Summit Financial LLC Has $33.75 Million Stake in Meta Platforms, Inc. (NASDAQ:META)

Summit Financial LLC reduced its position in shares of Meta Platforms, Inc. (NASDAQ:META) by 3.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 57,649 shares of the social networking company’s stock after selling 1,837 shares during the period. Meta Platforms comprises about 1.2% of Summit Financial LLC’s investment portfolio, making the stock its 13th largest holding. Summit Financial LLC’s holdings in Meta Platforms were worth $33,754,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of META. Seelaus Asset Management LLC boosted its holdings in Meta Platforms by 0.9% during the fourth quarter. Seelaus Asset Management LLC now owns 1,640 shares of the social networking company’s stock worth $960,000 after purchasing an additional 15 shares during the last quarter. Meredith Wealth Planning grew its stake in Meta Platforms by 0.8% in the fourth quarter. Meredith Wealth Planning now owns 1,873 shares of the social networking company’s stock valued at $1,097,000 after purchasing an additional 15 shares in the last quarter. Maiden Cove Capital LLC increased its position in shares of Meta Platforms by 3.2% during the 4th quarter. Maiden Cove Capital LLC now owns 481 shares of the social networking company’s stock worth $282,000 after purchasing an additional 15 shares during the last quarter. Stephens Consulting LLC raised its stake in shares of Meta Platforms by 5.3% during the 4th quarter. Stephens Consulting LLC now owns 317 shares of the social networking company’s stock worth $186,000 after purchasing an additional 16 shares in the last quarter. Finally, VeraBank N.A. grew its stake in shares of Meta Platforms by 0.8% in the fourth quarter. VeraBank N.A. now owns 1,954 shares of the social networking company’s stock valued at $1,144,000 after buying an additional 16 shares in the last quarter. 79.91% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Raymond James restated a “strong-buy” rating and set a $800.00 price objective (up from $725.00) on shares of Meta Platforms in a research note on Thursday, January 30th. JPMorgan Chase & Co. upped their price objective on Meta Platforms from $660.00 to $725.00 and gave the company an “overweight” rating in a research note on Wednesday, December 18th. Wells Fargo & Company lifted their target price on Meta Platforms from $685.00 to $752.00 and gave the stock an “overweight” rating in a research note on Thursday, January 30th. JMP Securities restated a “market outperform” rating and issued a $750.00 price target on shares of Meta Platforms in a research note on Monday, January 27th. Finally, The Goldman Sachs Group upped their price objective on shares of Meta Platforms from $688.00 to $765.00 and gave the company a “buy” rating in a report on Thursday, January 30th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating, thirty-five have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $718.31.

Meta Platforms Stock Performance

Shares of META stock opened at $576.74 on Monday. The business’s 50-day moving average price is $655.23 and its 200-day moving average price is $609.90. Meta Platforms, Inc. has a 12 month low of $414.50 and a 12 month high of $740.91. The company has a current ratio of 2.98, a quick ratio of 2.98 and a debt-to-equity ratio of 0.16. The firm has a market capitalization of $1.46 trillion, a price-to-earnings ratio of 24.11, a PEG ratio of 1.42 and a beta of 1.23.

Meta Platforms (NASDAQ:META) last posted its earnings results on Wednesday, January 29th. The social networking company reported $8.02 earnings per share for the quarter, topping analysts’ consensus estimates of $6.75 by $1.27. Meta Platforms had a net margin of 37.91% and a return on equity of 38.17%. During the same quarter last year, the business posted $5.33 EPS. Equities research analysts forecast that Meta Platforms, Inc. will post 26.7 EPS for the current year.

Meta Platforms Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 26th. Shareholders of record on Friday, March 14th were issued a dividend of $0.525 per share. The ex-dividend date of this dividend was Friday, March 14th. This is an increase from Meta Platforms’s previous quarterly dividend of $0.50. This represents a $2.10 annualized dividend and a yield of 0.36%. Meta Platforms’s payout ratio is presently 8.78%.

Insider Activity

In other Meta Platforms news, COO Javier Olivan sold 413 shares of the company’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $612.10, for a total transaction of $252,797.30. Following the sale, the chief operating officer now owns 17,101 shares of the company’s stock, valued at approximately $10,467,522.10. This represents a 2.36 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CTO Andrew Bosworth sold 5,060 shares of Meta Platforms stock in a transaction dated Saturday, February 15th. The stock was sold at an average price of $736.67, for a total value of $3,727,550.20. Following the completion of the transaction, the chief technology officer now directly owns 5,139 shares of the company’s stock, valued at approximately $3,785,747.13. This trade represents a 49.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 584,410 shares of company stock valued at $386,031,454. Company insiders own 13.71% of the company’s stock.

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.