Riggs Capital Management LLC Buys Shares of 477 Meta Platforms, Inc. (NASDAQ:META)

Riggs Capital Management LLC bought a new stake in shares of Meta Platforms, Inc. (NASDAQ:META - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 477 shares of the social networking company's stock, valued at approximately $279,000.

Other hedge funds have also recently modified their holdings of the company. Norges Bank purchased a new stake in Meta Platforms during the 4th quarter valued at about $19,949,512,000. Proficio Capital Partners LLC lifted its stake in shares of Meta Platforms by 78,471.1% in the fourth quarter. Proficio Capital Partners LLC now owns 6,248,763 shares of the social networking company's stock worth $3,658,713,000 after buying an additional 6,240,810 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of Meta Platforms in the fourth quarter worth approximately $2,243,603,000. Arrowstreet Capital Limited Partnership grew its holdings in shares of Meta Platforms by 27.0% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 8,901,521 shares of the social networking company's stock valued at $5,211,967,000 after buying an additional 1,892,509 shares during the last quarter. Finally, Vanguard Group Inc. increased its position in shares of Meta Platforms by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 191,198,005 shares of the social networking company's stock valued at $111,948,344,000 after acquiring an additional 1,502,553 shares in the last quarter. Institutional investors own 79.91% of the company's stock.

Meta Platforms Price Performance

Shares of NASDAQ:META traded down $35.30 on Thursday, reaching $548.63. The company's stock had a trading volume of 20,256,497 shares, compared to its average volume of 14,315,230. The company has a 50-day simple moving average of $653.10 and a 200 day simple moving average of $610.50. Meta Platforms, Inc. has a 52-week low of $414.50 and a 52-week high of $740.91. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.98 and a current ratio of 2.98. The company has a market cap of $1.39 trillion, a P/E ratio of 22.94, a PEG ratio of 1.42 and a beta of 1.28.

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Meta Platforms (NASDAQ:META - Get Free Report) last released its quarterly earnings results on Wednesday, January 29th. The social networking company reported $8.02 EPS for the quarter, topping the consensus estimate 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 company earned $5.33 earnings per share. As a group, equities research analysts anticipate 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. Stockholders of record on Friday, March 14th were given a dividend of $0.525 per share. The ex-dividend date was Friday, March 14th. This represents a $2.10 annualized dividend and a dividend yield of 0.38%. This is an increase from Meta Platforms's previous quarterly dividend of $0.50. Meta Platforms's payout ratio is currently 8.78%.

Wall Street Analyst Weigh In

Several analysts have commented on the company. Robert W. Baird increased their target price on Meta Platforms from $680.00 to $750.00 and gave the company an "outperform" rating in a research note on Thursday, January 30th. Jefferies Financial Group reduced their price target on shares of Meta Platforms from $810.00 to $725.00 and set a "buy" rating for the company in a research note on Monday. Pivotal Research increased their price objective on shares of Meta Platforms from $800.00 to $875.00 and gave the company a "buy" rating in a research report on Thursday, January 30th. Argus set a $775.00 target price on shares of Meta Platforms in a research report on Tuesday, February 4th. Finally, Wedbush reiterated an "outperform" rating and set a $770.00 target price (up from $700.00) on shares of Meta Platforms in a research note on Thursday, January 30th. 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 company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $718.55.

Insider Activity at Meta Platforms

In related news, CEO Mark Zuckerberg sold 35,921 shares of the firm's stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $603.98, for a total transaction of $21,695,565.58. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Susan J. Li sold 8,553 shares of Meta Platforms stock in a transaction on Saturday, February 15th. The stock was sold at an average price of $736.67, for a total value of $6,300,738.51. Following the sale, the chief financial officer now owns 51,793 shares of the company's stock, valued at approximately $38,154,349.31. This trade represents a 14.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 584,113 shares of company stock worth $385,838,234. 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.