Tortoise Investment Management LLC Reduces Shares of Meta Platforms, Inc. (NASDAQ:META)

VaselineSeptember 7, 2024

0 5 minutes read

Tortoise Investment Management LLC reduced its holdings in shares of Meta Platforms, Inc. (NASDAQ:META – Free Report) by 7.8% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,107 shares of the social networking company’s stock after selling 94 shares during the quarter. Tortoise Investment Management LLC’s holdings in Meta Platforms were worth $558,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the business. Delos Wealth Advisors LLC lifted its position in shares of Meta Platforms by 527.3% in the first quarter. Delos Wealth Advisors LLC now owns 69 shares of the social networking company’s stock worth $34,000 after acquiring an additional 58 shares in the last quarter. POM Investment Strategies LLC bought a new position in Meta Platforms in the second quarter valued at about $38,000. Ruedi Wealth Management Inc. raised its position in shares of Meta Platforms by 122.2% in the 2nd quarter. Ruedi Wealth Management Inc. now owns 80 shares of the social networking company’s stock worth $40,000 after acquiring an additional 44 shares in the last quarter. Richardson Financial Services Inc. raised its holdings in shares of Meta Platforms by 95.6% in the first quarter. Richardson Financial Services Inc. now owns 88 shares of the social networking company’s stock valued at $41,000 after acquiring an additional 43 shares in the last quarter. Finally, Quest Partners LLC purchased a new stake in shares of Meta Platforms during the 4th quarter valued at about $32,000. 79.91% of shares are owned by institutional investors and hedge funds.

Insiders place their bets

In related news, insider Jennifer Newstead sold 901 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $451.15, for a total value of $406,486.15. Following the completion of the sale, the insider now owns 33,324 shares in the company, valued at approximately $15,034,122.60. The sale was disclosed in a legal filing with the SEC, which can be accessed via this hyperlink. In other news, CEO Mark Zuckerberg sold 16,702 shares of the business’s stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $503.18, for a total value of $8,404,112.36. Following the transaction, the chief executive officer now owns 301,478 shares in the company, valued at approximately $151,697,700.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available on the SEC’s website. Also, insider Jennifer Newstead sold 901 shares of the stock in a transaction that occurred 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 completion of the sale, the insider now directly owns 33,324 shares of the company’s stock, valued at $15,034,122.60. The disclosure for this sale can be found here. Insiders have sold a total of 390,977 shares of company stock worth $202,384,548 over the last ninety days. 13.71% of shares are currently owned by company insiders.

Metaplatform trading down 3.2%

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Shares of NASDAQ:META opened at $500.27 on Friday. The stock has a market cap of $1.27 trillion, a price-to-earnings ratio of 28.73, a PEG ratio of 1.29 and a beta of 1.21. Meta Platforms, Inc. has a 1 year low of $279.40 and a 1 year high of $544.23. The company has a 50-day moving average price of $505.18 and a 200-day moving average price of $494.12. The company has a debt-to-equity ratio of 0.12, a quick ratio of 2.83, and a current ratio of 2.83.

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 (EPS) for the quarter, topping analysts’ consensus estimates of $4.70 by $0.46. Meta Platforms had a return on equity of 34.16% and a net margin of 34.34%. The business had revenue of $39.07 billion for the quarter, compared to analysts’ expectations of $38.26 billion. During the same period in the previous year, the firm posted EPS of $3.23. The company’s quarterly revenue was up 22.1% year over year. On average, research analysts anticipate that Meta Platforms, Inc. will post 21.3 EPS for the current fiscal year.

Meta Platforms Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 26th. Stockholders of record on Monday, September 16th will be given a dividend of $0.50 per share. This represents a dividend of $2.00 on an annualized basis and a yield of 0.40%. The ex-dividend date is Monday, September 16. Meta Platforms’s dividend payout ratio is currently 11.49%.

The Wall Street analyst weighs in

A number of research firms have commented on META. Sanford C. Bernstein lifted their price objective on shares of Meta Platforms from $565.00 to $575.00 and gave the stock an “outperform” rating in a report on Monday, July 22nd. Cantor Fitzgerald began coverage on shares of Meta Platforms in a research report on Thursday. They set an “overweight” rating and a $660.00 price objective for the company. Morgan Stanley boosted their target price on shares of Meta Platforms from $550.00 to $575.00 and gave the stock an “overweight” rating in a report on Thursday, August 1st. UBS Group upped their target price on Meta Platforms from $630.00 to $635.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Finally, Wells Fargo & Company boosted their target price on Meta Platforms from $625.00 to $647.00 and gave the stock an “overweight” rating in a report on Thursday, August 1st. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating, thirty-three have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $576.66.

Read our latest analysis of meta platforms

Meta Platforms Company 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.