Topsail Wealth Management LLC Invests $1.81 Million in Meta Platforms, Inc. (NASDAQ:META)

Topsail Wealth Management LLC acquired a new stake in shares of Meta Platforms, Inc. (NASDAQ:META - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 3,089 shares of the social networking company's stock, valued at approximately $1,809,000. Meta Platforms comprises 0.4% of Topsail Wealth Management LLC's holdings, making the stock its 25th largest holding.

Several other hedge funds have also recently modified their holdings of the stock. Ballentine Partners LLC boosted its position in shares of Meta Platforms by 1.4% during the 4th quarter. Ballentine Partners LLC now owns 58,218 shares of the social networking company's stock valued at $34,087,000 after acquiring an additional 808 shares during the last quarter. UMB Bank n.a. raised its stake in Meta Platforms by 0.6% during the fourth quarter. UMB Bank n.a. now owns 140,585 shares of the social networking company's stock valued at $82,314,000 after purchasing an additional 897 shares in the last quarter. Brueske Advisory Services LLC bought a new position in Meta Platforms during the fourth quarter valued at $459,000. Apollon Financial LLC grew its stake in shares of Meta Platforms by 11.1% in the 4th quarter. Apollon Financial LLC now owns 1,479 shares of the social networking company's stock worth $866,000 after buying an additional 148 shares in the last quarter. Finally, Fisher Asset Management LLC increased its holdings in shares of Meta Platforms by 1.7% in the 4th quarter. Fisher Asset Management LLC now owns 6,675,174 shares of the social networking company's stock worth $3,908,382,000 after buying an additional 110,040 shares during the last quarter. Hedge funds and other institutional investors own 79.91% of the company's stock.

Insider Activity at Meta Platforms

In other Meta Platforms news, CTO Andrew Bosworth sold 5,060 shares of Meta Platforms stock in a transaction that occurred on Saturday, February 15th. The shares were sold at an average price of $736.67, for a total transaction of $3,727,550.20. Following the completion of the sale, the chief technology officer now directly owns 5,139 shares in the company, valued at approximately $3,785,747.13. The trade was a 49.61 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, COO Javier Olivan sold 4,706 shares of the stock in a transaction on Saturday, February 15th. The stock was sold at an average price of $736.67, for a total transaction of $3,466,769.02. Following the completion of the sale, the chief operating officer now owns 20,935 shares in the company, valued at $15,422,186.45. The trade was a 18.35 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 308,068 shares of company stock valued at $214,968,924 in the last ninety days. Company insiders own 13.71% of the company's stock.

Meta Platforms Stock Up 2.6 %

NASDAQ:META traded up $14.12 during mid-day trading on Friday, hitting $547.27. 17,064,639 shares of the company's stock traded hands, compared to its average volume of 14,374,342. The company has a fifty day moving average of $587.00 and a 200 day moving average of $604.53. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.98 and a current ratio of 2.98. Meta Platforms, Inc. has a twelve month low of $427.11 and a twelve month high of $740.91. The company has a market capitalization of $1.39 trillion, a P/E ratio of 22.88, a P/E/G ratio of 1.42 and a beta of 1.28.

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 (EPS) for the quarter, beating 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 quarter in the prior year, the company earned $5.33 EPS. On average, analysts forecast 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 was paid on Wednesday, March 26th. Stockholders of record on Friday, March 14th were issued a dividend of $0.525 per share. The ex-dividend date of this dividend was Friday, March 14th. This is a positive change from Meta Platforms's previous quarterly dividend of $0.50. This represents a $2.10 dividend on an annualized basis and a dividend yield of 0.38%. Meta Platforms's payout ratio is 8.78%.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the stock. Royal Bank of Canada increased their price target on shares of Meta Platforms from $700.00 to $800.00 and gave the company an "outperform" rating in a report on Thursday, January 30th. Raymond James reaffirmed a "strong-buy" rating and issued a $800.00 price objective (up from $725.00) on shares of Meta Platforms in a research note on Thursday, January 30th. Citigroup cut their target price on Meta Platforms from $780.00 to $655.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Scotiabank lowered their price target on Meta Platforms from $627.00 to $525.00 and set a "sector perform" rating for the company in a research report on Monday, April 21st. Finally, Wedbush dropped their price objective on shares of Meta Platforms from $770.00 to $680.00 and set an "outperform" rating for the company in a research note on Tuesday, April 15th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, thirty-five have assigned a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Meta Platforms presently has an average rating of "Moderate Buy" and a consensus target price of $679.02.

Meta Platforms 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.