Totem Point Management LLC Invests $5.16 Million in Meta Platforms, Inc. (NASDAQ:META)

Totem Point Management LLC acquired a new position in shares of Meta Platforms, Inc. (NASDAQ:META) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 10,630 shares of the social networking company’s stock, valued at approximately $5,162,000. Meta Platforms makes up approximately 5.6% of Totem Point Management LLC’s holdings, making the stock its 9th biggest position.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. S.A. Mason LLC increased its position in Meta Platforms by 1.5% in the 1st quarter. S.A. Mason LLC now owns 1,328 shares of the social networking company’s stock worth $645,000 after purchasing an additional 20 shares during the last quarter. Horizon Bancorp Inc. IN increased its position in Meta Platforms by 2.0% in the 1st quarter. Horizon Bancorp Inc. IN now owns 1,057 shares of the social networking company’s stock worth $513,000 after purchasing an additional 21 shares during the last quarter. Northern Capital Management Inc. increased its position in Meta Platforms by 3.4% in the 1st quarter. Northern Capital Management Inc. now owns 647 shares of the social networking company’s stock worth $314,000 after purchasing an additional 21 shares during the last quarter. LongView Wealth Management increased its position in Meta Platforms by 1.3% in the 1st quarter. LongView Wealth Management now owns 1,762 shares of the social networking company’s stock worth $856,000 after purchasing an additional 22 shares during the last quarter. Finally, Hanson & Doremus Investment Management increased its position in Meta Platforms by 5.3% in the 1st quarter. Hanson & Doremus Investment Management now owns 435 shares of the social networking company’s stock worth $211,000 after purchasing an additional 22 shares during the last quarter. 79.91% of the stock is owned by institutional investors and hedge funds.

Meta Platforms Price Performance

META stock traded up $12.29 during midday trading on Friday, reaching $465.70. 14,222,388 shares of the company’s stock traded hands, compared to its average volume of 13,931,730. The company has a 50-day simple moving average of $493.20 and a two-hundred day simple moving average of $475.36. The company has a market cap of $1.18 trillion, a price-to-earnings ratio of 26.75, a PEG ratio of 1.20 and a beta of 1.21. Meta Platforms, Inc. has a 1-year low of $274.38 and a 1-year high of $542.81. The company has a quick ratio of 2.68, a current ratio of 2.68 and a debt-to-equity ratio of 0.12.

Meta Platforms (NASDAQ:META) last released its earnings results on Wednesday, April 24th. The social networking company reported $4.71 EPS for the quarter, beating the consensus estimate of $4.32 by $0.39. The company had revenue of $36.46 billion during the quarter, compared to analysts’ expectations of $36.28 billion. Meta Platforms had a return on equity of 32.03% and a net margin of 32.06%. On average, analysts anticipate that Meta Platforms, Inc. will post 20.23 earnings per share for the current year.

Meta Platforms Announces Dividend

The company 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 annualized dividend and a dividend yield of 0.43%. Meta Platforms’s dividend payout ratio (DPR) is currently 11.49%.

Wall Street Analysts Forecast Growth

META has been the topic of a number of analyst reports. JMP Securities reissued a “market outperform” rating and set a $550.00 price objective on shares of Meta Platforms in a report on Monday, April 22nd. Stifel Nicolaus increased their price objective on Meta Platforms from $527.00 to $588.00 and gave the company a “buy” rating in a report on Tuesday, April 16th. Wolfe Research initiated coverage on Meta Platforms in a report on Tuesday, July 16th. They set an “outperform” rating and a $620.00 price objective on the stock. The Goldman Sachs Group lowered their price objective on Meta Platforms from $555.00 to $500.00 and set a “buy” rating on the stock in a report on Thursday, April 25th. Finally, Truist Financial lowered their price objective on Meta Platforms from $550.00 to $535.00 and set a “buy” rating on the stock in a report on Thursday, April 25th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating, thirty-five have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $534.87.

Insider Activity

In other news, insider Jennifer Newstead sold 905 shares of Meta Platforms stock in a transaction on Tuesday, July 23rd. The stock was sold at an average price of $489.80, for a total value of $443,269.00. Following the completion of the sale, the insider now directly owns 35,130 shares of the company’s stock, valued at approximately $17,206,674. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, COO Javier Olivan sold 490 shares of Meta Platforms stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $445.93, for a total transaction of $218,505.70. Following the completion of the sale, the chief operating officer now directly owns 6,109 shares of the company’s stock, valued at $2,724,186.37. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Jennifer Newstead sold 905 shares of Meta Platforms stock in a transaction dated Tuesday, July 23rd. The stock was sold at an average price of $489.80, for a total value of $443,269.00. Following the transaction, the insider now owns 35,130 shares in the company, valued at $17,206,674. The disclosure for this sale can be found here. In the last ninety days, insiders sold 311,348 shares of company stock valued at $154,678,120. 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.