Destiny Wealth Partners LLC Makes New $4.20 Million Investment in Meta Platforms, Inc. (NASDAQ:META)

Destiny Wealth Partners LLC purchased a new position in shares of Meta Platforms, Inc. (NASDAQ:META) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 8,331 shares of the social networking company’s stock, valued at approximately $4,201,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in META. Bahl & Gaynor Inc. increased its stake in shares of Meta Platforms by 3.2% during the 4th quarter. Bahl & Gaynor Inc. now owns 6,838 shares of the social networking company’s stock worth $2,420,000 after purchasing an additional 215 shares during the last quarter. Raab & Moskowitz Asset Management LLC acquired a new position in shares of Meta Platforms during the 4th quarter worth about $315,000. Addison Advisors LLC increased its stake in shares of Meta Platforms by 3.9% during the 4th quarter. Addison Advisors LLC now owns 670 shares of the social networking company’s stock worth $237,000 after purchasing an additional 25 shares during the last quarter. Valmark Advisers Inc. increased its stake in shares of Meta Platforms by 2.6% during the 4th quarter. Valmark Advisers Inc. now owns 6,222 shares of the social networking company’s stock worth $2,202,000 after purchasing an additional 160 shares during the last quarter. Finally, Cedar Point Capital Partners LLC acquired a new position in shares of Meta Platforms during the 4th quarter worth about $216,000. 79.91% of the stock is owned by institutional investors.

Analyst Ratings Changes

META has been the topic of a number of research reports. Loop Capital upped their price target on shares of Meta Platforms from $550.00 to $575.00 and gave the company a “buy” rating in a research note on Tuesday, August 6th. Oppenheimer upped their price target on shares of Meta Platforms from $525.00 to $615.00 and gave the company an “outperform” rating in a research note on Thursday, August 1st. TD Cowen upped their price target on shares of Meta Platforms from $530.00 to $600.00 and gave the company a “buy” rating in a research note on Wednesday, July 10th. Robert W. Baird upped their price target on shares of Meta Platforms from $500.00 to $530.00 and gave the company an “outperform” rating in a research note on Thursday, August 1st. Finally, Piper Sandler upped their price target on shares of Meta Platforms from $545.00 to $575.00 and gave the company an “overweight” rating in a research note on Thursday, August 1st. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating, thirty-three have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $574.41.

Meta Platforms Trading Down 0.7 %

META traded down $3.93 during trading on Friday, reaching $528.00. 11,304,691 shares of the stock traded hands, compared to its average volume of 16,221,447. The company has a quick ratio of 2.68, a current ratio of 2.83 and a debt-to-equity ratio of 0.12. The stock’s 50-day moving average is $502.96 and its 200 day moving average is $491.15. Meta Platforms, Inc. has a 12 month low of $276.03 and a 12 month high of $544.23. The stock has a market capitalization of $1.34 trillion, a PE ratio of 30.33, a P/E/G ratio of 1.27 and a beta of 1.21.

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

Meta Platforms Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 26th. Stockholders of record on Friday, June 14th were paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.38%. The ex-dividend date was Friday, June 14th. Meta Platforms’s dividend payout ratio is 11.49%.

Insider Activity

In other news, CEO Mark Zuckerberg sold 2,011 shares of the business’s stock in a transaction dated Thursday, June 6th. The stock was sold at an average price of $500.92, for a total value of $1,007,350.12. Following the transaction, the chief executive officer now directly owns 318,932 shares of the company’s stock, valued at approximately $159,759,417.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Mark Zuckerberg sold 2,011 shares of the company’s stock in a transaction that occurred on Thursday, June 6th. The stock was sold at an average price of $500.92, for a total transaction of $1,007,350.12. Following the transaction, the chief executive officer now directly owns 318,932 shares of the company’s stock, valued at approximately $159,759,417.44. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Susan J. Li sold 8,950 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $526.76, for a total value of $4,714,502.00. Following the transaction, the chief financial officer now directly owns 74,579 shares in the company, valued at $39,285,234.04. The disclosure for this sale can be found here. Insiders have sold 418,680 shares of company stock valued at $211,992,147 in the last ninety days. 13.71% of the stock is owned by company insiders.

About Meta Platforms

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.