Fortress Wealth Management Inc. Grows Stake in Meta Platforms, Inc. (NASDAQ:META)

Fortress Wealth Management Inc. grew its stake in Meta Platforms, Inc. (NASDAQ:META) by 1.3% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,628 shares of the social networking company’s stock after purchasing an additional 47 shares during the period. Meta Platforms makes up about 0.9% of Fortress Wealth Management Inc.’s portfolio, making the stock its 29th biggest position. Fortress Wealth Management Inc.’s holdings in Meta Platforms were worth $1,829,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of the stock. Tennessee Valley Asset Management Partners raised its holdings in shares of Meta Platforms by 0.6% in the fourth quarter. Tennessee Valley Asset Management Partners now owns 4,566 shares of the social networking company’s stock valued at $1,616,000 after acquiring an additional 27 shares in the last quarter. NewEdge Wealth LLC raised its holdings in Meta Platforms by 20.0% in the fourth quarter. NewEdge Wealth LLC now owns 158,414 shares of the social networking company’s stock worth $56,072,000 after purchasing an additional 26,416 shares in the last quarter. Seascape Capital Management raised its holdings in Meta Platforms by 36.2% in the fourth quarter. Seascape Capital Management now owns 985 shares of the social networking company’s stock worth $349,000 after purchasing an additional 262 shares in the last quarter. ORG Partners LLC raised its holdings in Meta Platforms by 22.9% in the fourth quarter. ORG Partners LLC now owns 2,143 shares of the social networking company’s stock worth $759,000 after purchasing an additional 400 shares in the last quarter. Finally, Ingalls & Snyder LLC raised its holdings in Meta Platforms by 1.8% in the fourth quarter. Ingalls & Snyder LLC now owns 48,694 shares of the social networking company’s stock worth $17,236,000 after purchasing an additional 868 shares in the last quarter. 79.91% of the stock is currently owned by institutional investors.

Meta Platforms Stock Down 0.3 %

Shares of META traded down $1.78 during mid-day trading on Wednesday, reaching $526.76. The company’s stock had a trading volume of 10,771,298 shares, compared to its average volume of 16,373,998. Meta Platforms, Inc. has a 12-month low of $274.38 and a 12-month high of $542.81. The stock has a market cap of $1.34 trillion, a PE ratio of 30.35, a price-to-earnings-growth ratio of 1.27 and a beta of 1.21. The company has a debt-to-equity ratio of 0.12, a current ratio of 2.83 and a quick ratio of 2.68. The company’s 50 day moving average is $498.29 and its 200 day moving average is $485.68.

Meta Platforms (NASDAQ:META) last released its quarterly earnings results on Wednesday, July 31st. The social networking company reported $5.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.70 by $0.46. The firm 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 quarterly revenue was up 22.1% compared to the same quarter last year. During the same quarter last year, the business posted $3.23 EPS. Equities analysts anticipate that Meta Platforms, Inc. will post 20.5 EPS for the current fiscal year.

Meta Platforms Announces Dividend

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

Insider Buying and Selling

In related news, CEO Mark Zuckerberg sold 16,702 shares of the firm’s stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $513.09, for a total transaction of $8,569,629.18. Following the transaction, the chief executive officer now owns 98,654 shares in the company, valued at approximately $50,618,380.86. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Meta Platforms news, CEO Mark Zuckerberg sold 16,702 shares of the stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $513.09, for a total transaction of $8,569,629.18. Following the completion of the sale, the chief executive officer now directly owns 98,654 shares of the company’s stock, valued at approximately $50,618,380.86. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Peggy Alford sold 1,052 shares of the stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $479.00, for a total value of $503,908.00. Following the sale, the director now directly owns 6,168 shares of the company’s stock, valued at $2,954,472. The disclosure for this sale can be found here. Insiders have sold 315,770 shares of company stock worth $157,719,910 in the last quarter. 13.71% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on META shares. Raymond James upped their price objective on shares of Meta Platforms from $550.00 to $600.00 and gave the company a “strong-buy” rating in a report on Monday, July 1st. JMP Securities reiterated a “market outperform” rating and issued a $525.00 target price on shares of Meta Platforms in a research report on Tuesday, July 30th. Oppenheimer upped their price objective on Meta Platforms from $525.00 to $615.00 and gave the stock an “outperform” rating in a research report on Thursday, August 1st. Wolfe Research began coverage on Meta Platforms in a research report on Tuesday, July 16th. They issued an “outperform” rating and a $620.00 price objective on the stock. Finally, Barclays upped their price objective on Meta Platforms from $520.00 to $550.00 and gave the stock an “overweight” rating in a research report on Thursday, August 1st. Two analysts have rated the stock with a sell rating, two have issued a hold rating, thirty-three have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $572.51.

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.