Meta Platforms, Inc. (NASDAQ:META) is State of Michigan Retirement System’s 6th Largest Position

State of Michigan Retirement System grew its holdings in Meta Platforms, Inc. (NASDAQ:META) by 4.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 863,614 shares of the social networking company’s stock after purchasing an additional 40,100 shares during the quarter. Meta Platforms accounts for about 2.3% of State of Michigan Retirement System’s holdings, making the stock its 6th biggest holding. State of Michigan Retirement System’s holdings in Meta Platforms were worth $419,354,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Beaird Harris Wealth Management LLC lifted its stake in Meta Platforms by 68.9% in 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 purchased a new position in Meta Platforms in the fourth quarter worth approximately $32,000. Clear Investment Research LLC lifted its stake in Meta Platforms by 411.1% in 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 lifted its stake in Meta Platforms by 80.4% in 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 purchased a new position in Meta Platforms in the fourth quarter worth approximately $39,000. Hedge funds and other institutional investors own 79.91% of the company’s stock.

Insider Activity at Meta Platforms

In related news, COO Javier Olivan sold 412 shares of the stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of $472.70, for a total value of $194,752.40. Following the sale, the chief operating officer now directly owns 15,376 shares of the company’s stock, valued at approximately $7,268,235.20. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, COO Javier Olivan sold 412 shares of the stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of $472.70, for a total value of $194,752.40. Following the sale, the chief operating officer now directly owns 15,376 shares of the company’s stock, valued at approximately $7,268,235.20. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Jennifer Newstead sold 585 shares of the stock in a transaction dated Tuesday, April 9th. The shares were sold at an average price of $522.00, for a total transaction of $305,370.00. Following the completion of the sale, the insider now directly owns 38,398 shares in the company, valued at $20,043,756. The disclosure for this sale can be found here. In the last three months, insiders have sold 218,086 shares of company stock valued at $106,423,370. Insiders own 13.71% of the company’s stock.

Analyst Ratings Changes

META has been the subject of a number of recent research reports. BNP Paribas initiated coverage on shares of Meta Platforms in a research note on Thursday, May 2nd. They issued an “underperform” rating and a $360.00 price target for the company. The Goldman Sachs Group cut their price objective on shares of Meta Platforms from $555.00 to $500.00 and set a “buy” rating on the stock in a report on Thursday, April 25th. KeyCorp raised their price objective on shares of Meta Platforms from $475.00 to $540.00 and gave the stock an “overweight” rating in a report on Thursday, June 20th. Jefferies Financial Group cut their price objective on shares of Meta Platforms from $585.00 to $540.00 and set a “buy” rating on the stock in a report on Thursday, April 25th. Finally, Sanford C. Bernstein cut their price objective on shares of Meta Platforms from $590.00 to $565.00 and set an “outperform” rating on the stock in a report on Thursday, April 25th. Two 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 issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $511.27.

Meta Platforms Price Performance

Shares of NASDAQ META opened at $509.50 on Wednesday. The firm has a market capitalization of $1.29 trillion, a P/E ratio of 29.26, a PEG ratio of 1.31 and a beta of 1.21. Meta Platforms, Inc. has a one year low of $274.38 and a one year high of $531.49. The company’s fifty day moving average is $480.72 and its two-hundred day moving average is $458.05. The company has a debt-to-equity ratio of 0.12, a quick ratio of 2.68 and a current ratio of 2.68.

Meta Platforms (NASDAQ:META) last issued its earnings results on Wednesday, April 24th. The social networking company reported $4.71 EPS for the quarter, topping the consensus estimate of $4.32 by $0.39. The company had revenue of $36.46 billion for the quarter, compared to analyst estimates of $36.28 billion. Meta Platforms had a net margin of 32.06% and a return on equity of 32.03%. Analysts forecast that Meta Platforms, Inc. will post 20.16 EPS for the current fiscal year.

Meta Platforms Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 26th. Investors of record on Friday, June 14th were paid a $0.50 dividend. The ex-dividend date was Friday, June 14th. This represents a $2.00 dividend on an annualized basis and a yield of 0.39%. Meta Platforms’s payout ratio is 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.