Bernardo Wealth Planning LLC has decreased its holdings in Meta Platforms, Inc. (NASDAQ: META) by 1.3%, according to a recent filing with the Securities and Exchange Commission (SEC). The firm now owns 1,419 shares after selling 19 shares during the first quarter of the year. As of this filing, Bernardo Wealth Planning’s stake in Meta is valued at approximately $818,000.
Several other institutional investors have also adjusted their positions in Meta Platforms. Notably, Cerity Partners LLC increased its holdings by an impressive 61.9%, acquiring an additional 436,614 shares, bringing its total to 1,142,252 shares worth around $658.3 million. Similarly, Phillips Financial Management LLC raised its stake by 9.3%, now owning 1,062 shares valued at $612,000 after purchasing 90 additional shares.
Alan B Lancz & Associates Inc. and TRU Independence Asset Management 2 LLC also expanded their holdings, with increases of 18.4% and 2.1%, respectively. Correct Capital Wealth Management significantly boosted its position by 40.6%, acquiring 1,531 shares to reach a total of 5,304 shares valued at approximately $3.06 million. Overall, hedge funds and institutional investors control approximately 79.91% of Meta’s stock.
Meta Platforms saw a slight stock increase of 0.5%, opening at $720.92 on Tuesday. The company’s market capitalization stands at $1.81 trillion, with a price-to-earnings (P/E) ratio of 28.12 and a beta of 1.28. The stock has experienced fluctuations, with a one-year low of $442.65 and a high of $747.90.
In addition to stock movements, Meta Platforms announced a quarterly dividend of $0.525 per share, which was paid on June 26, 2023. This brings the annualized dividend to $2.10, yielding 0.29%. The dividend payout ratio currently stands at 8.19%.
Insider trading activity has also been noteworthy. Chief Technology Officer Andrew Bosworth sold 22,449 shares on May 16, 2023, at an average price of $636.85, resulting in a total transaction value of $14.3 million. Following this sale, he retains 1,183 shares, valued at approximately $753,393.55. Additionally, Chief Financial Officer Susan J. Li sold 6,874 shares on May 15, 2023, for a total of $4.53 million, reducing her holdings to 70,040 shares valued at approximately $46.18 million.
Over the past three months, insiders have sold a total of 152,263 shares valued at $104.6 million, with corporate insiders currently holding 13.61% of the stock.
Meta Platforms has recently been the subject of various analyst reports. Bank of America raised its price target from $690.00 to $765.00 while maintaining a “buy” rating. Other institutions, including Royal Bank of Canada and Wedbush, also issued positive ratings and adjusted their price targets accordingly. As of now, five analysts rate the stock as a hold, while thirty-seven have issued buy ratings, and two have given a strong buy rating. The consensus target price is set at $729.38, according to data from MarketBeat.
Meta Platforms, Inc. engages in developing products that facilitate connections among users globally through various platforms, including Facebook, Instagram, Messenger, and WhatsApp. The company operates primarily in two segments: Family of Apps and Reality Labs.
