Prosperity Wealth Management Inc. Has $2.49 Million Stake in Meta Platforms, Inc. (NASDAQ:META)

Prosperity Wealth Management Inc. grew its holdings in Meta Platforms, Inc. (NASDAQ:META) by 26.8% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 4,317 shares of the social networking company’s stock after purchasing an additional 912 shares during the quarter. Meta Platforms comprises about 1.2% of Prosperity Wealth Management Inc.’s investment portfolio, making the stock its 14th largest position. Prosperity Wealth Management Inc.’s holdings in Meta Platforms were worth $2,488,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the business. Millstone Evans Group LLC bought a new stake in Meta Platforms during the 4th quarter worth about $40,000. WealthTrak Capital Management LLC acquired a new position in shares of Meta Platforms during the fourth quarter worth approximately $43,000. Marshall & Sterling Wealth Advisors Inc. bought a new stake in shares of Meta Platforms during the fourth quarter valued at approximately $45,000. Stuart Chaussee & Associates Inc. acquired a new stake in shares of Meta Platforms in the fourth quarter valued at approximately $47,000. Finally, Principia Wealth Advisory LLC raised its position in Meta Platforms by 53.6% in the 1st quarter. Principia Wealth Advisory LLC now owns 86 shares of the social networking company’s stock worth $50,000 after purchasing an additional 30 shares during the last quarter. Institutional investors own 79.91% of the company’s stock.

Insider Transactions at Meta Platforms

In related news, COO Javier Olivan sold 608 shares of the firm’s stock in a transaction on Monday, March 24th. The shares were sold at an average price of $614.97, for a total value of $373,901.76. Following the completion of the transaction, the chief operating officer now owns 6,838 shares of the company’s stock, valued at approximately $4,205,164.86. This trade represents a 8.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Robert M. Kimmitt sold 465 shares of Meta Platforms stock in a transaction on Monday, June 16th. The shares were sold at an average price of $699.27, for a total transaction of $325,160.55. Following the completion of the sale, the director now owns 9,807 shares in the company, valued at $6,857,740.89. The trade was a 4.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 110,512 shares of company stock valued at $73,590,232 in the last ninety days. 13.61% of the stock is currently owned by corporate insiders.

Meta Platforms Price Performance

Shares of NASDAQ META opened at $695.77 on Thursday. The company has a fifty day moving average price of $612.33 and a 200 day moving average price of $621.89. The firm has a market cap of $1.75 trillion, a PE ratio of 27.14, a PEG ratio of 1.72 and a beta of 1.26. The company has a current ratio of 2.66, a quick ratio of 2.66 and a debt-to-equity ratio of 0.16. Meta Platforms, Inc. has a 1-year low of $442.65 and a 1-year high of $740.91.

Meta Platforms (NASDAQ:META) last issued its quarterly earnings results on Wednesday, April 30th. The social networking company reported $6.43 EPS for the quarter, beating analysts’ consensus estimates of $5.33 by $1.10. The company had revenue of $42.31 billion for the quarter, compared to analyst estimates of $41.45 billion. Meta Platforms had a return on equity of 38.69% and a net margin of 39.11%. The company’s quarterly revenue was up 16.1% compared to the same quarter last year. During the same period in the previous year, the company posted $4.71 earnings per share. Research analysts predict that Meta Platforms, Inc. will post 26.7 earnings per share for the current fiscal year.

Meta Platforms Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 26th. Stockholders of record on Monday, June 16th will be paid a dividend of $0.525 per share. The ex-dividend date of this dividend is Monday, June 16th. This represents a $2.10 annualized dividend and a dividend yield of 0.30%. Meta Platforms’s dividend payout ratio is currently 8.19%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Raymond James Financial dropped their target price on Meta Platforms from $800.00 to $750.00 and set a “strong-buy” rating for the company in a research report on Thursday, May 1st. JPMorgan Chase & Co. lifted their price objective on Meta Platforms from $675.00 to $735.00 and gave the stock an “overweight” rating in a research report on Wednesday, June 4th. Evercore ISI upped their target price on shares of Meta Platforms from $725.00 to $750.00 and gave the company an “outperform” rating in a research report on Thursday, May 1st. Bank of America raised their target price on shares of Meta Platforms from $690.00 to $765.00 and gave the company a “buy” rating in a research note on Thursday, June 12th. Finally, Guggenheim boosted their price target on shares of Meta Platforms from $675.00 to $725.00 and gave the stock a “buy” rating in a research note on Thursday, May 1st. One analyst has rated the stock with a sell rating, four have issued a hold rating, thirty-seven have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, Meta Platforms currently has a consensus rating of “Moderate Buy” and a consensus price target of $710.00.

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.