Meta Platforms, Inc. (NASDAQ:META) Stake Reduced by Heron Bay Capital Management

Heron Bay Capital Management trimmed its stake in Meta Platforms, Inc. (NASDAQ:META) by 11.2% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 28,836 shares of the social networking company’s stock after selling 3,621 shares during the quarter. Meta Platforms makes up about 3.1% of Heron Bay Capital Management’s investment portfolio, making the stock its 11th largest holding. Heron Bay Capital Management’s holdings in Meta Platforms were worth $14,540,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of META. Quest Partners LLC acquired a new position in Meta Platforms during the 4th quarter valued at about $32,000. Clear Investment Research LLC raised its holdings 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 valued at $33,000 after buying an additional 74 shares during the last quarter. Delos Wealth Advisors LLC boosted its position in shares of Meta Platforms by 527.3% during the first quarter. Delos Wealth Advisors LLC now owns 69 shares of the social networking company’s stock worth $34,000 after buying an additional 58 shares during the period. POM Investment Strategies LLC bought a new position in Meta Platforms in the 2nd quarter worth approximately $38,000. Finally, Ruedi Wealth Management Inc. increased its position in Meta Platforms by 122.2% in the 2nd 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 period. Institutional investors and hedge funds own 79.91% of the company’s stock.

Insider Activity at Meta Platforms

In related news, CTO Andrew Bosworth sold 5,057 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $526.76, for a total transaction of $2,663,825.32. Following the transaction, the chief technology officer now owns 11,990 shares of the company’s stock, valued at $6,315,852.40. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, CEO Mark Zuckerberg sold 16,702 shares of the stock in a transaction dated 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 transaction, the chief executive officer now owns 230,461 shares of the company’s stock, valued at approximately $117,737,915.68. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CTO Andrew Bosworth sold 5,057 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $526.76, for a total value of $2,663,825.32. Following the completion of the sale, the chief technology officer now owns 11,990 shares of the company’s stock, valued at $6,315,852.40. The disclosure for this sale can be found here. In the last quarter, insiders sold 365,761 shares of company stock valued at $190,846,038. 13.71% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on META. Roth Mkm raised their price target on Meta Platforms from $510.00 to $550.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Meta Platforms from $525.00 to $585.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Loop Capital increased their price objective on shares of Meta Platforms from $550.00 to $575.00 and gave the company a “buy” rating in a report on Tuesday, August 6th. Cantor Fitzgerald reissued an “overweight” rating and set a $660.00 target price on shares of Meta Platforms in a report on Monday. Finally, JPMorgan Chase & Co. increased their price target on Meta Platforms from $480.00 to $610.00 and gave the company an “overweight” rating in a research note on Thursday, August 1st. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating, thirty-four have assigned 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 an average price target of $578.92.

Meta Platforms Stock Up 0.5 %

Meta Platforms stock opened at $564.41 on Tuesday. Meta Platforms, Inc. has a twelve month low of $279.40 and a twelve month high of $573.98. The company has a debt-to-equity ratio of 0.12, a quick ratio of 2.83 and a current ratio of 2.83. The firm has a market cap of $1.43 trillion, a PE ratio of 32.42, a P/E/G ratio of 1.26 and a beta of 1.21. The firm’s 50 day moving average price is $507.58 and its two-hundred day moving average price is $497.28.

Meta Platforms (NASDAQ:META) last posted its quarterly earnings results on Wednesday, July 31st. The social networking company reported $5.16 earnings per share for the quarter, topping 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 net margin of 34.34% and a return on equity of 34.16%. Meta Platforms’s revenue for the quarter 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. On average, research analysts predict that Meta Platforms, Inc. will post 21.36 EPS for the current fiscal year.

Meta Platforms Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 26th. Stockholders of record on Monday, September 16th will be issued a dividend of $0.50 per share. The ex-dividend date of this dividend is Monday, September 16th. This represents a $2.00 annualized dividend and a dividend yield of 0.35%. Meta Platforms’s dividend payout ratio is 11.49%.

About Meta Platforms

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.