Convergence Investment Partners LLC Buys 645 Shares of Meta Platforms, Inc. (NASDAQ:META)

Convergence Investment Partners LLC grew its stake in Meta Platforms, Inc. (NASDAQ:META) by 9.9% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 7,140 shares of the social networking company’s stock after purchasing an additional 645 shares during the period. Meta Platforms makes up about 1.3% of Convergence Investment Partners LLC’s portfolio, making the stock its 20th biggest position. Convergence Investment Partners LLC’s holdings in Meta Platforms were worth $2,527,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also modified their holdings of the company. FMR LLC lifted its stake in shares of Meta Platforms by 4.0% during the 3rd quarter. FMR LLC now owns 130,809,908 shares of the social networking company’s stock worth $39,270,443,000 after acquiring an additional 5,001,647 shares during the last quarter. International Assets Investment Management LLC raised its position in Meta Platforms by 11,154.4% during the 4th quarter. International Assets Investment Management LLC now owns 4,952,254 shares of the social networking company’s stock valued at $1,752,900,000 after purchasing an additional 4,908,251 shares in the last quarter. Massachusetts Financial Services Co. MA raised its position in Meta Platforms by 55.9% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 8,632,631 shares of the social networking company’s stock valued at $2,591,602,000 after purchasing an additional 3,093,715 shares in the last quarter. Cerity Partners LLC raised its position in Meta Platforms by 1,457.5% during the 4th quarter. Cerity Partners LLC now owns 3,156,360 shares of the social networking company’s stock valued at $1,117,225,000 after purchasing an additional 2,953,704 shares in the last quarter. Finally, Lone Pine Capital LLC bought a new stake in Meta Platforms during the 3rd quarter valued at $834,315,000. 79.91% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on META shares. JPMorgan Chase & Co. decreased their target price on Meta Platforms from $535.00 to $480.00 and set an “overweight” rating for the company in a research report on Thursday. Mizuho lifted their target price on Meta Platforms from $470.00 to $575.00 and gave the company a “buy” rating in a research report on Friday, February 2nd. Roth Mkm lifted their target price on Meta Platforms from $500.00 to $510.00 and gave the company a “buy” rating in a research report on Thursday. Monness Crespi & Hardt lifted their target price on Meta Platforms from $370.00 to $540.00 and gave the company a “buy” rating in a research report on Friday, February 2nd. Finally, Jefferies Financial Group decreased their target price on Meta Platforms from $585.00 to $540.00 and set a “buy” rating for the company in a research report on Thursday. One analyst has rated the stock with a sell rating, three have assigned a hold rating, thirty-seven have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $509.18.

Insider Activity

In other news, CEO Mark Zuckerberg sold 19,681 shares of the business’s stock in a transaction dated Wednesday, January 31st. The stock was sold at an average price of $393.85, for a total value of $7,751,361.85. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CTO Andrew Bosworth sold 8,036 shares of the company’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $473.28, for a total value of $3,803,278.08. Following the completion of the transaction, the chief technology officer now owns 18,432 shares of the company’s stock, valued at approximately $8,723,496.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Mark Zuckerberg sold 19,681 shares of the company’s stock in a transaction dated Wednesday, January 31st. The stock was sold at an average price of $393.85, for a total value of $7,751,361.85. The disclosure for this sale can be found here. Insiders sold a total of 1,349,148 shares of company stock valued at $649,552,559 in the last quarter. 13.75% of the stock is currently owned by company insiders.

Meta Platforms Stock Performance

Meta Platforms stock traded up $1.91 during trading hours on Friday, hitting $443.29. 32,645,619 shares of the stock traded hands, compared to its average volume of 18,233,678. The stock has a market capitalization of $1.13 trillion, a price-to-earnings ratio of 25.46, a P/E/G ratio of 1.13 and a beta of 1.20. The firm’s 50 day moving average price is $494.48 and its 200-day moving average price is $404.85. The company has a debt-to-equity ratio of 0.12, a current ratio of 2.68 and a quick ratio of 2.67. Meta Platforms, Inc. has a 1 year low of $229.85 and a 1 year high of $531.49.

Meta Platforms (NASDAQ:META) last issued its quarterly earnings data on Wednesday, April 24th. The social networking company reported $4.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.32 by $0.39. The business had revenue of $36.46 billion during the quarter, compared to analysts’ expectations of $36.28 billion. Meta Platforms had a return on equity of 32.03% and a net margin of 32.06%. As a group, equities analysts expect that Meta Platforms, Inc. will post 20.2 EPS for the current fiscal year.

Meta Platforms Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 26th. Stockholders of record on Thursday, February 22nd were issued a $0.50 dividend. The ex-dividend date of this dividend was Wednesday, February 21st. This represents a $2.00 annualized dividend and a dividend yield of 0.45%. Meta Platforms’s dividend payout ratio (DPR) is presently 11.49%.

Meta Platforms 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.