Bernardo Wealth Planning LLC has reduced its stake in Meta Platforms, Inc. (NASDAQ: META) by 1.3% during the first quarter of the year, as reported in its most recent filing with the Securities and Exchange Commission (SEC). The firm now holds 1,419 shares of the tech giant, following the sale of 19 shares within the quarter, which brings the total value of its holdings to approximately $818,000.
The decision to trim its position comes as multiple hedge funds have been actively adjusting their investments in Meta Platforms. Notably, Cerity Partners LLC increased its holdings by an impressive 61.9%, now owning 1,142,252 shares valued at $658.35 million after acquiring an additional 436,614 shares. Similarly, Phillips Financial Management LLC raised its stake by 9.3%, bringing its total to 1,062 shares worth $612,000.
Alan B Lancz & Associates Inc. also reported an increase of 18.4% in its Meta holdings, now totaling 1,450 shares valued at approximately $836,000. Meanwhile, TRU Independence Asset Management 2 LLC’s stake rose by 2.1%, with 2,955 shares now worth $1.7 million. Correct Capital Wealth Management increased its holdings by 40.6%, resulting in ownership of 5,304 shares valued at $3.06 million. Collectively, hedge funds and institutional investors hold around 79.91% of Meta Platforms’ stock.
Current Market Performance and Company Metrics
As of the latest trading session, Meta’s stock opened at $720.92. The company boasts a market capitalization of $1.81 trillion, a price-to-earnings (P/E) ratio of 28.12, and a price-to-earnings-growth (PEG) ratio of 1.76. Over the past year, Meta’s stock has fluctuated between a low of $442.65 and a high of $747.90. The company also maintains a stable financial position, with a debt-to-equity ratio of 0.16 and a quick ratio of 2.66.
Recently, Meta Platforms declared a quarterly dividend of $0.525 per share, which was disbursed on June 26, 2024. Shareholders of record as of June 16 received this dividend, translating to an annualized dividend of $2.10 and a yield of 0.29%. The company’s dividend payout ratio currently stands at 8.19%.
Insider Transactions and Analyst Ratings
In insider news, Andrew Bosworth, Chief Technology Officer of Meta, sold 22,449 shares on May 16, 2024, at an average price of $636.85, amounting to a total of $14.3 million. Following this transaction, Bosworth’s direct ownership decreased significantly, with 1,183 shares remaining, valued at approximately $753,393.55. Similarly, Susan J. Li, Chief Financial Officer, sold 6,874 shares on May 15, 2024, for about $4.53 million.
In the past ninety days, insiders have sold a total of 152,263 shares valued at over $104.6 million. Currently, corporate insiders hold approximately 13.61% of the company’s stock.
Analyst ratings for Meta Platforms have been predominantly positive. Recently, Bank of America raised its price target on Meta shares from $690.00 to $765.00, maintaining a “buy” rating. Royal Bank of Canada reiterated an “outperform” rating with a price target of $740.00. In contrast, Scotiabank lowered its price target from $627.00 to $525.00, while Raymond James Financial adjusted their target to $750.00, also maintaining a “strong-buy” rating.
Overall, the consensus rating for Meta Platforms stands at “Moderate Buy” with a target price averaging $729.38 according to data from MarketBeat.
Meta Platforms, Inc. continues to engage in developing products that connect people through various devices and platforms, including its well-known applications such as Facebook, Instagram, and WhatsApp, all of which play crucial roles in its overall business strategy.
