Prestige Wealth Management Group LLC Has $4.65 Million Stake in Meta Platforms, Inc. (NASDAQ:META)

Prestige Wealth Management Group LLC trimmed its position in Meta Platforms, Inc. (NASDAQ:META) by 13.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 7,943 shares of the social networking company’s stock after selling 1,200 shares during the period. Meta Platforms makes up approximately 1.4% of Prestige Wealth Management Group LLC’s investment portfolio, making the stock its 23rd largest holding. Prestige Wealth Management Group LLC’s holdings in Meta Platforms were worth $4,651,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Meta Platforms by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 191,198,005 shares of the social networking company’s stock valued at $111,948,344,000 after acquiring an additional 1,502,553 shares in the last quarter. Geode Capital Management LLC boosted its position in Meta Platforms by 1.5% during the third quarter. Geode Capital Management LLC now owns 48,160,608 shares of the social networking company’s stock valued at $27,470,870,000 after purchasing an additional 698,884 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in Meta Platforms by 3.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 14,251,766 shares of the social networking company’s stock valued at $8,344,552,000 after purchasing an additional 424,201 shares in the last quarter. Franklin Resources Inc. increased its position in shares of Meta Platforms by 2.8% during the 3rd quarter. Franklin Resources Inc. now owns 6,946,755 shares of the social networking company’s stock worth $4,101,602,000 after purchasing an additional 186,728 shares during the last quarter. Finally, Fisher Asset Management LLC raised its stake in shares of Meta Platforms by 1.7% during the 4th 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 in the last quarter. 79.91% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

META has been the subject of several analyst reports. Citigroup raised their target price on shares of Meta Platforms from $753.00 to $780.00 and gave the company a “buy” rating in a research note on Thursday, January 30th. Benchmark upgraded shares of Meta Platforms from a “hold” rating to a “buy” rating and set a $820.00 price objective on the stock in a research note on Thursday, January 30th. Arete Research upgraded shares of Meta Platforms to a “hold” rating in a research note on Friday, January 24th. KeyCorp lowered their price target on Meta Platforms from $750.00 to $710.00 and set an “overweight” rating on the stock in a research report on Tuesday, March 18th. Finally, Bank of America raised their price objective on Meta Platforms from $710.00 to $765.00 and gave the company a “buy” rating in a research report on Thursday, January 30th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, thirty-five have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, Meta Platforms has an average rating of “Moderate Buy” and a consensus price target of $718.31.

Meta Platforms Stock Performance

NASDAQ:META opened at $626.31 on Wednesday. The company has a quick ratio of 2.98, a current ratio of 2.98 and a debt-to-equity ratio of 0.16. The firm has a market capitalization of $1.59 trillion, a PE ratio of 26.18, a price-to-earnings-growth ratio of 1.42 and a beta of 1.23. Meta Platforms, Inc. has a twelve month low of $414.50 and a twelve month high of $740.91. The stock’s 50-day simple moving average is $656.24 and its 200 day simple moving average is $608.00.

Meta Platforms (NASDAQ:META) last announced its quarterly earnings results on Wednesday, January 29th. The social networking company reported $8.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.75 by $1.27. Meta Platforms had a net margin of 37.91% and a return on equity of 38.17%. During the same quarter last year, the firm posted $5.33 EPS. On average, analysts anticipate that Meta Platforms, Inc. will post 26.7 EPS for the current fiscal year.

Meta Platforms Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 26th. Stockholders of record on Friday, March 14th will be paid a $0.525 dividend. This represents a $2.10 dividend on an annualized basis and a dividend yield of 0.34%. This is a boost from Meta Platforms’s previous quarterly dividend of $0.50. The ex-dividend date is Friday, March 14th. Meta Platforms’s dividend payout ratio is presently 8.78%.

Insider Activity at Meta Platforms

In other Meta Platforms news, CEO Mark Zuckerberg sold 55,589 shares of the stock in a transaction dated Friday, February 7th. The stock was sold at an average price of $717.72, for a total value of $39,897,337.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, COO Javier Olivan sold 413 shares of the business’s stock in a transaction dated Monday, December 30th. The stock was sold at an average price of $589.16, for a total value of $243,323.08. Following the sale, the chief operating officer now owns 17,514 shares in the company, valued at approximately $10,318,548.24. This trade represents a 2.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 585,605 shares of company stock valued at $386,710,448 in the last 90 days. 13.71% of the stock is owned by corporate insiders.

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.