Corebridge Financial Inc. Has $348.35 Million Stake in Meta Platforms, Inc. (NASDAQ:META)

Corebridge Financial Inc. decreased its position in Meta Platforms, Inc. (NASDAQ:META) by 5.3% during the 4th quarter, HoldingsChannel reports. The fund owned 594,953 shares of the social networking company’s stock after selling 33,393 shares during the quarter. Meta Platforms comprises about 1.9% of Corebridge Financial Inc.’s portfolio, making the stock its 5th largest holding. Corebridge Financial Inc.’s holdings in Meta Platforms were worth $348,351,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the business. JDM Financial Group LLC bought a new stake in Meta Platforms during the third quarter worth about $30,000. Safe Harbor Fiduciary LLC acquired a new stake in shares of Meta Platforms in the 3rd quarter valued at approximately $36,000. Millstone Evans Group LLC bought a new position in shares of Meta Platforms in the fourth quarter valued at $40,000. Avondale Wealth Management bought a new position in shares of Meta Platforms in the fourth quarter valued at $41,000. Finally, Cordant Inc. acquired a new position in Meta Platforms during the fourth quarter worth $59,000. 79.91% of the stock is owned by institutional investors.

Meta Platforms Stock Up 3.9 %

META stock opened at $619.55 on Tuesday. The firm has a 50-day moving average price of $655.60 and a 200-day moving average price of $607.11. Meta Platforms, Inc. has a 12 month low of $414.50 and a 12 month high of $740.91. 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 capitalization of $1.57 trillion, a P/E ratio of 25.90, a price-to-earnings-growth ratio of 1.42 and a beta of 1.23.

Meta Platforms (NASDAQ:META) last issued its quarterly earnings data on Wednesday, January 29th. The social networking company reported $8.02 EPS for the quarter, beating 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 period in the prior year, the business posted $5.33 earnings per share. As a group, equities research analysts anticipate that Meta Platforms, Inc. will post 26.7 EPS for the current fiscal year.

Meta Platforms Increases Dividend

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

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. 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. Robert W. Baird boosted their price target on Meta Platforms from $680.00 to $750.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. Royal Bank of Canada raised their price objective on Meta Platforms from $700.00 to $800.00 and gave the company an “outperform” rating in a research report on Thursday, January 30th. Tigress Financial reissued a “strong-buy” rating on shares of Meta Platforms in a report on Tuesday, February 11th. Finally, Wolfe Research raised their price target on Meta Platforms from $670.00 to $730.00 and gave the company an “outperform” rating in a report on Friday, January 3rd. Two analysts have rated the stock with a sell rating, four have given a hold rating, thirty-five have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $718.31.

Insiders Place Their Bets

In other Meta Platforms news, COO Javier Olivan sold 413 shares of the company’s stock in a transaction that occurred on Monday, December 30th. The shares were sold at an average price of $589.16, for a total value of $243,323.08. Following the completion of the transaction, the chief operating officer now directly owns 17,514 shares in the company, valued at approximately $10,318,548.24. This represents a 2.30 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Jennifer Newstead sold 921 shares of Meta Platforms stock in a transaction on Tuesday, March 18th. The stock was sold at an average price of $600.25, for a total transaction of $552,830.25. Following the transaction, the insider now owns 32,103 shares in the company, valued at approximately $19,269,825.75. This trade represents a 2.79 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 585,605 shares of company stock valued at $386,710,448 in the last 90 days. Corporate insiders own 13.71% of the company’s stock.

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.