Cim LLC Buys Shares of 49,733 Meta Platforms, Inc. (NASDAQ:META)

Cim LLC purchased a new position in shares of Meta Platforms, Inc. (NASDAQ:META) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 49,733 shares of the social networking company’s stock, valued at approximately $17,603,000. Meta Platforms comprises about 3.0% of Cim LLC’s portfolio, making the stock its 13th biggest position.

Several other hedge funds also recently made changes to their positions in the business. Beacon Financial Group raised its holdings in Meta Platforms by 137.7% during the fourth quarter. Beacon Financial Group now owns 6,829 shares of the social networking company’s stock worth $2,417,000 after acquiring an additional 3,956 shares in the last quarter. Gordian Capital Singapore Pte Ltd lifted its position in shares of Meta Platforms by 3.7% in the fourth quarter. Gordian Capital Singapore Pte Ltd now owns 16,347 shares of the social networking company’s stock valued at $5,786,000 after buying an additional 585 shares during the last quarter. Sierra Summit Advisors LLC acquired a new position in shares of Meta Platforms during the 4th quarter worth approximately $7,952,000. Scarborough Advisors LLC bought a new stake in Meta Platforms in the 4th quarter valued at $3,964,000. Finally, Proathlete Wealth Management LLC acquired a new position in shares of Meta Platforms in the fourth quarter valued at $673,000. 79.91% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, insider Jennifer Newstead sold 585 shares of the business’s stock in a transaction dated Tuesday, April 30th. The shares were sold at an average price of $431.05, for a total transaction of $252,164.25. Following the completion of the sale, the insider now directly owns 36,643 shares of the company’s stock, valued at $15,794,965.15. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, insider Jennifer Newstead sold 585 shares of the stock in a transaction on Tuesday, April 30th. The stock was sold at an average price of $431.05, for a total value of $252,164.25. Following the completion of the sale, the insider now directly owns 36,643 shares of the company’s stock, valued at approximately $15,794,965.15. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Susan J. Li sold 8,951 shares of the firm’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $471.85, for a total transaction of $4,223,529.35. Following the transaction, the chief financial officer now directly owns 74,580 shares in the company, valued at $35,190,573. The disclosure for this sale can be found here. Insiders have sold a total of 437,528 shares of company stock worth $215,768,262 in the last ninety days. Corporate insiders own 13.71% of the company’s stock.

Meta Platforms Trading Up 0.1 %

Shares of Meta Platforms stock traded up $0.56 on Friday, reaching $504.16. 10,243,347 shares of the company’s stock were exchanged, compared to its average volume of 10,607,878. The firm’s 50-day moving average is $480.39 and its two-hundred day moving average is $441.54. The company has a market capitalization of $1.28 trillion, a P/E ratio of 28.96, a price-to-earnings-growth ratio of 1.31 and a beta of 1.21. The company has a debt-to-equity ratio of 0.12, a quick ratio of 2.68 and a current ratio of 2.68. Meta Platforms, Inc. has a 52 week low of $271.42 and a 52 week high of $531.49.

Meta Platforms (NASDAQ:META) last posted its quarterly earnings results on Wednesday, April 24th. The social networking company reported $4.71 EPS for the quarter, topping analysts’ consensus estimates 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 net margin of 32.06% and a return on equity of 32.03%. Sell-side analysts predict that Meta Platforms, Inc. will post 20.16 EPS for the current fiscal year.

Meta Platforms Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 26th. Stockholders of record on Friday, June 14th will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.40%. The ex-dividend date is Friday, June 14th. Meta Platforms’s payout ratio is 11.49%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on META shares. Oppenheimer lowered their price target on shares of Meta Platforms from $585.00 to $500.00 and set an “outperform” rating on the stock in a report on Thursday, April 25th. TD Cowen dropped their price target on Meta Platforms from $590.00 to $530.00 and set a “buy” rating for the company in a report on Thursday, April 25th. Citigroup decreased their price objective on Meta Platforms from $590.00 to $550.00 and set a “buy” rating on the stock in a report on Thursday, April 25th. Wolfe Research reduced their target price on shares of Meta Platforms from $530.00 to $500.00 and set an “outperform” rating for the company in a research report on Thursday, April 25th. Finally, Barclays lowered their price target on shares of Meta Platforms from $550.00 to $520.00 and set an “overweight” rating on the stock in a research report on Thursday, April 25th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating, thirty-seven have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Meta Platforms has a consensus rating of “Moderate Buy” and a consensus target price of $510.41.

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.