Meta Platforms, Inc. $META Stock Purchased by Elite Wealth Management Inc.

Elite Wealth Management Inc. grew its holdings in shares of Meta Platforms, Inc. (NASDAQ:META) by 60.7% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 35,433 shares of the social networking company’s stock after purchasing an additional 13,377 shares during the period. Meta Platforms comprises 4.9% of Elite Wealth Management Inc.’s investment portfolio, making the stock its 5th largest holding. Elite Wealth Management Inc.’s holdings in Meta Platforms were worth $25,696,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in META. State Street Corp lifted its holdings in shares of Meta Platforms by 4.0% during the 2nd quarter. State Street Corp now owns 92,033,963 shares of the social networking company’s stock valued at $51,841,811,000 after acquiring an additional 3,510,123 shares in the last quarter. Bank of America Corp DE increased its holdings in Meta Platforms by 14.6% in the 1st quarter. Bank of America Corp DE now owns 21,038,035 shares of the social networking company’s stock valued at $12,036,491,000 after purchasing an additional 2,673,494 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Meta Platforms by 1.3% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 12,836,063 shares of the social networking company’s stock valued at $7,230,426,000 after purchasing an additional 162,909 shares in the last quarter. Amundi increased its holdings in Meta Platforms by 18.1% in the 1st quarter. Amundi now owns 11,858,972 shares of the social networking company’s stock valued at $6,784,873,000 after purchasing an additional 1,815,017 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its position in Meta Platforms by 4.0% in the first quarter. Dimensional Fund Advisors LP now owns 10,429,812 shares of the social networking company’s stock valued at $5,964,745,000 after purchasing an additional 404,948 shares during the period. Institutional investors and hedge funds own 79.91% of the company’s stock.

Insiders Place Their Bets

In other Meta Platforms news, COO Javier Olivan sold 946 shares of Meta Platforms stock in a transaction that occurred on Monday, November 9th. The stock was sold at an average price of $631.03, for a total transaction of $596,954.38. Following the sale, the chief operating officer directly owned 3,148 shares in the company, valued at $1,986,482.44. The trade was a 23.11% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 150,973 shares of company stock worth $103,128,307. 13.42% of the stock is owned by company insiders.

Meta Platforms Stock Down 0.8%

Shares of Meta Platforms stock opened at $623.61 on Friday. The business has a 50-day moving average of $679.23 and a 200-day moving average of $631.88. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.90 and a quick ratio of 1.90. The company has a market capitalization of $1.59 trillion, a PE ratio of 21.26, a P/E/G ratio of 1.09 and a beta of 1.28. Meta Platforms, Inc. has a 1-year low of $520.26 and a 1-year high of $779.82.

Meta Platforms (NASDAQ:META) last announced its earnings results on Thursday, October 22nd. The social networking company reported $7.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $6.54 by $0.86. Meta Platforms had a return on equity of 30.73% and a net margin of 31.15%. The business had revenue of $64.60 billion for the quarter, compared to analyst estimates of $63.34 billion. During the same period in the previous year, the company earned $7.25 earnings per share. The company’s revenue for the quarter was up 26.1% compared to the same quarter last year. As a group, equities analysts forecast that Meta Platforms, Inc. will post 29.01 EPS for the current fiscal year.

Meta Platforms Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 28th. Shareholders of record on Monday, September 21st were paid a dividend of $0.5250 per share. This represents a $2.10 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date was Monday, September 21st. Meta Platforms’s dividend payout ratio (DPR) is 7.16%.

Wall Street Analyst Weigh In

A number of brokerages have commented on META. Cantor Fitzgerald boosted their price objective on Meta Platforms from $840.00 to $860.00 and gave the stock an “overweight” rating in a research note on Thursday, October 22nd. Royal Bank Of Canada increased their target price on Meta Platforms from $770.00 to $800.00 and gave the company an “outperform” rating in a research note on Thursday, October 22nd. Rothschild & Co Redburn increased their target price on Meta Platforms from $900.00 to $1,000.00 and gave the company a “buy” rating in a research note on Tuesday, July 21st. Piper Sandler dropped their target price on Meta Platforms from $875.00 to $850.00 and set an “overweight” rating on the stock in a report on Thursday, October 22nd. Finally, Loop Capital boosted their price target on Meta Platforms from $740.00 to $955.00 and gave the stock a “buy” rating in a research report on Thursday, September 24th. Three analysts have rated the stock with a Strong Buy rating, forty-seven have assigned a Buy rating and seven have given a Hold rating to the company. According to MarketBeat.com, Meta Platforms currently has a consensus rating of “Moderate Buy” and an average target price of $833.12.

Key Headlines Impacting Meta Platforms

Here are a few of the latest headlines about META:

• Positive Sentiment: ETFs bought about $99.7 million of Meta shares on Nov. 10, a sign of institutional fund demand. ETFs Bought $99.7 Million of Meta Platforms
• Positive Sentiment: JPMorgan named Meta its preferred internet stock, citing AI-enhanced advertising and the potential for Family of Apps ad revenue to compare favorably with Google Search. Meta Platforms Wins JPMorgan Backing
• Negative Sentiment: United Airlines barred AI agents from booking flights, raising doubts about a prominent potential use case for Meta’s Muse agent and adding pressure to expectations for AI-related growth. United Airlines Bars AI Agents From Booking Tickets

Meta Platforms Profile

Meta Platforms, Inc. is a global technology company that develops social networking, messaging, and digital communication products. Its services include Facebook, Instagram, WhatsApp, Messenger, and Threads, which connect people and help businesses reach audiences around the world. The company also develops virtual and augmented reality products and technologies through its Reality Labs division, including Quest headsets and related software and services. Advertising is a central part of Meta’s business, with its platforms providing tools for businesses to promote products and services.