Meta Platforms, Inc. (NASDAQ:META) is Pitti Group Wealth Management LLC’s 7th Largest Position

Pitti Group Wealth Management LLC lowered its position in Meta Platforms, Inc. (NASDAQ:META) by 10.2% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 6,259 shares of the social networking company’s stock after selling 710 shares during the period. Meta Platforms comprises approximately 3.7% of Pitti Group Wealth Management LLC’s holdings, making the stock its 7th largest position. Pitti Group Wealth Management LLC’s holdings in Meta Platforms were worth $3,665,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Howard Capital Management Group LLC raised its stake in shares of Meta Platforms by 17.9% during the third quarter. Howard Capital Management Group LLC now owns 1,652 shares of the social networking company’s stock worth $946,000 after purchasing an additional 251 shares during the last quarter. Principal Financial Group Inc. raised its stake in shares of Meta Platforms by 6.5% during the third quarter. Principal Financial Group Inc. now owns 3,368,361 shares of the social networking company’s stock worth $1,928,185,000 after purchasing an additional 204,412 shares during the last quarter. United Bank raised its stake in shares of Meta Platforms by 22.2% during the third quarter. United Bank now owns 5,569 shares of the social networking company’s stock worth $3,188,000 after purchasing an additional 1,011 shares during the last quarter. 1776 Wealth LLC purchased a new stake in shares of Meta Platforms during the third quarter worth approximately $282,000. Finally, Turtle Creek Wealth Advisors LLC grew its holdings in Meta Platforms by 1.9% during the third quarter. Turtle Creek Wealth Advisors LLC now owns 13,431 shares of the social networking company’s stock worth $7,688,000 after acquiring an additional 249 shares during the period. Hedge funds and other institutional investors own 79.91% of the company’s stock.

Insider Activity

In other Meta Platforms news, CFO Susan J. Li sold 8,553 shares of the firm’s stock in a transaction that occurred on Saturday, February 15th. The stock was sold at an average price of $736.67, for a total transaction of $6,300,738.51. Following the completion of the sale, the chief financial officer now owns 51,793 shares in the company, valued at $38,154,349.31. This trade represents a 14.17 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Javier Olivan sold 608 shares of the firm’s stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $607.50, for a total value of $369,360.00. Following the sale, the chief operating officer now owns 7,446 shares of the company’s stock, valued at approximately $4,523,445. This trade represents a 7.55 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 632,023 shares of company stock worth $414,734,884. 13.71% of the stock is currently owned by corporate insiders.

Meta Platforms Stock Performance

Meta Platforms stock opened at $584.06 on Thursday. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.98 and a quick ratio of 2.98. Meta Platforms, Inc. has a 12 month low of $414.50 and a 12 month high of $740.91. The company has a market cap of $1.48 trillion, a price-to-earnings ratio of 24.42, a price-to-earnings-growth ratio of 1.42 and a beta of 1.23. The stock’s 50-day moving average is $656.27 and its 200-day moving average is $604.69.

Meta Platforms (NASDAQ:META) last posted its earnings results on Wednesday, January 29th. The social networking company reported $8.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 last year, the company earned $5.33 earnings per share. Equities analysts anticipate that Meta Platforms, Inc. will post 26.7 earnings per share for the current year.

Meta Platforms Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 26th. Stockholders of record on Friday, March 14th will be paid a $0.525 dividend. The ex-dividend date is Friday, March 14th. This represents a $2.10 dividend on an annualized basis and a dividend yield of 0.36%. This is a positive change from Meta Platforms’s previous quarterly dividend of $0.50. Meta Platforms’s dividend payout ratio (DPR) is 8.78%.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. Tigress Financial reaffirmed a “strong-buy” rating on shares of Meta Platforms in a report on Tuesday, February 11th. Rosenblatt Securities reaffirmed a “buy” rating and set a $811.00 price objective on shares of Meta Platforms in a report on Monday, January 27th. Wedbush reaffirmed an “outperform” rating and set a $770.00 price objective (up previously from $700.00) on shares of Meta Platforms in a report on Thursday, January 30th. Royal Bank of Canada upped their price objective on Meta Platforms from $700.00 to $800.00 and gave the stock an “outperform” rating in a report on Thursday, January 30th. Finally, KeyCorp dropped their price objective on Meta Platforms from $750.00 to $710.00 and set an “overweight” rating on the stock in a report on Tuesday. Two analysts have rated the stock with a sell rating, four have given a hold rating, thirty-five have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $718.31.

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.