Meta Platforms, Inc. (NASDAQ:META) Stake Boosted by State of Michigan Retirement System

State of Michigan Retirement System grew its position in Meta Platforms, Inc. (NASDAQ:METAFree Report) by 9.0% during the 4th quarter, Holdings Channel.com reports. The firm owned 823,514 shares of the social networking company’s stock after purchasing an additional 67,900 shares during the period. Meta Platforms accounts for about 1.7% of State of Michigan Retirement System’s portfolio, making the stock its 9th biggest position. State of Michigan Retirement System’s holdings in Meta Platforms were worth $291,491,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in META. Fairfield Bush & CO. acquired a new position in Meta Platforms during the first quarter valued at $66,000. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Meta Platforms by 12.5% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,244,201 shares of the social networking company’s stock worth $499,020,000 after acquiring an additional 249,926 shares during the period. Ergoteles LLC raised its position in shares of Meta Platforms by 284.0% in the first quarter. Ergoteles LLC now owns 3,356 shares of the social networking company’s stock worth $746,000 after acquiring an additional 2,482 shares during the period. First Western Trust Bank acquired a new position in shares of Meta Platforms in the first quarter worth about $813,000. Finally, Oxford Financial Group Ltd. raised its position in shares of Meta Platforms by 26.9% in the first quarter. Oxford Financial Group Ltd. now owns 1,888 shares of the social networking company’s stock worth $420,000 after acquiring an additional 400 shares during the period. 79.91% of the stock is currently owned by institutional investors and hedge funds.

Meta Platforms Trading Up 1.2 %

NASDAQ META opened at $497.37 on Wednesday. The company has a debt-to-equity ratio of 0.12, a current ratio of 2.67 and a quick ratio of 2.67. The firm’s fifty day moving average price is $473.50 and its 200 day moving average price is $381.00. The company has a market capitalization of $1.27 trillion, a price-to-earnings ratio of 33.38, a price-to-earnings-growth ratio of 1.26 and a beta of 1.20. Meta Platforms, Inc. has a 12 month low of $207.13 and a 12 month high of $523.57.

Meta Platforms (NASDAQ:METAGet Free Report) last released its earnings results on Thursday, February 1st. The social networking company reported $5.33 EPS for the quarter, topping the consensus estimate of $4.82 by $0.51. Meta Platforms had a net margin of 28.98% and a return on equity of 29.48%. The company had revenue of $40.11 billion during the quarter, compared to analysts’ expectations of $39.12 billion. During the same quarter last year, the business earned $3.00 EPS. The business’s revenue was up 24.7% on a year-over-year basis. On average, sell-side analysts expect that Meta Platforms, Inc. will post 19.94 earnings per share for the current fiscal year.

Meta Platforms Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 26th. Stockholders of record on Thursday, February 22nd were paid a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 0.40%. The ex-dividend date was Wednesday, February 21st. Meta Platforms’s dividend payout ratio (DPR) is presently 13.42%.

Analysts Set New Price Targets

A number of brokerages have weighed in on META. Piper Sandler upped their price objective on shares of Meta Platforms from $415.00 to $525.00 and gave the stock an “overweight” rating in a research report on Friday, February 2nd. Stifel Nicolaus upped their price objective on shares of Meta Platforms from $405.00 to $527.00 and gave the stock a “buy” rating in a research report on Friday, February 2nd. Mizuho boosted their target price on shares of Meta Platforms from $470.00 to $575.00 and gave the stock a “buy” rating in a research note on Friday, February 2nd. Jefferies Financial Group boosted their target price on shares of Meta Platforms from $425.00 to $455.00 and gave the stock a “buy” rating in a research note on Monday, January 29th. Finally, BMO Capital Markets boosted their target price on shares of Meta Platforms from $397.00 to $450.00 and gave the stock a “market perform” rating in a research note on Friday, February 2nd. One research analyst has rated the stock with a sell rating, two have issued a hold rating, thirty-nine have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, Meta Platforms has an average rating of “Moderate Buy” and a consensus target price of $496.35.

Get Our Latest Stock Analysis on META

Insider Transactions at Meta Platforms

In other news, insider Jennifer Newstead sold 585 shares of the firm’s stock in a transaction on Tuesday, March 26th. The shares were sold at an average price of $505.29, for a total value of $295,594.65. Following the completion of the sale, the insider now owns 39,568 shares in the company, valued at approximately $19,993,314.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Meta Platforms news, CEO Mark Zuckerberg sold 19,681 shares of Meta Platforms stock in a transaction dated Friday, January 5th. The shares were sold at an average price of $351.47, for a total transaction of $6,917,281.07. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jennifer Newstead sold 585 shares of Meta Platforms stock in a transaction dated Tuesday, March 26th. The stock was sold at an average price of $505.29, for a total transaction of $295,594.65. Following the transaction, the insider now owns 39,568 shares of the company’s stock, valued at approximately $19,993,314.72. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,502,805 shares of company stock worth $703,056,383. Company insiders own 14.03% of the company’s stock.

About Meta Platforms

(Free Report)

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.

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Institutional Ownership by Quarter for Meta Platforms (NASDAQ:META)

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