MFG Wealth Management Inc. Takes $3.15 Million Position in Meta Platforms, Inc. (NASDAQ:META)

MFG Wealth Management Inc. purchased a new stake in shares of Meta Platforms, Inc. (NASDAQ:META) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 5,379 shares of the social networking company’s stock, valued at approximately $3,149,000. Meta Platforms accounts for approximately 2.9% of MFG Wealth Management Inc.’s investment portfolio, making the stock its 9th largest holding.

Other large investors also recently modified their holdings of the company. JDM Financial Group LLC acquired a new position in shares of Meta Platforms during the third quarter valued at $30,000. Safe Harbor Fiduciary LLC acquired a new position in Meta Platforms during the third quarter worth about $36,000. Avondale Wealth Management acquired a new position in Meta Platforms during the fourth quarter worth about $41,000. Cordant Inc. acquired a new position in Meta Platforms during the fourth quarter worth about $59,000. Finally, Reston Wealth Management LLC acquired a new position in Meta Platforms during the third quarter worth about $61,000. 79.91% of the stock is owned by institutional investors and hedge funds.

Meta Platforms Stock Performance

Shares of NASDAQ META opened at $715.91 on Wednesday. The company has a quick ratio of 2.98, a current ratio of 2.98 and a debt-to-equity ratio of 0.16. The business’s 50 day moving average is $643.13 and its two-hundred day moving average is $587.57. The company has a market cap of $1.81 trillion, a P/E ratio of 29.93, a P/E/G ratio of 1.46 and a beta of 1.20. Meta Platforms, Inc. has a 12 month low of $414.50 and a 12 month high of $740.91.

Meta Platforms (NASDAQ:META) last issued its quarterly earnings results on Wednesday, January 29th. The social networking company reported $8.02 EPS for the quarter, topping the consensus estimate of $6.75 by $1.27. Meta Platforms had a return on equity of 38.17% and a net margin of 37.91%. During the same period in the prior year, the company posted $5.33 EPS. On average, equities analysts expect that Meta Platforms, Inc. will post 26.66 EPS for the current year.

Meta Platforms Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 26th. Stockholders of record on Friday, March 14th will be given a dividend of $0.525 per share. The ex-dividend date of this dividend is Friday, March 14th. This is a boost from Meta Platforms’s previous quarterly dividend of $0.50. This represents a $2.10 dividend on an annualized basis and a dividend yield of 0.29%. Meta Platforms’s payout ratio is currently 8.36%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Sanford C. Bernstein lifted their target price on Meta Platforms from $600.00 to $675.00 and gave the stock an “outperform” rating in a report on Friday, October 25th. Pivotal Research lifted their target price on Meta Platforms from $800.00 to $875.00 and gave the stock a “buy” rating in a report on Thursday, January 30th. Rosenblatt Securities reaffirmed a “buy” rating and set a $811.00 target price on shares of Meta Platforms in a report on Monday, January 27th. UBS Group lifted their target price on Meta Platforms from $736.00 to $786.00 and gave the stock a “buy” rating in a report on Thursday, January 30th. Finally, Oppenheimer increased their price target on Meta Platforms from $650.00 to $800.00 and gave the company an “outperform” rating in a research report on Thursday, January 30th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, thirty-five 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 a consensus price target of $717.90.

Insider Activity

In other news, insider Jennifer Newstead sold 905 shares of the business’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $565.30, for a total transaction of $511,596.50. Following the sale, the insider now directly owns 37,790 shares in the company, valued at approximately $21,362,687. The trade was a 2.34 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Mark Zuckerberg sold 55,589 shares of the business’s stock in a transaction on Friday, February 7th. The shares were sold at an average price of $717.72, for a total value of $39,897,337.08. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 770,701 shares of company stock worth $495,357,621. Company insiders own 13.71% of the company’s stock.

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.