares of company stock worth $185,053,425. Insiders own 13.71% of the company’s stock.

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.