TCP Asset Management LLC Makes New Investment in Meta Platforms, Inc. (NASDAQ:META)

TCP Asset Management LLC purchased a new position in Meta Platforms, Inc. (NASDAQ:META) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 445 shares of the social networking company’s stock, valued at approximately $224,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of META. Quest Partners LLC bought a new stake in Meta Platforms during the 4th quarter valued at $32,000. Clear Investment Research LLC raised its holdings in Meta Platforms by 411.1% during the 4th quarter. Clear Investment Research LLC now owns 92 shares of the social networking company’s stock valued at $33,000 after buying an additional 74 shares during the last quarter. Delos Wealth Advisors LLC raised its holdings in Meta Platforms by 527.3% during the 1st quarter. Delos Wealth Advisors LLC now owns 69 shares of the social networking company’s stock valued at $34,000 after buying an additional 58 shares during the last quarter. Richardson Financial Services Inc. raised its holdings in Meta Platforms by 95.6% in the 1st quarter. Richardson Financial Services Inc. now owns 88 shares of the social networking company’s stock worth $41,000 after purchasing an additional 43 shares in the last quarter. Finally, Kathleen S. Wright Associates Inc. bought a new position in Meta Platforms in the 1st quarter worth $44,000. Hedge funds and other institutional investors own 79.91% of the company’s stock.

Meta Platforms Trading Up 1.9 %

NASDAQ META traded up $9.85 on Thursday, hitting $536.61. 10,366,104 shares of the stock were exchanged, compared to its average volume of 16,356,326. The company has a debt-to-equity ratio of 0.12, a quick ratio of 2.68 and a current ratio of 2.83. The stock has a fifty day moving average price of $498.92 and a two-hundred day moving average price of $485.97. The firm has a market capitalization of $1.36 trillion, a P/E ratio of 30.92, a P/E/G ratio of 1.27 and a beta of 1.21. Meta Platforms, Inc. has a 52-week low of $274.38 and a 52-week high of $542.81.

Meta Platforms (NASDAQ:META) last posted its quarterly earnings data on Wednesday, July 31st. The social networking company reported $5.16 EPS for the quarter, topping the consensus estimate of $4.70 by $0.46. The company had revenue of $39.07 billion during the quarter, compared to analyst estimates of $38.26 billion. Meta Platforms had a net margin of 34.34% and a return on equity of 34.16%. Meta Platforms’s quarterly revenue was up 22.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $3.23 earnings per share. Research analysts forecast that Meta Platforms, Inc. will post 20.5 EPS for the current fiscal year.

Meta Platforms Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 26th. Shareholders of record on Friday, June 14th were paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 0.37%. The ex-dividend date was Friday, June 14th. Meta Platforms’s payout ratio is 11.49%.

Wall Street Analyst Weigh In

Several brokerages have commented on META. Needham & Company LLC restated an “underperform” rating on shares of Meta Platforms in a report on Thursday, August 1st. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Meta Platforms from $525.00 to $585.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Canaccord Genuity Group decreased their price objective on shares of Meta Platforms from $610.00 to $575.00 and set a “buy” rating for the company in a report on Thursday, April 25th. JMP Securities restated a “market outperform” rating and issued a $525.00 price objective on shares of Meta Platforms in a report on Tuesday, July 30th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $570.00 price target on shares of Meta Platforms in a research note on Thursday, August 1st. Two analysts have rated the stock with a sell rating, two have issued a hold rating, thirty-three have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $572.51.

Insider Activity

In other news, insider Jennifer Newstead sold 905 shares of the business’s stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $467.57, for a total transaction of $423,150.85. Following the completion of the sale, the insider now directly owns 43,275 shares of the company’s stock, valued at $20,234,091.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Jennifer Newstead sold 905 shares of the business’s stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $467.57, for a total transaction of $423,150.85. Following the completion of the sale, the insider now directly owns 43,275 shares of the company’s stock, valued at $20,234,091.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Sheryl Sandberg sold 105,000 shares of the business’s stock in a transaction on Wednesday, May 29th. The shares were sold at an average price of $476.71, for a total transaction of $50,054,550.00. Following the sale, the director now directly owns 630,293 shares of the company’s stock, valued at $300,466,976.03. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 349,174 shares of company stock valued at $175,146,777. 13.71% of the stock is currently owned by company 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.