Frank Rimerman Advisors LLC increased its stake in Meta Platforms, Inc. (NASDAQ:META – Free Report) by 692.3% during the second quarter, HoldingsChannel.com reports. The fund owned 48,464 shares of the social networking company’s stock after buying an additional 42,347 shares during the period. Meta Platforms makes up approximately 1.7% of Frank Rimerman Advisors LLC’s holdings, making the stock its 13th biggest position. Frank Rimerman Advisors LLC’s holdings in Meta Platforms were worth $24,437,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds also recently modified their holdings of the company. Capital Research Global Investors grew 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 worth $10,695,722,000 after purchasing an additional 4,440,229 shares in the last quarter. Concentrum Wealth Management grew its holdings in shares of Meta Platforms by 111.0% during 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 buying an additional 3,888,308 shares in the last quarter. Vanguard Group Inc. grew its holdings 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 in the last quarter. Jennison Associates LLC raised its position in 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 buying an additional 2,748,620 shares during the period. Finally, Sustainable Growth Advisers LP purchased a new stake in Meta Platforms in the 2nd quarter worth about $595,152,000. 79.91% of the stock is owned by institutional investors and hedge funds.
Meta Platforms Price Performance
Shares of META stock opened at $564.41 on Tuesday. The stock’s fifty day simple moving average is $507.58 and its 200 day simple moving average is $497.28. Meta Platforms, Inc. has a one year low of $279.40 and a one year high of $573.98. The firm has a market cap of $1.43 trillion, a price-to-earnings ratio of 32.42, a P/E/G ratio of 1.26 and a beta of 1.21. The company has a debt-to-equity ratio of 0.12, a current ratio of 2.83 and a quick ratio of 2.83.
Meta Platforms Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 26th. Stockholders of record on Monday, September 16th will be issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 0.35%. The ex-dividend date of this dividend is Monday, September 16th. Meta Platforms’s payout ratio is presently 11.49%.
Wall Street Analyst Weigh In
Several equities analysts have weighed in on META shares. Wells Fargo & Company lifted their target price on Meta Platforms from $625.00 to $647.00 and gave the company an “overweight” rating in a research note on Thursday, August 1st. Oppenheimer boosted their price objective on shares of Meta Platforms from $525.00 to $615.00 and gave the company an “outperform” rating in a research report on Thursday, August 1st. JPMorgan Chase & Co. increased their target price on shares of Meta Platforms from $480.00 to $610.00 and gave the stock an “overweight” rating in a research report on Thursday, August 1st. JMP Securities reissued a “market outperform” rating and set a $525.00 target price on shares of Meta Platforms in a research note on Tuesday, July 30th. Finally, Wolfe Research initiated coverage on shares of Meta Platforms in a research note on Tuesday, July 16th. They issued an “outperform” rating and a $620.00 price target on the stock. Two research analysts have rated the stock with a sell rating, two have issued a hold rating, thirty-four have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $578.92.
Read Our Latest Stock Report on Meta Platforms
Insider Activity
In other Meta Platforms news, CEO Mark Zuckerberg sold 16,702 shares of the stock in a transaction dated Wednesday, June 26th. The shares were sold at an average price of $510.88, for a total transaction of $8,532,717.76. Following the sale, the chief executive officer now owns 230,461 shares of the company’s stock, valued at approximately $117,737,915.68. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, CFO Susan J. Li sold 33,018 shares of Meta Platforms stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $517.94, for a total transaction of $17,101,342.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Mark Zuckerberg sold 16,702 shares of the stock in a transaction that occurred on Wednesday, June 26th. The shares were sold at an average price of $510.88, for a total transaction of $8,532,717.76. Following the completion of the transaction, the chief executive officer now owns 230,461 shares in the company, valued at $117,737,915.68. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 365,761 shares of company stock worth $190,846,038. 13.71% of the stock is owned by corporate insiders.
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.
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