NRI Wealth Management LC Takes $594,000 Position in Meta Platforms, Inc. (NASDAQ:META)

NRI Wealth Management LC purchased a new position in shares of Meta Platforms, Inc. (NASDAQ:META) during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 1,014 shares of the social networking company’s stock, valued at approximately $594,000. Meta Platforms accounts for 0.4% of NRI Wealth Management LC’s holdings, making the stock its 22nd biggest position.

A number of other hedge funds have also recently added to or reduced their stakes in the company. JDM Financial Group LLC acquired a new position in Meta Platforms during the third quarter worth $30,000. Safe Harbor Fiduciary LLC acquired a new stake in shares of Meta Platforms in the 3rd quarter worth about $36,000. Halpern Financial Inc. bought a new position in Meta Platforms in the 3rd quarter valued at about $46,000. West Financial Advisors LLC acquired a new position in Meta Platforms during the 3rd quarter valued at about $49,000. Finally, Hoese & Co LLP increased its holdings in Meta Platforms by 2,000.0% during the 3rd quarter. Hoese & Co LLP now owns 105 shares of the social networking company’s stock worth $60,000 after purchasing an additional 100 shares in the last quarter. Institutional investors and hedge funds own 79.91% of the company’s stock.

Meta Platforms Stock Performance

NASDAQ META opened at $599.24 on Friday. Meta Platforms, Inc. has a 52-week low of $343.17 and a 52-week high of $638.40. The company has a fifty day moving average of $589.25 and a 200-day moving average of $548.19. The company has a market capitalization of $1.51 trillion, a P/E ratio of 28.23, a P/E/G ratio of 1.39 and a beta of 1.20. The company has a debt-to-equity ratio of 0.18, a quick ratio of 2.73 and a current ratio of 2.73.

Meta Platforms (NASDAQ:META) last posted its quarterly earnings data on Wednesday, October 30th. The social networking company reported $6.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.19 by $0.84. The firm had revenue of $40.59 billion during the quarter, compared to analysts’ expectations of $40.21 billion. Meta Platforms had a return on equity of 35.60% and a net margin of 35.55%. As a group, equities research analysts predict that Meta Platforms, Inc. will post 22.68 EPS for the current fiscal year.

Meta Platforms Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, December 27th. Investors of record on Monday, December 16th were issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 0.33%. The ex-dividend date was Monday, December 16th. Meta Platforms’s dividend payout ratio is currently 9.42%.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. Susquehanna lifted their target price on Meta Platforms from $600.00 to $675.00 and gave the company a “positive” rating in a research report on Thursday, October 31st. Monness Crespi & Hardt upped their target price on shares of Meta Platforms from $620.00 to $660.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. The Goldman Sachs Group raised their price target on shares of Meta Platforms from $555.00 to $636.00 and gave the company a “buy” rating in a research report on Monday, October 14th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $811.00 price objective on shares of Meta Platforms in a research report on Thursday, October 31st. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $670.00 target price on shares of Meta Platforms in a research report on Wednesday, October 16th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, thirty-five have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $640.20.

Insider Buying and Selling at Meta Platforms

In other news, CFO Susan J. Li sold 8,951 shares of the stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $577.16, for a total transaction of $5,166,159.16. Following the completion of the sale, the chief financial officer now directly owns 51,591 shares in the company, valued at approximately $29,776,261.56. This represents a 14.78 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Mark Zuckerberg sold 492 shares of Meta Platforms stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $600.75, for a total value of $295,569.00. Following the completion of the sale, the chief executive officer now owns 518,508 shares in the company, valued at approximately $311,493,681. This represents a 0.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 327,116 shares of company stock worth $198,171,544 over the last three months. 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.