Congress Park Capital LLC Trims Position in Meta Platforms, Inc. (NASDAQ:META)

Congress Park Capital LLC trimmed its position in shares of Meta Platforms, Inc. (NASDAQ:META) by 11.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 18,552 shares of the social networking company’s stock after selling 2,320 shares during the quarter. Meta Platforms accounts for 4.0% of Congress Park Capital LLC’s portfolio, making the stock its 4th largest position. Congress Park Capital LLC’s holdings in Meta Platforms were worth $9,009,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in META. Transform Wealth LLC bought a new stake in Meta Platforms in the 1st quarter valued at $5,475,000. Lincoln Capital Corp increased its stake in Meta Platforms by 9.5% in the 1st quarter. Lincoln Capital Corp now owns 1,205 shares of the social networking company’s stock valued at $585,000 after buying an additional 105 shares during the last quarter. Thrive Wealth Management LLC increased its stake in Meta Platforms by 6.6% in the 1st quarter. Thrive Wealth Management LLC now owns 2,829 shares of the social networking company’s stock valued at $1,374,000 after buying an additional 176 shares during the last quarter. Hurlow Wealth Management Group Inc. acquired a new position in shares of Meta Platforms during the 1st quarter worth about $243,000. Finally, Shulman DeMeo Asset Management LLC increased its stake in shares of Meta Platforms by 4.6% during the 1st quarter. Shulman DeMeo Asset Management LLC now owns 5,233 shares of the social networking company’s stock worth $2,541,000 after purchasing an additional 229 shares during the last quarter. 79.91% of the stock is owned by institutional investors.

Insider Activity

In other news, COO Javier Olivan sold 490 shares of the stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $486.75, for a total value of $238,507.50. Following the completion of the sale, the chief operating officer now owns 8,559 shares in the company, valued at $4,166,093.25. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, COO Javier Olivan sold 490 shares of the firm’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $486.75, for a total transaction of $238,507.50. Following the completion of the sale, the chief operating officer now owns 8,559 shares in the company, valued at $4,166,093.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jennifer Newstead sold 585 shares of the firm’s stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $485.00, for a total transaction of $283,725.00. Following the sale, the insider now owns 38,983 shares of the company’s stock, valued at approximately $18,906,755. The disclosure for this sale can be found here. Insiders sold a total of 233,512 shares of company stock worth $113,597,536 over the last quarter. Insiders own 13.71% of the company’s stock.

Meta Platforms Stock Down 0.9 %

Shares of Meta Platforms stock traded down $4.79 during trading hours on Friday, reaching $514.77. The company’s stock had a trading volume of 5,458,276 shares, compared to its average volume of 16,361,030. Meta Platforms, Inc. has a one year low of $274.38 and a one year high of $531.49. The company has a market capitalization of $1.31 trillion, a P/E ratio of 29.81, a P/E/G ratio of 1.33 and a beta of 1.21. The stock’s fifty day simple moving average is $479.53 and its two-hundred day simple moving average is $452.69. 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 released its quarterly earnings data on Wednesday, April 24th. The social networking company reported $4.71 earnings per share for the quarter, beating analysts’ consensus estimates of $4.32 by $0.39. The firm had revenue of $36.46 billion for the quarter, compared to analyst estimates of $36.28 billion. Meta Platforms had a net margin of 32.06% and a return on equity of 32.03%. On average, research analysts forecast that Meta Platforms, Inc. will post 20.16 earnings per share for the current year.

Meta Platforms Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 26th. Stockholders of record on Friday, June 14th were issued a $0.50 dividend. The ex-dividend date was Friday, June 14th. This represents a $2.00 annualized dividend and a dividend yield of 0.39%. Meta Platforms’s dividend payout ratio is currently 11.49%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on META. Canaccord Genuity Group lowered their price objective on shares of Meta Platforms from $610.00 to $575.00 and set a “buy” rating on the stock in a research note on Thursday, April 25th. Truist Financial lowered their price objective on shares of Meta Platforms from $550.00 to $535.00 and set a “buy” rating on the stock in a research note on Thursday, April 25th. Stifel Nicolaus boosted their price objective on shares of Meta Platforms from $527.00 to $588.00 and gave the stock a “buy” rating in a research note on Tuesday, April 16th. JPMorgan Chase & Co. reduced their target price on shares of Meta Platforms from $535.00 to $480.00 and set an “overweight” rating for the company in a report on Thursday, April 25th. Finally, Deutsche Bank Aktiengesellschaft cut their price objective on shares of Meta Platforms from $540.00 to $500.00 and set a “buy” rating for the company in a report on Thursday, April 25th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating, thirty-seven have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $510.05.

Meta Platforms Company 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.