Prestige Wealth Management Group LLC Lowers Position in Meta Platforms, Inc. (NASDAQ:META)

Prestige Wealth Management Group LLC reduced its position in shares of Meta Platforms, Inc. (NASDAQ:META - Free Report) by 13.1% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,943 shares of the social networking company's stock after selling 1,200 shares during the period. Meta Platforms makes up 1.4% of Prestige Wealth Management Group LLC's portfolio, making the stock its 23rd biggest holding. Prestige Wealth Management Group LLC's holdings in Meta Platforms were worth $4,651,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. JDM Financial Group LLC purchased a new position in Meta Platforms in the 3rd quarter worth approximately $30,000. Safe Harbor Fiduciary LLC bought a new stake in shares of Meta Platforms during the 3rd quarter worth $36,000. Millstone Evans Group LLC purchased a new position in Meta Platforms in the fourth quarter worth $40,000. Avondale Wealth Management bought a new position in Meta Platforms in the fourth quarter valued at $41,000. Finally, Cordant Inc. purchased a new stake in Meta Platforms during the fourth quarter valued at about $59,000. Institutional investors own 79.91% of the company's stock.

Meta Platforms Stock Down 3.6 %

Meta Platforms stock traded down $21.65 during mid-day trading on Friday, reaching $580.93. The stock had a trading volume of 8,123,490 shares, compared to its average volume of 14,206,572. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.98 and a quick ratio of 2.98. The company has a market capitalization of $1.47 trillion, a price-to-earnings ratio of 24.28, a PEG ratio of 1.42 and a beta of 1.23. Meta Platforms, Inc. has a one year low of $414.50 and a one year high of $740.91. The company has a 50-day moving average price of $655.95 and a two-hundred day moving average price of $607.98.

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Meta Platforms (NASDAQ:META - Get Free Report) last posted its earnings results on Wednesday, January 29th. The social networking company reported $8.02 EPS for the quarter, topping analysts' consensus estimates of $6.75 by $1.27. Meta Platforms had a return on equity of 38.17% and a net margin of 37.91%. During the same period last year, the business posted $5.33 earnings per share. On average, analysts expect that Meta Platforms, Inc. will post 26.7 EPS for the current fiscal year.

Meta Platforms Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 26th. Shareholders of record on Friday, March 14th were given a $0.525 dividend. This represents a $2.10 dividend on an annualized basis and a yield of 0.36%. The ex-dividend date of this dividend was Friday, March 14th. This is an increase from Meta Platforms's previous quarterly dividend of $0.50. Meta Platforms's payout ratio is 8.78%.

Insider Buying and Selling at Meta Platforms

In related news, insider Jennifer Newstead sold 905 shares of the company's stock in a transaction on Tuesday, December 31st. The stock was sold at an average price of $591.76, for a total transaction of $535,542.80. Following the completion of the sale, the insider now owns 32,915 shares in the company, valued at approximately $19,477,780.40. This represents a 2.68 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Christopher K. Cox sold 20,000 shares of the stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $677.71, for a total value of $13,554,200.00. Following the completion of the transaction, the insider now directly owns 308,686 shares in the company, valued at approximately $209,199,589.06. This represents a 6.08 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 584,823 shares of company stock worth $386,274,777. Insiders own 13.71% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently commented on META shares. Needham & Company LLC reiterated an "underperform" rating on shares of Meta Platforms in a research report on Monday, January 27th. The Goldman Sachs Group increased their price target on shares of Meta Platforms from $688.00 to $765.00 and gave the company a "buy" rating in a research report on Thursday, January 30th. Bank of America boosted their price objective on shares of Meta Platforms from $710.00 to $765.00 and gave the stock a "buy" rating in a report on Thursday, January 30th. Morgan Stanley increased their target price on shares of Meta Platforms from $600.00 to $660.00 and gave the company an "overweight" rating in a report on Monday, January 13th. Finally, JMP Securities reissued a "market outperform" rating and issued a $750.00 price target on shares of Meta Platforms in a research note on Monday, January 27th. Two research analysts have rated the stock with a sell rating, four have given a hold rating, thirty-five have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $718.31.

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.