CIC Wealth LLC Purchases 1,229 Shares of Meta Platforms, Inc. (NASDAQ:META)

CIC Wealth LLC boosted its position in Meta Platforms, Inc. (NASDAQ:META) by 54.8% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 3,472 shares of the social networking company’s stock after purchasing an additional 1,229 shares during the period. CIC Wealth LLC’s holdings in Meta Platforms were worth $1,686,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Stone House Investment Management LLC raised its position in Meta Platforms by 625.0% in the third quarter. Stone House Investment Management LLC now owns 87 shares of the social networking company’s stock worth $26,000 after acquiring an additional 75 shares during the period. Beaird Harris Wealth Management LLC grew its holdings in Meta Platforms by 68.9% during the third quarter. Beaird Harris Wealth Management LLC now owns 103 shares of the social networking company’s stock valued at $31,000 after purchasing an additional 42 shares during the period. Quest Partners LLC purchased a new stake in Meta Platforms in the fourth quarter worth $32,000. Clear Investment Research LLC raised its stake in shares of Meta Platforms by 411.1% in the fourth quarter. Clear Investment Research LLC now owns 92 shares of the social networking company’s stock valued at $33,000 after buying an additional 74 shares during the period. Finally, Cranbrook Wealth Management LLC lifted its position in shares of Meta Platforms by 80.4% during the 4th quarter. Cranbrook Wealth Management LLC now owns 101 shares of the social networking company’s stock valued at $36,000 after buying an additional 45 shares during the last quarter. Hedge funds and other institutional investors own 79.91% of the company’s stock.

Insider Activity

In related news, CEO Mark Zuckerberg sold 16,702 shares of the company’s stock in a transaction on Wednesday, June 26th. The stock was sold at an average price of $510.88, for a total transaction of $8,532,717.76. Following the completion of the sale, the chief executive officer now owns 230,461 shares in the company, valued at $117,737,915.68. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, COO Javier Olivan sold 412 shares of the business’s stock in a transaction that occurred on Thursday, May 23rd. The shares were sold at an average price of $472.70, for a total transaction of $194,752.40. Following the completion of the sale, the chief operating officer now directly owns 15,376 shares in the company, valued at $7,268,235.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Mark Zuckerberg sold 16,702 shares of the stock in a transaction that occurred on Wednesday, June 26th. The stock was sold at an average price of $510.88, for a total transaction of $8,532,717.76. Following the completion of the transaction, the chief executive officer now owns 230,461 shares in the company, valued at $117,737,915.68. The disclosure for this sale can be found here. Insiders have sold 233,512 shares of company stock valued at $113,597,536 in the last ninety days. 13.71% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on META shares. Deutsche Bank Aktiengesellschaft lowered their price objective on Meta Platforms from $540.00 to $500.00 and set a “buy” rating on the stock in a research note on Thursday, April 25th. Wells Fargo & Company reduced their price objective on shares of Meta Platforms from $609.00 to $600.00 and set an “overweight” rating for the company in a research note on Wednesday, April 3rd. Guggenheim cut their price target on Meta Platforms from $520.00 to $500.00 and set a “buy” rating for the company in a report on Thursday, April 25th. UBS Group decreased their price objective on Meta Platforms from $610.00 to $575.00 and set a “buy” rating on the stock in a research note on Thursday, April 25th. Finally, Citigroup lowered their price target on shares of Meta Platforms from $590.00 to $550.00 and set a “buy” rating on the stock in a report on Thursday, April 25th. Two research analysts have rated the stock with a sell rating, three have given a hold rating, thirty-seven have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, Meta Platforms presently has a consensus rating of “Moderate Buy” and a consensus target price of $510.05.

Meta Platforms Stock Performance

META stock opened at $519.56 on Friday. The stock has a market capitalization of $1.32 trillion, a PE ratio of 29.84, a price-to-earnings-growth ratio of 1.33 and a beta of 1.21. The stock’s 50 day simple moving average is $479.53 and its 200 day simple moving average is $452.69. Meta Platforms, Inc. has a 12-month low of $274.38 and a 12-month high of $531.49. The company has a current ratio of 2.68, a quick ratio of 2.68 and a debt-to-equity ratio of 0.12.

Meta Platforms (NASDAQ:META) last released its quarterly earnings data on Wednesday, April 24th. The social networking company reported $4.71 EPS for the quarter, beating the consensus estimate of $4.32 by $0.39. Meta Platforms had a return on equity of 32.03% and a net margin of 32.06%. The company had revenue of $36.46 billion for the quarter, compared to analysts’ expectations of $36.28 billion. As a group, research analysts forecast that Meta Platforms, Inc. will post 20.16 earnings per share for the current fiscal year.

Meta Platforms Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 26th. Shareholders of record on Friday, June 14th were paid a dividend of $0.50 per share. The ex-dividend date of this dividend was Friday, June 14th. This represents a $2.00 dividend on an annualized basis and a yield of 0.38%. Meta Platforms’s dividend payout ratio is presently 11.49%.

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.