Meta Platforms, Inc. (NASDAQ:META) Position Boosted by E Fund Management Co. Ltd.

E Fund Management Co. Ltd. lifted its stake in Meta Platforms, Inc. (NASDAQ:META) by 0.8% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 27,122 shares of the social networking company’s stock after purchasing an additional 207 shares during the quarter. Meta Platforms accounts for 0.8% of E Fund Management Co. Ltd.’s portfolio, making the stock its 20th largest position. E Fund Management Co. Ltd.’s holdings in Meta Platforms were worth $13,675,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in META. Delos Wealth Advisors LLC increased its position in Meta Platforms by 527.3% in the 1st quarter. Delos Wealth Advisors LLC now owns 69 shares of the social networking company’s stock worth $34,000 after purchasing an additional 58 shares during the last quarter. POM Investment Strategies LLC bought a new position in Meta Platforms during the second quarter valued at approximately $38,000. Ruedi Wealth Management Inc. lifted its stake in Meta Platforms by 122.2% in the second quarter. Ruedi Wealth Management Inc. now owns 80 shares of the social networking company’s stock valued at $40,000 after acquiring an additional 44 shares during the last quarter. Richardson Financial Services Inc. grew its position in Meta Platforms by 95.6% in the first quarter. Richardson Financial Services Inc. now owns 88 shares of the social networking company’s stock worth $41,000 after acquiring an additional 43 shares in the last quarter. Finally, Quest Partners LLC acquired a new position in shares of Meta Platforms during the 4th quarter worth $32,000. 79.91% of the stock is owned by hedge funds and other institutional investors.

Meta Platforms Stock Up 0.4 %

Shares of NASDAQ:META opened at $561.35 on Friday. The company’s fifty day moving average is $506.33 and its 200-day moving average is $496.78. The company has a debt-to-equity ratio of 0.12, a quick ratio of 2.83 and a current ratio of 2.83. Meta Platforms, Inc. has a 52 week low of $279.40 and a 52 week high of $564.50. The company has a market capitalization of $1.42 trillion, a PE ratio of 32.24, a P/E/G ratio of 1.26 and a beta of 1.21.

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

Meta Platforms Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 26th. Shareholders of record on Monday, September 16th will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 0.36%. The ex-dividend date of this dividend is Monday, September 16th. Meta Platforms’s dividend payout ratio is currently 11.49%.

Insider Transactions at Meta Platforms

In related news, CEO Mark Zuckerberg sold 16,702 shares of the company’s stock in a transaction dated Wednesday, June 26th. The shares were sold at an average price of $510.88, for a total transaction of $8,532,717.76. Following the transaction, the chief executive officer now owns 230,461 shares in the company, valued at approximately $117,737,915.68. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, CEO Mark Zuckerberg sold 16,702 shares of the business’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 filing with the SEC, which is available at this hyperlink. Also, insider Jennifer Newstead sold 905 shares of the stock in a transaction that occurred on Tuesday, June 25th. The shares were sold at an average price of $496.99, for a total transaction of $449,775.95. Following the completion of the transaction, the insider now owns 38,750 shares in the company, valued at $19,258,362.50. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 356,426 shares of company stock worth $185,053,425. Insiders own 13.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Wedbush reaffirmed an “outperform” rating and issued a $570.00 price objective on shares of Meta Platforms in a research note on Wednesday, July 24th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $570.00 price target on shares of Meta Platforms in a research report on Thursday, August 1st. Robert W. Baird increased their price objective on Meta Platforms from $500.00 to $530.00 and gave the company an “outperform” rating in a report on Thursday, August 1st. TD Securities raised their price objective on Meta Platforms from $530.00 to $600.00 in a research note on Wednesday, July 10th. Finally, Needham & Company LLC reaffirmed an “underperform” rating on shares of Meta Platforms in a research report on Wednesday, September 4th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating, thirty-four have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $577.26.

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.