Bernardo Wealth Planning LLC has reduced its stake in Meta Platforms, Inc. (NASDAQ: META) by 1.3% during the first quarter of 2024, according to a recent filing with the Securities and Exchange Commission (SEC). The firm now holds 1,419 shares of the social media giant after selling 19 shares in the same period, bringing the value of its holdings to approximately $818,000.
A number of other investment firms have also adjusted their positions in Meta, reflecting a dynamic shift in hedge fund strategies. For instance, Cerity Partners LLC significantly increased its holdings in Meta Platforms by 61.9% during the first quarter, acquiring an additional 436,614 shares to bring their total to 1,142,252 shares, valued at around $658.3 million. Similarly, Phillips Financial Management LLC raised its stake by 9.3%, now holding 1,062 shares worth $612,000, while Alan B Lancz & Associates Inc. increased its position by 18.4%, resulting in 1,450 shares valued at $836,000.
Other notable movements include TRU Independence Asset Management 2 LLC and Correct Capital Wealth Management, which boosted their stakes by 2.1% and 40.6%, respectively. The overall institutional ownership of Meta Platforms is substantial, with hedge funds and institutional investors controlling 79.91% of the stock.
Market Performance and Dividend Update
As of Tuesday, Meta Platforms opened at $720.92, reflecting a market capitalization of $1.81 trillion. The stock has shown a price-to-earnings (P/E) ratio of 28.12 and a price-to-earnings-growth (PEG) ratio of 1.76. Over the past year, shares have fluctuated between a low of $442.65 and a high of $747.90. The company’s 50-day moving average stands at $677.20, while its 200-day moving average is $635.41.
In addition to stock fluctuations, Meta Platforms declared a quarterly dividend of $0.525 per share, which was paid on June 26, 2024. This dividend represents an annualized payout of $2.10, yielding approximately 0.29%. The ex-dividend date was June 16, 2024, and the company’s current dividend payout ratio is 8.19%.
Insider Transactions and Analyst Ratings
In recent insider activity, Andrew Bosworth, Chief Technology Officer at Meta, sold 22,449 shares in a transaction on May 16, 2024, at an average price of $636.85, totaling approximately $14.3 million. Following this sale, Bosworth retained 1,183 shares valued at around $753,393.55. Additionally, Susan J. Li, Chief Financial Officer, sold 6,874 shares at an average price of $659.36, amounting to about $4.53 million. After this transaction, Li holds 70,040 shares worth $46.2 million.
In total, insiders have sold 152,263 shares valued at approximately $104.6 million over the past ninety days, with corporate insiders currently owning 13.61% of the stock.
Analyst sentiment regarding Meta Platforms remains generally positive. Recently, Bank of America raised its price target for Meta shares from $690.00 to $765.00 while maintaining a “buy” rating. Other firms, including Royal Bank of Canada and Wedbush, have also issued favorable ratings and price targets, indicating strong market confidence.
With a consensus rating of “Moderate Buy” and a target price averaging $729.38, Meta Platforms continues to attract attention from both analysts and investors alike. The company’s diverse portfolio, which includes platforms like Facebook, Instagram, Messenger, and WhatsApp, positions it well in the competitive landscape of social media and digital communication.