Centre Asset Management LLC acquired a new stake in Meta Platforms, Inc. (NASDAQ:META – Get Rating) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 16,129 shares of the social networking company’s stock, valued at approximately $3,586,000.
Several other institutional investors also recently made changes to their positions in META. Norges Bank acquired a new position in shares of Meta Platforms during the fourth quarter worth about $9,595,113,000. Dodge & Cox boosted its holdings in Meta Platforms by 78.7% in the fourth quarter. Dodge & Cox now owns 6,655,324 shares of the social networking company’s stock valued at $2,238,518,000 after purchasing an additional 2,931,894 shares in the last quarter. Capital International Investors lifted its stake in Meta Platforms by 5.9% in the fourth quarter. Capital International Investors now owns 51,769,038 shares of the social networking company’s stock valued at $17,413,576,000 after buying an additional 2,888,336 shares during the last quarter. HS Management Partners LLC lifted its stake in Meta Platforms by 463.7% in the fourth quarter. HS Management Partners LLC now owns 2,826,830 shares of the social networking company’s stock valued at $182,104,000 after buying an additional 2,325,382 shares during the last quarter. Finally, TD Asset Management Inc. lifted its stake in Meta Platforms by 52.7% in the fourth quarter. TD Asset Management Inc. now owns 6,124,750 shares of the social networking company’s stock valued at $2,060,059,000 after buying an additional 2,114,636 shares during the last quarter. 65.49% of the stock is owned by institutional investors and hedge funds.
In related news, insider Jennifer Newstead sold 311 shares of the company’s stock in a transaction dated Tuesday, May 10th. The shares were sold at an average price of $199.60, for a total value of $62,075.60. Following the sale, the insider now owns 12,187 shares in the company, valued at approximately $2,432,525.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO David M. Wehner sold 1,222 shares of the company’s stock in a transaction dated Sunday, May 15th. The stock was sold at an average price of $198.62, for a total transaction of $242,713.64. Following the completion of the sale, the chief financial officer now directly owns 12,247 shares of the company’s stock, valued at $2,432,499.14. The disclosure for this sale can be found here. In the last three months, insiders sold 45,698 shares of company stock worth $9,181,081. 13.59% of the stock is currently owned by insiders.
Meta Platforms (NASDAQ:META – Get Rating) last posted its earnings results on Wednesday, April 27th. The social networking company reported $2.72 earnings per share for the quarter, topping analysts’ consensus estimates of $2.54 by $0.18. The firm had revenue of $27.91 billion for the quarter, compared to analysts’ expectations of $28.21 billion. Meta Platforms had a net margin of 31.20% and a return on equity of 28.74%. During the same quarter in the previous year, the firm posted $3.30 earnings per share. Research analysts predict that Meta Platforms, Inc. will post 11.63 earnings per share for the current year.
META has been the subject of a number of research reports. Mizuho reduced their price objective on Meta Platforms from $425.00 to $325.00 and set a “buy” rating for the company in a research note on Monday, April 25th. Royal Bank of Canada cut their price target on Meta Platforms from $245.00 to $240.00 and set an “outperform” rating for the company in a research note on Wednesday, April 13th. MKM Partners cut their price target on Meta Platforms from $315.00 to $295.00 in a research note on Thursday, April 28th. UBS Group cut their price target on Meta Platforms from $310.00 to $215.00 and set a “buy” rating for the company in a research note on Thursday, June 16th. Finally, cut Meta Platforms from a “buy” rating to a “hold” rating in a research note on Thursday, February 24th. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, thirty-three have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $305.87.
About Meta Platforms (Get Rating)
Meta Platforms, Inc develops products that enable people to connect and share with friends and family through mobile devices, personal computers, virtual reality headsets, wearables, and in-home devices worldwide. It operates in two segments, Family of Apps and Reality Labs. The Family of Apps segment's products include Facebook, which enables people to share, 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, groups, and businesses across platforms and devices through chat, audio and video calls, and rooms; and WhatsApp, a messaging application that is used by people and businesses to communicate and transact privately.
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