Grimes & Company Inc. Has $28.74 Million Holdings in Meta Platforms, Inc. (NASDAQ:META)

Grimes & Company Inc. lessened its stake in shares of Meta Platforms, Inc. (NASDAQ:META) by 1.5% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 59,193 shares of the social networking company’s stock after selling 881 shares during the quarter. Meta Platforms accounts for about 0.9% of Grimes & Company Inc.’s investment portfolio, making the stock its 22nd largest position. Grimes & Company Inc.’s holdings in Meta Platforms were worth $28,743,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also modified their holdings of META. Beaird Harris Wealth Management LLC raised its position in shares of 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 worth $31,000 after acquiring an additional 42 shares during the last quarter. Quest Partners LLC bought a new stake in shares of Meta Platforms during the fourth quarter worth $32,000. Clear Investment Research LLC raised its position in shares of Meta Platforms by 411.1% during the fourth quarter. Clear Investment Research LLC now owns 92 shares of the social networking company’s stock worth $33,000 after acquiring an additional 74 shares during the last quarter. Cranbrook Wealth Management LLC raised its position in shares of Meta Platforms by 80.4% during the fourth quarter. Cranbrook Wealth Management LLC now owns 101 shares of the social networking company’s stock worth $36,000 after acquiring an additional 45 shares during the last quarter. Finally, Gilfoyle & Co LLC bought a new stake in shares of Meta Platforms during the fourth quarter worth $39,000. Institutional investors own 79.91% of the company’s stock.

Insider Activity at Meta Platforms

In related news, COO Javier Olivan sold 490 shares of the stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $486.75, for a total transaction of $238,507.50. Following the completion of the transaction, the chief operating officer now directly owns 8,559 shares of the company’s stock, valued at $4,166,093.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Jennifer Newstead sold 585 shares of the firm’s stock in a transaction that occurred on Tuesday, April 30th. The stock was sold at an average price of $431.05, for a total value of $252,164.25. Following the completion of the sale, the insider now directly owns 36,643 shares of the company’s stock, valued at $15,794,965.15. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Javier Olivan sold 490 shares of the firm’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $486.75, for a total value of $238,507.50. Following the completion of the sale, the chief operating officer now directly owns 8,559 shares of the company’s stock, valued at $4,166,093.25. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 233,512 shares of company stock valued at $113,597,536. Insiders own 13.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on META shares. JPMorgan Chase & Co. dropped their target price on Meta Platforms from $535.00 to $480.00 and set an “overweight” rating for the company in a research report on Thursday, April 25th. Guggenheim decreased their price objective on Meta Platforms from $520.00 to $500.00 and set a “buy” rating for the company in a research note on Thursday, April 25th. Canaccord Genuity Group decreased their price objective on Meta Platforms from $610.00 to $575.00 and set a “buy” rating for the company in a research note on Thursday, April 25th. Wolfe Research decreased their price objective on Meta Platforms from $530.00 to $500.00 and set an “outperform” rating for the company in a research note on Thursday, April 25th. Finally, BNP Paribas assumed coverage on Meta Platforms in a research note on Thursday, May 2nd. They set an “underperform” rating and a $360.00 price objective for the company. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating, thirty-seven have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $510.05.

Meta Platforms Stock Down 3.0 %

META stock opened at $504.22 on Friday. The company has a debt-to-equity ratio of 0.12, a current ratio of 2.68 and a quick ratio of 2.68. The stock has a market capitalization of $1.28 trillion, a P/E ratio of 28.96, a P/E/G ratio of 1.31 and a beta of 1.21. The business has a 50-day moving average of $480.00 and a 200-day moving average of $454.77. Meta Platforms, Inc. has a fifty-two week low of $274.38 and a fifty-two week high of $531.49.

Meta Platforms (NASDAQ:META) last issued its quarterly earnings results 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 firm had revenue of $36.46 billion during the quarter, compared to analysts’ expectations of $36.28 billion. On average, sell-side analysts anticipate that Meta Platforms, Inc. will post 20.16 earnings per share for the current fiscal year.

Meta Platforms Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 26th. Investors of record on Friday, June 14th were given a dividend of $0.50 per share. The ex-dividend date of this dividend was Friday, June 14th. This represents a $2.00 annualized dividend and a yield of 0.40%. Meta Platforms’s dividend payout ratio (DPR) 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.