Meta Platforms, Inc. (NASDAQ:META) is Suvretta Capital Management LLC’s 6th Largest Position

Suvretta Capital Management LLC raised its position in shares of Meta Platforms, Inc. (NASDAQ:META) by 0.8% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 168,488 shares of the social networking company’s stock after purchasing an additional 1,319 shares during the period. Meta Platforms makes up approximately 3.1% of Suvretta Capital Management LLC’s holdings, making the stock its 6th largest holding. Suvretta Capital Management LLC’s holdings in Meta Platforms were worth $96,449,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. International Assets Investment Management LLC lifted its position in Meta Platforms by 57,001.5% in the 3rd quarter. International Assets Investment Management LLC now owns 9,517,111 shares of the social networking company’s stock worth $5,447,975,000 after buying an additional 9,500,444 shares during the last quarter. Integrated Investment Consultants LLC raised its stake in shares of Meta Platforms by 61,769.3% during the third quarter. Integrated Investment Consultants LLC now owns 4,132,870 shares of the social networking company’s stock worth $2,365,820,000 after acquiring an additional 4,126,190 shares in the last quarter. Sustainable Growth Advisers LP bought a new stake in shares of Meta Platforms in the 2nd quarter worth approximately $595,152,000. Healthcare of Ontario Pension Plan Trust Fund boosted its stake in shares of 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 purchasing an additional 661,923 shares in the last quarter. Finally, Manning & Napier Advisors LLC bought a new position in shares of Meta Platforms during the 2nd quarter valued at $285,690,000. Institutional investors own 79.91% of the company’s stock.

Meta Platforms Stock Down 0.8 %

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

Meta Platforms (NASDAQ:META) last issued its quarterly earnings data on Wednesday, October 30th. The social networking company reported $6.03 earnings per share 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 company had revenue of $40.59 billion for the quarter, compared to the consensus estimate of $40.21 billion. Research analysts anticipate that Meta Platforms, Inc. will post 22.62 EPS for the current year.

Meta Platforms Dividend Announcement

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

Analysts Set New Price Targets

Several research firms have issued reports on META. Evercore ISI upped their price target on shares of Meta Platforms from $550.00 to $600.00 and gave the company an “outperform” rating in a research report on Thursday, August 1st. Morgan Stanley increased their target price on Meta Platforms from $550.00 to $575.00 and gave the company an “overweight” rating in a report on Thursday, August 1st. Stifel Nicolaus lifted their price target on Meta Platforms from $590.00 to $663.00 and gave the stock a “buy” rating in a research note on Monday, October 14th. JMP Securities increased their price objective on Meta Platforms from $635.00 to $660.00 and gave the company a “market outperform” rating in a research note on Thursday, October 31st. Finally, Wedbush restated an “outperform” rating and issued a $600.00 target price on shares of Meta Platforms in a report on Thursday, September 26th. Two investment 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 assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $634.71.

Insiders Place Their Bets

In other Meta Platforms news, insider Jennifer Newstead sold 905 shares of the stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $565.30, for a total value of $511,596.50. Following the transaction, the insider now directly owns 37,790 shares in the company, valued at approximately $21,362,687. This trade represents a 2.34 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Aaron Anderson sold 731 shares of the stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $557.00, for a total transaction of $407,167.00. Following the completion of the transaction, the chief accounting officer now owns 3,414 shares in the company, valued at $1,901,598. The trade was a 17.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 106,239 shares of company stock worth $59,681,541. 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.