Clearstead Advisors LLC Increases Holdings in Meta Platforms, Inc. $META

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Meta Platforms (NASDAQ:META – Get Free Report) last released its quarterly earnings data on Wednesday, April 29th. The social networking company reported $10.44 EPS for the quarter, topping analysts’ consensus estimates of $6.67 by $3.77. The business had revenue of $56.31 billion during the quarter, compared to the consensus estimate of $55.56 billion. Meta Platforms had a return on equity of 36.93% and a net margin of 32.84%.The business’s revenue for the quarter was up 33.1% on a year-over-year basis. During the same period in the prior year, the firm posted $6.43 EPS. On average, equities research analysts expect that Meta Platforms, Inc. will post 29.35 EPS for the current year.

Meta Platforms Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 25th. Stockholders of record on Monday, June 15th will be issued a dividend of $0.525 per share. This represents a $2.10 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date is Monday, June 15th. Meta Platforms’s dividend payout ratio is presently 7.63%.

Insider Buying and Selling at Meta Platforms

In other news, insider Curtis J. Mahoney sold 2,079 shares of the company’s stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $609.92, for a total transaction of $1,268,023.68. Following the completion of the sale, the insider directly owned 1,118 shares in the company, valued at $681,890.56. This represents a 65.03% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Javier Olivan sold 837 shares of the company’s stock in a transaction on Monday, June 1st. The stock was sold at an average price of $629.29, for a total value of $526,715.73. Following the sale, the chief operating officer owned 12,986 shares of the company’s stock, valued at approximately $8,171,959.94. The trade was a 6.06% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 42,860 shares of company stock worth $26,555,260. 13.53% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. Morgan Stanley reduced their target price on Meta Platforms from $825.00 to $775.00 and set an “overweight” rating on the stock in a research note on Monday, March 30th. Citizens Jmp reaffirmed a “market outperform” rating and issued a $900.00 target price on shares of Meta Platforms in a research note on Tuesday, April 21st. Sanford C. Bernstein reduced their target price on Meta Platforms from $900.00 to $850.00 and set an “outperform” rating on the stock in a research note on Thursday, April 30th. BNP Paribas Exane assumed coverage on Meta Platforms in a research note on Tuesday. They issued an “outperform” rating on the stock. Finally, Truist Financial reduced their target price on Meta Platforms from $900.00 to $840.00 and set a “buy” rating on the stock in a research note on Thursday, April 30th. Three research analysts have rated the stock with a Strong Buy rating, thirty-five have given a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $840.60.

Read Our Latest Report on META

Meta Platforms Company Profile

(Free Report)

Meta Platforms, Inc NASDAQ: META, formerly Facebook, Inc, is a global technology company best known for building social networking services and immersive computing platforms. Founded in 2004 and headquartered in Menlo Park, California, the company operates a family of consumer-facing products and services that connect users, creators and businesses. In October 2021 the company rebranded as Meta to reflect an expanded strategic focus on augmented and virtual reality technologies alongside its social media businesses.

Meta’s core consumer products include Facebook, Instagram, WhatsApp and Messenger, which enable social networking, messaging, content sharing and community building across mobile and desktop devices.

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