Suvretta Capital Management LLC Raises Position in Meta Platforms, Inc. (NASDAQ:META)

Suvretta Capital Management LLC increased its holdings in shares of Meta Platforms, Inc. (NASDAQ:META) by 0.8% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 168,488 shares of the social networking company’s stock after buying an additional 1,319 shares during the quarter. Meta Platforms accounts for about 3.1% of Suvretta Capital Management LLC’s holdings, making the stock its 6th biggest holding. Suvretta Capital Management LLC’s holdings in Meta Platforms were worth $96,449,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of META. International Assets Investment Management LLC raised its position in Meta Platforms by 57,001.5% in the third quarter. International Assets Investment Management LLC now owns 9,517,111 shares of the social networking company’s stock valued at $5,447,975,000 after purchasing an additional 9,500,444 shares during the last quarter. Integrated Investment Consultants LLC increased its stake in shares of Meta Platforms by 61,769.3% in the third quarter. Integrated Investment Consultants LLC now owns 4,132,870 shares of the social networking company’s stock valued at $2,365,820,000 after buying an additional 4,126,190 shares during the period. Sustainable Growth Advisers LP bought a new position in Meta Platforms in the 2nd quarter valued at approximately $595,152,000. Healthcare of Ontario Pension Plan Trust Fund raised its holdings in Meta Platforms by 926.6% in the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 733,358 shares of the social networking company’s stock valued at $369,774,000 after buying an additional 661,923 shares during the last quarter. Finally, Manning & Napier Advisors LLC acquired a new stake in Meta Platforms during the 2nd quarter worth approximately $285,690,000. 79.91% of the stock is owned by institutional investors and hedge funds.

Meta Platforms Stock Performance

NASDAQ META opened at $569.20 on Friday. The firm has a market cap of $1.44 trillion, a P/E ratio of 26.81, a price-to-earnings-growth ratio of 1.25 and a beta of 1.22. The company has a quick ratio of 2.73, a current ratio of 2.73 and a debt-to-equity ratio of 0.18. The company’s 50 day moving average is $574.75 and its 200-day moving average is $526.33. Meta Platforms, Inc. has a 12-month low of $313.66 and a 12-month high of $602.95.

Meta Platforms (NASDAQ:META) last issued its earnings results on Wednesday, October 30th. The social networking company reported $6.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.19 by $0.84. Meta Platforms had a net margin of 35.55% and a return on equity of 35.60%. The business had revenue of $40.59 billion for the quarter, compared to analysts’ expectations of $40.21 billion. Sell-side analysts predict that Meta Platforms, Inc. will post 22.62 earnings per share for the current year.

Meta Platforms Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 26th. Shareholders of record on Monday, September 16th were paid a $0.50 dividend. The ex-dividend date of this dividend was Monday, September 16th. This represents a $2.00 annualized dividend and a yield of 0.35%. Meta Platforms’s dividend payout ratio is currently 9.42%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. Needham & Company LLC reaffirmed an “underperform” rating on shares of Meta Platforms in a research note on Thursday, October 31st. Citigroup raised their target price on Meta Platforms from $645.00 to $705.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Jefferies Financial Group upped their price target on Meta Platforms from $600.00 to $675.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. Morgan Stanley raised their price objective on Meta Platforms from $550.00 to $575.00 and gave the stock an “overweight” rating in a research report on Thursday, August 1st. Finally, Guggenheim upped their target price on Meta Platforms from $600.00 to $665.00 and gave the company a “buy” rating in a report on Monday, October 7th. Two 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 stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $634.71.

Insider Buying and Selling at Meta Platforms

In other news, CEO Mark Zuckerberg sold 492 shares of the business’s stock in a transaction on Monday, October 7th. The shares were sold at an average price of $600.75, for a total transaction of $295,569.00. Following the completion of the transaction, the chief executive officer now directly owns 518,508 shares in the company, valued at $311,493,681. The trade was a 0.09 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Jennifer Newstead sold 905 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $520.00, for a total transaction of $470,600.00. Following the completion of the transaction, the insider now directly owns 38,722 shares in the company, valued at approximately $20,135,440. The trade was a 2.28 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 106,239 shares of company stock valued at $59,681,541 in the last quarter. 13.71% of the stock is currently owned by corporate insiders.

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.