Colonial River Wealth Management LLC increases holdings in Meta Platforms, Inc. (NASDAQ:META)

VaselineAugust 21, 2024

0 5 minutes read

Colonial River Wealth Management LLC increased its holdings in Meta Platforms, Inc. (NASDAQ:META – Free Report) by 8.3% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,254 shares of the social networking company’s stock after purchasing an additional 477 shares during the quarter. Meta Platforms makes up 1.7% of Colonial River Wealth Management LLC’s holdings, making the stock its 11th biggest holding. Colonial River Wealth Management LLC’s holdings in Meta Platforms were worth $3,153,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Neo Ivy Capital Management purchased a new position in shares of Meta Platforms in the second quarter valued at approximately $6,024,000. First Citizens Bank & Trust Co. lifted its position in shares of Meta Platforms by 0.9% during the second quarter. First Citizens Bank & Trust Co. now owns 54,635 shares of the social networking company’s stock worth $27,548,000 after purchasing an additional 486 shares during the last quarter. China Universal Asset Management Co. Ltd. raised its stake in shares of Meta Platforms by 5.1% in the second quarter. China Universal Asset Management Co. Ltd. now owns 51,685 shares of the social networking company’s stock valued at $26,061,000 after buying an additional 2,494 shares during the period. ZWJ Investment Counsel Inc. grew its position in shares of Meta Platforms by 0.6% during the second quarter. ZWJ Investment Counsel Inc. now owns 6,164 shares of the social networking company’s stock worth $3,108,000 after acquiring an additional 37 shares during the period. Finally, First Horizon Advisors Inc. raised its stake in Meta Platforms by 3.2% during the 2nd quarter. First Horizon Advisors Inc. now owns 37,140 shares of the social networking company’s stock worth $18,727,000 after purchasing an additional 1,139 shares during the last quarter. Hedge funds and other institutional investors own 79.91% of the company’s shares.

Performance of meta platform stocks

NASDAQ:META traded up $2.85 during midday trading on Wednesday, reaching $529.58. The stock had a trading volume of 826,787 shares, compared to its average volume of 16,176,936. The company has a quick ratio of 2.68, a current ratio of 2.83, and a debt-to-equity ratio of 0.12. The stock has a market cap of $1.34 trillion, a P/E ratio of 30.25, a P/E/G ratio of 1.27 and a beta of 1.21. The firm has a fifty day simple moving average of $501.40 and a two hundred day simple moving average of $489.81. Meta Platforms, Inc. has a 12-month low of $276.03 and a 12-month high of $542.81.

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Meta Platforms (NASDAQ:META – Get Free Report ) last posted its earnings results on Wednesday, July 31st. The social media company reported $5.16 earnings per share for the quarter, topping the consensus estimate of $4.70 by $0.46. Meta Platforms had a net margin of 34.34% and a return on equity of 34.16%. The company had revenue of $39.07 billion for the quarter, compared to the consensus estimate of $38.26 billion. The company’s quarterly revenue was up 22.1% compared to the same quarter last year. In the same quarter last year, the company earned $3.23 per share. On average, equities analysts expect that Meta Platforms, Inc. to record 20.5 EPS for the current year.

Meta Platforms Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 26th. Shareholders of record on Friday, June 14th were given a dividend of $0.50 per share. This represents an annualized dividend of $2.00 and a yield of 0.38%. The ex-dividend date of this dividend was Friday, June 14th. Meta platforms payout rate is 11.49%.

Analyst upgrades and downgrades

META has been the subject of several recent research reports. Raymond James raised their price objective on Meta Platforms from $550.00 to $600.00 and gave the company a “strong-buy” rating in a research note on Monday, July 1st. Piper Sandler upped their target price on shares of Meta Platforms from $545.00 to $575.00 and gave the stock an “overweight” rating in a report on Thursday, August 1st. Rosenblatt Securities upped their price objective on shares of Meta Platforms from $562.00 to $643.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Meta Platforms from $525.00 to $585.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Finally, BNP Paribas began coverage on Meta Platforms in a research note on Thursday, May 2nd. They issued an “underperform” rating and a $360.00 target price on the stock. Two analysts have rated the stock with a sell rating, two have given a hold rating, thirty-three have issued a buy rating and two have given a strong buy rating to the company. The company has an average rating of “Moderate Buy” and an average price target of $574.41, according to MarketBeat.com.

Check out our latest meta platform research report

Transactions within meta platforms

In related news, insider Jennifer Newstead sold 901 shares of the company’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $451.15, for a total transaction of $406,486.15. Following the transaction, the insider now owns 33,324 shares of the company’s stock, valued at $15,034,122.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Jennifer Newstead sold 901 shares of the company’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $451.15, for a total transaction of $406,486.15. Following the sale, the insider now owns 33,324 shares of the company’s stock, valued at $15,034,122.60. The transaction was disclosed in a legal filing with the SEC, which can be accessed via this link. Also, CFO Susan J. Li sold 8,950 shares of the stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $526.76, for a total transaction of $4,714,502.00. Following the completion of the transaction, the chief financial officer now directly owns 74,579 shares of the company’s stock, valued at $39,285,234.04. The disclosure for this sale can be found here. Over the last three months, insiders have sold 384,783 shares of company stock valued at $194,001,589. Corporate insiders own 13.71% of the company’s shares.

Platform meta profile

(Free Report)

Meta Platforms, Inc is committed to developing products that enable people to connect and share with friends and family through mobile devices, personal computers, virtual reality headsets and wearables around the world. It operates in two segments, Family of Apps and Reality Labs. The Family of Apps segment offers Facebook, which allows people to share, chat, discover and connect with interests; Instagram, a community for sharing photos, videos and private messages, as well as feeds, stories, movies, videos, live and shops; Messenger, a messaging app for people to connect with friends, family, communities and businesses across platforms and devices through text, audio and video calls; and WhatsApp, a messaging app that is used by people and businesses to communicate and transact privately.