Precision Wealth Strategies LLC Increases Position in Meta Platforms, Inc. (NASDAQ:META)

Precision Wealth Strategies LLC raised its position in shares of Meta Platforms, Inc. (NASDAQ:META) by 13.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,910 shares of the social networking company’s stock after acquiring an additional 830 shares during the period. Meta Platforms makes up 3.0% of Precision Wealth Strategies LLC’s portfolio, making the stock its 10th biggest holding. Precision Wealth Strategies LLC’s holdings in Meta Platforms were worth $3,983,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Suvretta Capital Management LLC increased its stake in Meta Platforms by 1.1% during the fourth quarter. Suvretta Capital Management LLC now owns 170,338 shares of the social networking company’s stock valued at $99,735,000 after acquiring an additional 1,850 shares during the period. Skye Global Management LP increased its position in shares of Meta Platforms by 130.9% during the fourth quarter. Skye Global Management LP now owns 76,200 shares of the social networking company’s stock valued at $44,616,000 after purchasing an additional 43,200 shares during the period. Brueske Advisory Services LLC acquired a new position in shares of Meta Platforms in the fourth quarter valued at $459,000. Kovitz Investment Group Partners LLC lifted its position in Meta Platforms by 255.9% in the fourth quarter. Kovitz Investment Group Partners LLC now owns 1,709,694 shares of the social networking company’s stock worth $1,001,044,000 after purchasing an additional 1,229,350 shares during the period. Finally, Fisher Asset Management LLC lifted its position in Meta Platforms by 1.7% in the fourth quarter. Fisher Asset Management LLC now owns 6,675,174 shares of the social networking company’s stock worth $3,908,382,000 after purchasing an additional 110,040 shares during the period. 79.91% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

META has been the topic of several recent analyst reports. Evercore ISI boosted their price target on Meta Platforms from $725.00 to $750.00 and gave the company an “outperform” rating in a research note on Thursday, May 1st. Cantor Fitzgerald restated an “overweight” rating and issued a $676.00 target price on shares of Meta Platforms in a research note on Wednesday, June 11th. Oppenheimer upped their target price on shares of Meta Platforms from $665.00 to $775.00 and gave the stock an “outperform” rating in a report on Monday. Benchmark cut their price target on shares of Meta Platforms from $820.00 to $640.00 and set a “buy” rating for the company in a report on Wednesday, April 23rd. Finally, Citigroup reaffirmed a “buy” rating on shares of Meta Platforms in a research note on Thursday, June 12th. One analyst has rated the stock with a sell rating, four have issued a hold rating, thirty-seven have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, Meta Platforms presently has an average rating of “Moderate Buy” and a consensus target price of $706.88.

Insider Transactions at Meta Platforms

In other news, CTO Andrew Bosworth sold 5,057 shares of the company’s stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $659.36, for a total transaction of $3,334,383.52. Following the completion of the transaction, the chief technology officer now directly owns 16,463 shares of the company’s stock, valued at $10,855,043.68. This represents a 23.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Javier Olivan sold 406 shares of the stock in a transaction dated Monday, April 21st. The stock was sold at an average price of $491.69, for a total value of $199,626.14. Following the transaction, the chief operating officer now owns 4,608 shares of the company’s stock, valued at approximately $2,265,707.52. The trade was a 8.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 84,672 shares of company stock valued at $55,455,647 over the last quarter. Corporate insiders own 13.61% of the company’s stock.

Meta Platforms Price Performance

META opened at $697.23 on Wednesday. The stock has a market cap of $1.75 trillion, a P/E ratio of 27.19, a P/E/G ratio of 1.73 and a beta of 1.26. Meta Platforms, Inc. has a 12 month low of $442.65 and a 12 month high of $740.91. The company has a quick ratio of 2.66, a current ratio of 2.66 and a debt-to-equity ratio of 0.16. The company has a fifty day simple moving average of $610.13 and a 200 day simple moving average of $621.38.

Meta Platforms (NASDAQ:META) last released its quarterly earnings results on Wednesday, April 30th. The social networking company reported $6.43 EPS for the quarter, topping analysts’ consensus estimates of $5.33 by $1.10. Meta Platforms had a return on equity of 38.69% and a net margin of 39.11%. The company had revenue of $42.31 billion for the quarter, compared to analyst estimates of $41.45 billion. During the same quarter last year, the firm posted $4.71 earnings per share. Meta Platforms’s revenue was up 16.1% compared to the same quarter last year. On average, research analysts expect that Meta Platforms, Inc. will post 26.7 EPS for the current year.

Meta Platforms Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 26th. Stockholders of record on Monday, June 16th will be issued a $0.525 dividend. This represents a $2.10 annualized dividend and a dividend yield of 0.30%. The ex-dividend date of this dividend is Monday, June 16th. Meta Platforms’s dividend payout ratio (DPR) is presently 8.19%.

About Meta Platforms

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.