Summit Investment Advisors Inc. Has $31.51 Million Holdings in Meta Platforms, Inc. (NASDAQ:META)

Summit Investment Advisors Inc. decreased its position in shares of Meta Platforms, Inc. (NASDAQ:META) by 19.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 53,807 shares of the social networking company’s stock after selling 13,009 shares during the period. Meta Platforms accounts for 28.0% of Summit Investment Advisors Inc.’s investment portfolio, making the stock its 13th biggest holding. Summit Investment Advisors Inc.’s holdings in Meta Platforms were worth $31,505,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Millstone Evans Group LLC acquired a new stake in Meta Platforms in the 4th quarter valued at approximately $40,000. Avondale Wealth Management acquired a new position in Meta Platforms during the 4th quarter valued at $41,000. WealthTrak Capital Management LLC bought a new stake in Meta Platforms in the 4th quarter valued at $43,000. Cordant Inc. acquired a new stake in Meta Platforms in the 4th quarter worth $59,000. Finally, Conquis Financial LLC bought a new position in shares of Meta Platforms during the 4th quarter worth about $59,000. 79.91% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, CEO Mark Zuckerberg sold 35,921 shares of the firm’s stock in a transaction on Monday, January 13th. The shares were sold at an average price of $604.69, for a total transaction of $21,721,069.49. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Javier Olivan sold 4,706 shares of the company’s stock in a transaction on Saturday, February 15th. The stock was sold at an average price of $736.67, for a total transaction of $3,466,769.02. Following the completion of the transaction, the chief operating officer now directly owns 20,935 shares of the company’s stock, valued at approximately $15,422,186.45. The trade was a 18.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 487,453 shares of company stock worth $326,680,904. Corporate insiders own 13.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on META shares. KeyCorp decreased their target price on Meta Platforms from $710.00 to $645.00 and set an “overweight” rating on the stock in a research report on Wednesday. Mizuho upped their target price on Meta Platforms from $675.00 to $750.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. Royal Bank of Canada lifted their price target on shares of Meta Platforms from $700.00 to $800.00 and gave the stock an “outperform” rating in a research note on Thursday, January 30th. DA Davidson raised their price objective on shares of Meta Platforms from $700.00 to $800.00 and gave the stock a “buy” rating in a report on Thursday, January 30th. Finally, Wells Fargo & Company upped their target price on shares of Meta Platforms from $685.00 to $752.00 and gave the company an “overweight” rating in a research note on Thursday, January 30th. Two equities research 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 given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $701.38.

Meta Platforms Price Performance

Shares of META opened at $543.57 on Friday. 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 stock has a market cap of $1.38 trillion, a P/E ratio of 22.72, a price-to-earnings-growth ratio of 1.42 and a beta of 1.28. The stock’s 50-day moving average price is $628.35 and its two-hundred day moving average price is $609.11. Meta Platforms, Inc. has a 1 year low of $414.50 and a 1 year high of $740.91.

Meta Platforms (NASDAQ:META) last issued its quarterly earnings data on Wednesday, January 29th. The social networking company reported $8.02 earnings per share (EPS) for the quarter, beating 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 in the previous year, the company earned $5.33 earnings per share. On average, equities analysts predict that Meta Platforms, Inc. will post 26.7 earnings per share for the current year.

Meta Platforms Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 26th. Investors of record on Friday, March 14th were paid a dividend of $0.525 per share. This represents a $2.10 annualized dividend and a yield of 0.39%. 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. Meta Platforms’s dividend payout ratio (DPR) is presently 8.78%.

Meta Platforms Profile

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.