Pitti Group Wealth Management LLC Boosts Stake in Meta Platforms, Inc. (NASDAQ:META)

Pitti Group Wealth Management LLC grew its position in Meta Platforms, Inc. (NASDAQ:META) by 5.2% in the second quarter, according to its most recent filing with the SEC. The fund owned 6,969 shares of the social networking company’s stock after acquiring an additional 344 shares during the period. Meta Platforms accounts for approximately 3.7% of Pitti Group Wealth Management LLC’s investment portfolio, making the stock its 8th biggest position. Pitti Group Wealth Management LLC’s holdings in Meta Platforms were worth $3,514,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of META. Capital Research Global Investors raised its holdings in Meta Platforms by 17.2% in the 4th quarter. Capital Research Global Investors now owns 30,217,175 shares of the social networking company’s stock valued at $10,695,722,000 after buying an additional 4,440,229 shares during the last quarter. Concentrum Wealth Management grew its holdings in Meta Platforms by 111.0% during the 4th quarter. Concentrum Wealth Management now owns 7,391,877 shares of the social networking company’s stock worth $2,616,000 after acquiring an additional 3,888,308 shares during the last quarter. Vanguard Group Inc. increased its position in Meta Platforms by 1.7% in the 4th quarter. Vanguard Group Inc. now owns 186,349,346 shares of the social networking company’s stock valued at $65,960,215,000 after acquiring an additional 3,104,550 shares during the period. Jennison Associates LLC raised its stake in shares of Meta Platforms by 24.7% during the first quarter. Jennison Associates LLC now owns 13,867,398 shares of the social networking company’s stock valued at $6,733,731,000 after acquiring an additional 2,748,620 shares during the last quarter. Finally, Sustainable Growth Advisers LP acquired a new position in shares of Meta Platforms during the second quarter worth $595,152,000. 79.91% of the stock is currently owned by institutional investors.

Meta Platforms Price Performance

Shares of NASDAQ META opened at $559.10 on Friday. 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 stock has a fifty day simple moving average of $505.40 and a two-hundred day simple moving average of $496.34. Meta Platforms, Inc. has a 1-year low of $279.40 and a 1-year high of $562.07. The firm has a market cap of $1.42 trillion, a price-to-earnings ratio of 32.11, a price-to-earnings-growth ratio of 1.26 and a beta of 1.21.

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 the consensus estimate of $4.70 by $0.46. Meta Platforms had a return on equity of 34.16% and a net margin of 34.34%. The company had revenue of $39.07 billion during the quarter, compared to the consensus estimate of $38.26 billion. During the same quarter in the prior year, the company earned $3.23 EPS. The firm’s quarterly revenue was up 22.1% compared to the same quarter last year. Analysts anticipate that Meta Platforms, Inc. will post 21.36 earnings per share for the current year.

Meta Platforms Announces Dividend

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

Insider Activity

In related news, CFO Susan J. Li sold 8,950 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 value of $4,714,502.00. Following the completion of the transaction, the chief financial officer now directly owns 74,579 shares of the company’s stock, valued at approximately $39,285,234.04. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Meta Platforms news, CFO Susan J. Li sold 8,950 shares of the firm’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $526.76, for a total value of $4,714,502.00. Following the completion of the transaction, the chief financial officer now owns 74,579 shares in the company, valued at approximately $39,285,234.04. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CTO Andrew Bosworth sold 5,057 shares of Meta Platforms stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $526.76, for a total value of $2,663,825.32. Following the transaction, the chief technology officer now directly owns 11,990 shares of the company’s stock, valued at approximately $6,315,852.40. The disclosure for this sale can be found here. Insiders have sold a total of 356,426 shares of company stock valued at $185,053,425 over the last quarter. Company insiders own 13.71% of the company’s stock.

Analysts Set New Price Targets

META has been the subject of a number of recent research reports. Stifel Nicolaus increased their price objective on Meta Platforms from $550.00 to $590.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Wells Fargo & Company increased their price target on Meta Platforms from $625.00 to $647.00 and gave the company an “overweight” rating in a research note on Thursday, August 1st. DA Davidson started coverage on Meta Platforms in a research report on Tuesday, September 10th. They set a “buy” rating and a $600.00 price objective for the company. Deutsche Bank Aktiengesellschaft upped their target price on Meta Platforms from $525.00 to $585.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Finally, Barclays raised their price target on shares of Meta Platforms from $520.00 to $550.00 and gave the stock an “overweight” rating in a report on Thursday, August 1st. Two equities research 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 issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $577.26.

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.