Promus Capital LLC Invests $756,000 in Meta Platforms, Inc. (NASDAQ:META)

Promus Capital LLC acquired a new stake in Meta Platforms, Inc. (NASDAQ:META - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 1,292 shares of the social networking company's stock, valued at approximately $756,000. Meta Platforms accounts for about 0.7% of Promus Capital LLC's investment portfolio, making the stock its 23rd largest holding.

A number of other institutional investors also recently added to or reduced their stakes in META. Geode Capital Management LLC lifted its stake in shares of Meta Platforms by 1.5% in the third quarter. Geode Capital Management LLC now owns 48,160,608 shares of the social networking company's stock valued at $27,470,870,000 after purchasing an additional 698,884 shares during the period. Jennison Associates LLC grew its holdings in shares of Meta Platforms by 1.9% in the 3rd quarter. Jennison Associates LLC now owns 14,440,868 shares of the social networking company's stock worth $8,266,531,000 after acquiring an additional 263,063 shares during the period. Charles Schwab Investment Management Inc. increased its stake in Meta Platforms by 3.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 14,251,766 shares of the social networking company's stock valued at $8,344,552,000 after purchasing an additional 424,201 shares in the last quarter. Franklin Resources Inc. raised its holdings in Meta Platforms by 2.8% during the third quarter. Franklin Resources Inc. now owns 6,946,755 shares of the social networking company's stock worth $4,101,602,000 after purchasing an additional 186,728 shares during the last quarter. Finally, Fisher Asset Management LLC boosted its position in Meta Platforms by 1.7% during the fourth quarter. Fisher Asset Management LLC now owns 6,675,174 shares of the social networking company's stock worth $3,908,382,000 after purchasing an additional 110,040 shares in the last quarter. Hedge funds and other institutional investors own 79.91% of the company's stock.

Meta Platforms Trading Up 1.3 %

Shares of META stock opened at $605.71 on Wednesday. Meta Platforms, Inc. has a 1 year low of $414.50 and a 1 year high of $740.91. The firm has a market capitalization of $1.53 trillion, a PE ratio of 25.32, a price-to-earnings-growth ratio of 1.42 and a beta of 1.23. The stock has a fifty day moving average of $657.45 and a two-hundred day moving average of $601.96. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.98 and a current ratio of 2.98.

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

Meta Platforms Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 26th. Investors of record on Friday, March 14th will be paid a dividend of $0.525 per share. This represents a $2.10 dividend on an annualized basis and a dividend yield of 0.35%. The ex-dividend date of this dividend is Friday, March 14th. This is a positive change from Meta Platforms's previous quarterly dividend of $0.50. Meta Platforms's dividend payout ratio (DPR) is currently 8.78%.

Insider Buying and Selling

In other news, CEO Mark Zuckerberg sold 35,921 shares of Meta Platforms stock in a transaction on Friday, December 13th. The stock was sold at an average price of $622.24, for a total transaction of $22,351,483.04. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, COO Javier Olivan sold 413 shares of the company's stock in a transaction on Monday, December 30th. The shares were sold at an average price of $589.16, for a total value of $243,323.08. Following the completion of the sale, the chief operating officer now owns 17,514 shares of the company's stock, valued at approximately $10,318,548.24. This trade represents a 2.30 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 725,081 shares of company stock valued at $472,702,625 over the last quarter. Corporate insiders own 13.71% of the company's stock.

Wall Street Analysts Forecast Growth

META has been the subject of several research reports. Cantor Fitzgerald lifted their price target on Meta Platforms from $720.00 to $790.00 and gave the stock an "overweight" rating in a research note on Thursday, January 30th. Arete Research raised shares of Meta Platforms to a "hold" rating in a report on Friday, January 24th. Robert W. Baird lifted their price objective on Meta Platforms from $680.00 to $750.00 and gave the stock an "outperform" rating in a research report on Thursday, January 30th. Royal Bank of Canada increased their target price on Meta Platforms from $700.00 to $800.00 and gave the company an "outperform" rating in a report on Thursday, January 30th. Finally, UBS Group boosted their price target on Meta Platforms from $736.00 to $786.00 and gave the stock a "buy" rating in a report on Thursday, January 30th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, thirty-five have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $719.26.

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.

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