Meta Platforms, Inc. (NASDAQ:META) Shares Sold by State of Tennessee Treasury Department

State of Tennessee Treasury Department lessened its holdings in shares of Meta Platforms, Inc. (NASDAQ:META - Free Report) by 4.2% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 937,984 shares of the social networking company's stock after selling 41,594 shares during the quarter. Meta Platforms accounts for 1.3% of State of Tennessee Treasury Department's portfolio, making the stock its 10th largest position. State of Tennessee Treasury Department's holdings in Meta Platforms were worth $332,009,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Norges Bank bought a new position in Meta Platforms during the 4th quarter worth approximately $11,285,855,000. FMR LLC lifted its holdings in Meta Platforms by 4.0% during the 3rd quarter. FMR LLC now owns 130,809,908 shares of the social networking company's stock worth $39,270,443,000 after buying an additional 5,001,647 shares during the last quarter. International Assets Investment Management LLC lifted its holdings in Meta Platforms by 11,154.4% during the 4th quarter. International Assets Investment Management LLC now owns 4,952,254 shares of the social networking company's stock worth $1,752,900,000 after buying an additional 4,908,251 shares during the last quarter. Capital Research Global Investors lifted its holdings 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 buying an additional 4,440,229 shares during the last quarter. Finally, Concentrum Wealth Management lifted its holdings in Meta Platforms by 111.0% during 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. Institutional investors and hedge funds own 79.91% of the company's stock.

Meta Platforms Stock Down 0.2 %

Shares of NASDAQ:META traded down $0.80 on Friday, reaching $492.96. The company had a trading volume of 9,380,745 shares, compared to its average volume of 11,276,715. Meta Platforms, Inc. has a twelve month low of $258.88 and a twelve month high of $531.49. The stock has a 50-day moving average price of $480.52 and a 200 day moving average price of $437.11. The stock has a market capitalization of $1.25 trillion, a P/E ratio of 28.31, a P/E/G ratio of 1.28 and a beta of 1.21. The company has a quick ratio of 2.68, a current ratio of 2.68 and a debt-to-equity ratio of 0.12.

Meta Platforms (NASDAQ:META - Get Free Report) last announced its quarterly earnings results on Wednesday, April 24th. The social networking company reported $4.71 earnings per share for the quarter, topping analysts' consensus estimates of $4.32 by $0.39. Meta Platforms had a return on equity of 32.03% and a net margin of 32.06%. The company had revenue of $36.46 billion during the quarter, compared to analysts' expectations of $36.28 billion. On average, equities analysts expect that Meta Platforms, Inc. will post 20.16 EPS for the current year.

Meta Platforms Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 26th. Stockholders of record on Friday, June 14th will be paid a $0.50 dividend. The ex-dividend date is Friday, June 14th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.41%. Meta Platforms's payout ratio is presently 11.49%.

Wall Street Analyst Weigh In

META has been the topic of several recent research reports. Wells Fargo & Company cut their price target on Meta Platforms from $609.00 to $600.00 and set an "overweight" rating on the stock in a report on Wednesday, April 3rd. Robert W. Baird cut their price target on Meta Platforms from $525.00 to $500.00 and set an "outperform" rating on the stock in a report on Thursday, April 25th. KeyCorp cut their price target on Meta Platforms from $575.00 to $555.00 and set an "overweight" rating on the stock in a report on Monday, April 22nd. Wolfe Research cut their price target on Meta Platforms from $530.00 to $500.00 and set an "outperform" rating on the stock in a report on Thursday, April 25th. Finally, BNP Paribas initiated coverage on Meta Platforms in a report on Thursday, May 2nd. They issued an "underperform" rating and a $360.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating, thirty-seven have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, Meta Platforms presently has a consensus rating of "Moderate Buy" and a consensus target price of $510.41.

Insider Transactions at Meta Platforms

In other news, insider Jennifer Newstead sold 585 shares of Meta Platforms stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $493.75, for a total value of $288,843.75. Following the transaction, the insider now directly owns 40,738 shares in the company, valued at $20,114,387.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, COO Javier Olivan sold 412 shares of the business's stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $471.67, for a total transaction of $194,328.04. Following the transaction, the chief operating officer now directly owns 14,964 shares in the company, valued at $7,058,069.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jennifer Newstead sold 585 shares of Meta Platforms stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $493.75, for a total value of $288,843.75. Following the sale, the insider now directly owns 40,738 shares in the company, valued at $20,114,387.50. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 604,890 shares of company stock worth $297,429,900. Company 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.