Fortis Capital Management LLC Acquires 460 Shares of Meta Platforms, Inc. (NASDAQ:META)

Fortis Capital Management LLC raised its stake in Meta Platforms, Inc. (NASDAQ:META) by 3.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 13,518 shares of the social networking company’s stock after buying an additional 460 shares during the quarter. Meta Platforms comprises approximately 1.5% of Fortis Capital Management LLC’s investment portfolio, making the stock its 15th biggest holding. Fortis Capital Management LLC’s holdings in Meta Platforms were worth $7,915,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Proficio Capital Partners LLC boosted its holdings in Meta Platforms by 78,471.1% during the fourth quarter. Proficio Capital Partners LLC now owns 6,248,763 shares of the social networking company’s stock worth $3,658,713,000 after purchasing an additional 6,240,810 shares during the last quarter. Raymond James Financial Inc. bought a new stake in Meta Platforms during the 4th quarter worth about $2,243,603,000. Strategic Financial Concepts LLC boosted its stake in shares of Meta Platforms by 87,269.8% during the 4th quarter. Strategic Financial Concepts LLC now owns 1,067,659 shares of the social networking company’s stock worth $625,125,000 after buying an additional 1,066,437 shares during the last quarter. World Investment Advisors LLC grew its holdings in shares of Meta Platforms by 4,658.5% in the 3rd quarter. World Investment Advisors LLC now owns 909,548 shares of the social networking company’s stock valued at $520,662,000 after acquiring an additional 890,434 shares in the last quarter. Finally, Amundi increased its position in shares of Meta Platforms by 14.6% in the fourth quarter. Amundi now owns 6,262,991 shares of the social networking company’s stock valued at $3,824,934,000 after acquiring an additional 795,570 shares during the last quarter. Institutional investors and hedge funds own 79.91% of the company’s stock.

Insider Activity

In other Meta Platforms news, insider Jennifer Newstead sold 905 shares of the company’s stock in a transaction that occurred on Tuesday, December 31st. The shares were sold at an average price of $591.76, for a total value of $535,542.80. Following the completion of the transaction, the insider now directly owns 32,915 shares in the company, valued at approximately $19,477,780.40. This represents a 2.68 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CTO Andrew Bosworth sold 5,060 shares of Meta Platforms stock in a transaction on Saturday, February 15th. The stock was sold at an average price of $736.67, for a total transaction of $3,727,550.20. Following the transaction, the chief technology officer now owns 5,139 shares in the company, valued at approximately $3,785,747.13. This trade represents a 49.61 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 585,605 shares of company stock valued at $386,710,448 over the last quarter. 13.71% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on META. Wells Fargo & Company raised their price target on Meta Platforms from $685.00 to $752.00 and gave the company an “overweight” rating in a research note on Thursday, January 30th. KeyCorp dropped their price target on shares of Meta Platforms from $750.00 to $710.00 and set an “overweight” rating on the stock in a research report on Tuesday, March 18th. Rosenblatt Securities reissued a “buy” rating and issued a $811.00 price objective on shares of Meta Platforms in a research report on Monday, January 27th. Citigroup upped their target price on shares of Meta Platforms from $753.00 to $780.00 and gave the company a “buy” rating in a report on Thursday, January 30th. Finally, JMP Securities reiterated a “market outperform” rating and set a $750.00 price target on shares of Meta Platforms in a report on Monday, January 27th. Two investment analysts have rated the stock with a sell rating, four have assigned 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 has a consensus rating of “Moderate Buy” and a consensus target price of $718.31.

Meta Platforms Trading Up 3.9 %

META opened at $619.55 on Tuesday. The company has a market cap of $1.57 trillion, a P/E ratio of 25.90, a PEG ratio of 1.42 and a beta of 1.23. 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 company’s 50 day moving average is $655.60 and its 200-day moving average is $607.11. Meta Platforms, Inc. has a 1-year low of $414.50 and a 1-year high of $740.91.

Meta Platforms (NASDAQ:META) last announced its quarterly earnings results on Wednesday, January 29th. The social networking company reported $8.02 earnings per share (EPS) for the quarter, topping the consensus estimate 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 in the prior year, the firm earned $5.33 earnings per share. Equities research analysts predict that Meta Platforms, Inc. will post 26.7 earnings per share for the current fiscal year.

Meta Platforms Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 26th. Stockholders of record on Friday, March 14th will be issued a dividend of $0.525 per share. This is a boost from Meta Platforms’s previous quarterly dividend of $0.50. This represents a $2.10 annualized dividend and a dividend yield of 0.34%. The ex-dividend date of this dividend is Friday, March 14th. Meta Platforms’s payout ratio is 8.78%.

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.