Harvey Capital Management Inc. Has $5.36 Million Stock Position in Meta Platforms, Inc. (NASDAQ:META)

Harvey Capital Management Inc. trimmed its position in Meta Platforms, Inc. (NASDAQ:META) by 8.9% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 9,160 shares of the social networking company’s stock after selling 900 shares during the period. Meta Platforms accounts for approximately 1.3% of Harvey Capital Management Inc.’s investment portfolio, making the stock its 25th biggest position. Harvey Capital Management Inc.’s holdings in Meta Platforms were worth $5,363,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Ballentine Partners LLC raised its holdings in shares of Meta Platforms by 1.4% during the fourth quarter. Ballentine Partners LLC now owns 58,218 shares of the social networking company’s stock valued at $34,087,000 after purchasing an additional 808 shares during the period. UMB Bank n.a. increased its position in Meta Platforms by 0.6% in the 4th quarter. UMB Bank n.a. now owns 140,585 shares of the social networking company’s stock valued at $82,314,000 after buying an additional 897 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in Meta Platforms by 0.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 13,827,565 shares of the social networking company’s stock worth $7,915,451,000 after buying an additional 118,298 shares during the period. LS Investment Advisors LLC boosted its holdings in Meta Platforms by 111.4% in the third quarter. LS Investment Advisors LLC now owns 11,679 shares of the social networking company’s stock worth $6,686,000 after acquiring an additional 6,155 shares in the last quarter. Finally, Apollon Financial LLC grew its stake in Meta Platforms by 11.1% in the fourth quarter. Apollon Financial LLC now owns 1,479 shares of the social networking company’s stock valued at $866,000 after acquiring an additional 148 shares during the period. Institutional investors and hedge funds own 79.91% of the company’s stock.

Insider Transactions at Meta Platforms

In other news, CEO Mark Zuckerberg sold 19,668 shares of the company’s stock in a transaction on Friday, February 14th. The stock was sold at an average price of $734.49, for a total transaction of $14,445,949.32. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, COO Javier Olivan sold 413 shares of the business’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $562.77, for a total value of $232,424.01. Following the completion of the transaction, the chief operating officer now directly owns 19,579 shares of the company’s stock, valued at approximately $11,018,473.83. The trade was a 2.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 770,701 shares of company stock worth $495,357,621 over the last three months. 13.71% of the stock is currently owned by insiders.

Meta Platforms Price Performance

Shares of Meta Platforms stock opened at $715.91 on Wednesday. The company’s 50-day moving average price is $643.13 and its two-hundred day moving average price is $587.57. The stock has a market cap of $1.81 trillion, a PE ratio of 29.93, a price-to-earnings-growth ratio of 1.46 and a beta of 1.20. The company has a current ratio of 2.98, a quick ratio of 2.98 and a debt-to-equity ratio of 0.16. Meta Platforms, Inc. has a 52 week low of $414.50 and a 52 week high of $740.91.

Meta Platforms (NASDAQ:META) last released its earnings results on Wednesday, January 29th. The social networking company reported $8.02 earnings per share for the quarter, beating the consensus estimate of $6.75 by $1.27. Meta Platforms had a return on equity of 38.17% and a net margin of 37.91%. During the same quarter in the previous year, the firm posted $5.33 EPS. As a group, sell-side analysts anticipate that Meta Platforms, Inc. will post 26.66 EPS for the current fiscal year.

Meta Platforms Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 26th. Shareholders of record on Friday, March 14th will be given a $0.525 dividend. The ex-dividend date is Friday, March 14th. This represents a $2.10 dividend on an annualized basis and a dividend yield of 0.29%. This is a boost from Meta Platforms’s previous quarterly dividend of $0.50. Meta Platforms’s payout ratio is currently 8.36%.

Analyst Ratings Changes

META has been the subject of a number of recent research reports. Raymond James reissued a “strong-buy” rating and set a $800.00 price objective (up from $725.00) on shares of Meta Platforms in a report on Thursday, January 30th. Sanford C. Bernstein raised their target price on Meta Platforms from $600.00 to $675.00 and gave the stock an “outperform” rating in a research report on Friday, October 25th. Susquehanna upped their price target on Meta Platforms from $675.00 to $800.00 and gave the company a “positive” rating in a research report on Thursday, January 30th. JMP Securities reissued a “market outperform” rating and issued a $750.00 price objective on shares of Meta Platforms in a report on Monday, January 27th. Finally, Oppenheimer lifted their price target on Meta Platforms from $650.00 to $800.00 and gave the company an “outperform” rating in a research report 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 assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Meta Platforms currently has an average rating of “Moderate Buy” and an average price target of $717.90.

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.