International Assets Investment Management LLC reduced its position in Meta Platforms, Inc. (NASDAQ:META – Free Report) by 9.2% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 19,853 shares of the social networking company’s stock after selling 2,005 shares during the period. Meta Platforms comprises approximately 0.2% of International Assets Investment Management LLC’s holdings, making the stock its 24th largest position. International Assets Investment Management LLC’s holdings in Meta Platforms were worth $14,420,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Heritage Family Offices LLP boosted its holdings in Meta Platforms by 11.3% in the third quarter. Heritage Family Offices LLP now owns 3,118 shares of the social networking company’s stock worth $2,261,000 after purchasing an additional 317 shares during the last quarter. Allegiance Financial Group Advisory Services LLC purchased a new stake in Meta Platforms during the 3rd quarter valued at $428,000. Waldron Private Wealth LLC raised its stake in Meta Platforms by 1.0% during the 3rd quarter. Waldron Private Wealth LLC now owns 16,309 shares of the social networking company’s stock valued at $11,827,000 after buying an additional 161 shares during the last quarter. Alta Advisers Ltd raised its stake in Meta Platforms by 84.5% during the 3rd quarter. Alta Advisers Ltd now owns 15,789 shares of the social networking company’s stock valued at $11,450,000 after buying an additional 7,229 shares during the last quarter. Finally, Ullmann Wealth Partners Group LLC lifted its holdings in shares of Meta Platforms by 12.2% during the 3rd quarter. Ullmann Wealth Partners Group LLC now owns 3,035 shares of the social networking company’s stock valued at $2,201,000 after buying an additional 329 shares during the period. 79.91% of the stock is owned by institutional investors.
Analyst Upgrades and Downgrades
A number of research firms have recently issued reports on META. Scotiabank raised their price target on Meta Platforms from $600.00 to $650.00 and gave the stock a “sector perform” rating in a research note on Thursday, October 22nd. Truist Financial upped their price objective on Meta Platforms from $763.00 to $1,000.00 and gave the company a “buy” rating in a research report on Tuesday, October 13th. Arete Research increased their target price on Meta Platforms from $735.00 to $806.00 and gave the company a “buy” rating in a report on Wednesday, September 16th. Evercore reissued an “outperform” rating on shares of Meta Platforms in a report on Thursday, October 22nd. Finally, Benchmark reissued a “hold” rating on shares of Meta Platforms in a research report on Thursday, August 27th. Three investment analysts have rated the stock with a Strong Buy rating, forty-seven have issued a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat.com, Meta Platforms presently has an average rating of “Moderate Buy” and an average price target of $833.12.
Meta Platforms Trading Down 2.0%
Shares of Meta Platforms stock opened at $628.77 on Thursday. The company’s fifty day simple moving average is $678.62 and its 200-day simple moving average is $632.12. The stock has a market capitalization of $1.61 trillion, a PE ratio of 21.44, a P/E/G ratio of 1.11 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. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.90 and a quick ratio of 1.90.
Meta Platforms (NASDAQ:META – Get Free Report) last released its quarterly earnings results on Thursday, October 22nd. The social networking company reported $7.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.54 by $0.86. The business had revenue of $64.60 billion during the quarter, compared to analyst estimates of $63.34 billion. Meta Platforms had a return on equity of 30.73% and a net margin of 31.15%. Meta Platforms’s revenue for the quarter was up 26.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $7.25 earnings per share. As a group, equities analysts anticipate that Meta Platforms, Inc. will post 29.01 earnings per share for the current year.
Meta Platforms Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Monday, September 28th. Shareholders of record on Monday, September 21st were given a $0.5250 dividend. This represents a $2.10 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date was Monday, September 21st. Meta Platforms’s dividend payout ratio is presently 7.16%.
Meta Platforms News Roundup
These are some of the META news items that stood out recently:
- Positive Sentiment: JPMorgan named Meta its preferred internet stock, citing AI’s contribution to advertising performance and potential growth in Family of Apps ad revenue. Article: Meta Platforms Wins JPMorgan Backing
- Positive Sentiment: Meta launched its Muse AI agent on Apple Watch and Wear OS, adding voice and text access that could broaden use of its assistant. Article: Meta’s AI agent Muse lands on Apple Watch
- Negative Sentiment: Meta’s Facebook was fined by Brazil’s electoral court over alleged failure to provide equal content during a presidential campaign, adding regulatory and reputational risk. Article: Meta Fined by Brazil Electoral Court
Insider Activity
In other news, COO Javier Olivan sold 946 shares of the firm’s stock in a transaction on Monday, November 2nd. The shares were sold at an average price of $614.15, for a total transaction of $580,985.90. Following the sale, the chief operating officer directly owned 4,094 shares in the company, valued at $2,514,330.10. This trade represents a 18.77% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 149,398 shares of company stock valued at $102,134,435 over the last three months. Corporate insiders own 13.42% of the company’s stock.
Meta Platforms Company 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.
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