Turtle Creek Wealth Advisors LLC Grows Position in Meta Platforms, Inc. (NASDAQ:META)

Turtle Creek Wealth Advisors LLC raised its holdings in Meta Platforms, Inc. (NASDAQ:META) by 11.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 11,551 shares of the social networking company’s stock after acquiring an additional 1,230 shares during the period. Meta Platforms makes up approximately 1.4% of Turtle Creek Wealth Advisors LLC’s investment portfolio, making the stock its 19th largest position. Turtle Creek Wealth Advisors LLC’s holdings in Meta Platforms were worth $5,609,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Kennedy Capital Management LLC increased its position in shares of Meta Platforms by 18.8% during the 3rd quarter. Kennedy Capital Management LLC now owns 13,847 shares of the social networking company’s stock worth $4,157,000 after purchasing an additional 2,189 shares during the last quarter. KADENSA CAPITAL Ltd acquired a new stake in shares of Meta Platforms during the 3rd quarter worth about $9,548,000. Jericho Capital Asset Management L.P. increased its position in shares of Meta Platforms by 88.4% during the 3rd quarter. Jericho Capital Asset Management L.P. now owns 1,084,963 shares of the social networking company’s stock worth $325,717,000 after purchasing an additional 509,000 shares during the last quarter. Jackson Wealth Management LLC acquired a new stake in shares of Meta Platforms during the 3rd quarter worth about $201,000. Finally, JT Stratford LLC increased its position in shares of Meta Platforms by 22.0% during the 3rd quarter. JT Stratford LLC now owns 12,876 shares of the social networking company’s stock worth $3,866,000 after purchasing an additional 2,318 shares during the last quarter. 79.91% of the stock is currently owned by institutional investors and hedge funds.

Meta Platforms Trading Up 4.6 %

NASDAQ META traded up $23.57 during trading hours on Friday, hitting $533.53. 12,760,950 shares of the company’s stock were exchanged, compared to its average volume of 16,218,739. The business’s 50 day moving average is $482.42 and its 200-day moving average is $458.78. Meta Platforms, Inc. has a 12-month low of $274.38 and a 12-month high of $535.67. The firm has a market capitalization of $1.35 trillion, a P/E ratio of 30.28, a price-to-earnings-growth ratio of 1.32 and a beta of 1.21. The company has a debt-to-equity ratio of 0.12, a quick ratio of 2.68 and a current ratio of 2.68.

Meta Platforms (NASDAQ:META) last announced its quarterly earnings results on Wednesday, April 24th. The social networking company reported $4.71 EPS for the quarter, topping the consensus estimate of $4.32 by $0.39. The company had revenue of $36.46 billion during the quarter, compared to analyst estimates of $36.28 billion. Meta Platforms had a return on equity of 32.03% and a net margin of 32.06%. As a group, analysts anticipate that Meta Platforms, Inc. will post 20.15 EPS for the current fiscal year.

Meta Platforms Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 26th. Stockholders of record on Friday, June 14th were paid a $0.50 dividend. The ex-dividend date of this dividend was Friday, June 14th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.37%. Meta Platforms’s dividend payout ratio (DPR) is currently 11.49%.

Insider Activity

In other news, CEO Mark Zuckerberg sold 16,702 shares of the stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $503.08, for a total value of $8,402,442.16. Following the completion of the sale, the chief executive officer now owns 204,280 shares in the company, valued at $102,769,182.40. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other Meta Platforms news, CEO Mark Zuckerberg sold 16,702 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $503.08, for a total transaction of $8,402,442.16. Following the completion of the sale, the chief executive officer now owns 204,280 shares in the company, valued at approximately $102,769,182.40. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Susan J. Li sold 8,951 shares of the firm’s stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $471.85, for a total value of $4,223,529.35. Following the sale, the chief financial officer now owns 74,580 shares of the company’s stock, valued at approximately $35,190,573. The disclosure for this sale can be found here. Over the last quarter, insiders sold 251,905 shares of company stock worth $123,528,726. 13.71% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages recently issued reports on META. Raymond James raised their price objective on Meta Platforms from $550.00 to $600.00 and gave the stock a “strong-buy” rating in a research report on Monday. Rosenblatt Securities lifted their target price on Meta Platforms from $520.00 to $562.00 and gave the company a “buy” rating in a research report on Thursday, April 25th. Wolfe Research dropped their target price on Meta Platforms from $530.00 to $500.00 and set an “outperform” rating for the company in a research report on Thursday, April 25th. Guggenheim dropped their target price on Meta Platforms from $520.00 to $500.00 and set a “buy” rating for the company in a research report on Thursday, April 25th. Finally, Sanford C. Bernstein dropped their target price on Meta Platforms from $590.00 to $565.00 and set an “outperform” rating for the company in a research report on Thursday, April 25th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating, thirty-seven have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $511.27.

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.