LGT Group Foundation Grows Stock Holdings in Meta Platforms, Inc. (NASDAQ:META)

LGT Group Foundation increased its stake in Meta Platforms, Inc. (NASDAQ:META) by 45.5% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 141,680 shares of the social networking company’s stock after purchasing an additional 44,315 shares during the quarter. Meta Platforms accounts for 1.1% of LGT Group Foundation’s portfolio, making the stock its 22nd largest position. LGT Group Foundation’s holdings in Meta Platforms were worth $71,438,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in shares of Meta Platforms by 0.4% in the first quarter. Vanguard Group Inc. now owns 187,180,393 shares of the social networking company’s stock worth $90,891,055,000 after acquiring an additional 831,047 shares during the period. Capital World Investors grew its stake in shares of Meta Platforms by 0.6% during the 1st quarter. Capital World Investors now owns 38,299,316 shares of the social networking company’s stock valued at $18,597,382,000 after purchasing an additional 244,803 shares during the period. Capital International Investors increased its position in shares of Meta Platforms by 3.2% during the 4th quarter. Capital International Investors now owns 34,738,470 shares of the social networking company’s stock valued at $12,296,383,000 after purchasing an additional 1,083,719 shares during the last quarter. Capital Research Global Investors lifted its stake in shares of Meta Platforms by 14.5% in the 1st quarter. Capital Research Global Investors now owns 34,597,001 shares of the social networking company’s stock worth $16,799,612,000 after purchasing an additional 4,379,826 shares during the period. Finally, Norges Bank purchased a new position in shares of Meta Platforms in the fourth quarter worth approximately $11,285,855,000. Institutional investors own 79.91% of the company’s stock.

Meta Platforms Stock Up 2.7 %

Shares of NASDAQ:META opened at $525.60 on Friday. The company has a market cap of $1.33 trillion, a price-to-earnings ratio of 30.19, a PEG ratio of 1.23 and a beta of 1.21. Meta Platforms, Inc. has a 12 month low of $279.40 and a 12 month high of $544.23. The company has a current ratio of 2.83, a quick ratio of 2.83 and a debt-to-equity ratio of 0.12. The company has a 50-day moving average price of $505.44 and a 200 day moving average price of $495.07.

Meta Platforms (NASDAQ:META) last issued its quarterly earnings data on Wednesday, July 31st. The social networking company reported $5.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.70 by $0.46. The business had revenue of $39.07 billion for the quarter, compared to the consensus estimate of $38.26 billion. Meta Platforms had a return on equity of 34.16% and a net margin of 34.34%. The company’s quarterly revenue was up 22.1% compared to the same quarter last year. During the same period in the prior year, the business posted $3.23 earnings per share. As a group, equities research analysts predict that Meta Platforms, Inc. will post 21.36 earnings per share for the current year.

Meta Platforms Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 26th. Investors of record on Monday, September 16th will be given a $0.50 dividend. The ex-dividend date is Monday, September 16th. 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%.

Wall Street Analyst Weigh In

A number of analysts have commented on META shares. Evercore ISI upped their target price on shares of Meta Platforms from $550.00 to $600.00 and gave the company an “outperform” rating in a report on Thursday, August 1st. UBS Group raised their target price on Meta Platforms from $630.00 to $635.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. TD Securities lifted their target price on Meta Platforms from $530.00 to $600.00 in a research report on Wednesday, July 10th. Wells Fargo & Company raised their price objective on Meta Platforms from $625.00 to $647.00 and gave the stock an “overweight” rating in a research note on Thursday, August 1st. Finally, BMO Capital Markets reiterated a “market perform” rating and set a $450.00 price objective on shares of Meta Platforms in a research note on Wednesday, June 12th. Two analysts have rated the stock with a sell rating, two have issued a hold rating, thirty-four have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $577.26.

Insiders Place Their Bets

In other news, insider Jennifer Newstead sold 905 shares of the firm’s stock in a transaction dated Tuesday, June 25th. The shares were sold at an average price of $496.99, for a total value of $449,775.95. Following the completion of the sale, the insider now owns 38,750 shares in the company, valued at approximately $19,258,362.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Meta Platforms news, COO Javier Olivan sold 412 shares of the company’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $463.00, for a total value of $190,756.00. Following the transaction, the chief operating officer now owns 5,559 shares of the company’s stock, valued at approximately $2,573,817. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jennifer Newstead sold 905 shares of the stock in a transaction on Tuesday, June 25th. The stock was sold at an average price of $496.99, for a total value of $449,775.95. Following the completion of the sale, the insider now owns 38,750 shares in the company, valued at approximately $19,258,362.50. The disclosure for this sale can be found here. Insiders sold 357,574 shares of company stock valued at $185,587,773 over the last three months. 13.71% of the stock is owned by company insiders.

Meta Platforms Company 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.