CIBC Asset Management Inc lifted its position in Meta Platforms, Inc. (NASDAQ:META - Free Report) by 5.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 628,272 shares of the social networking company's stock after buying an additional 32,732 shares during the quarter. Meta Platforms comprises approximately 1.2% of CIBC Asset Management Inc's holdings, making the stock its 22nd biggest position. CIBC Asset Management Inc's holdings in Meta Platforms were worth $359,648,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Central Valley Advisors LLC lifted its stake in Meta Platforms by 0.3% during the third quarter. Central Valley Advisors LLC now owns 5,714 shares of the social networking company's stock valued at $3,271,000 after buying an additional 18 shares in the last quarter. Cherrydale Wealth Management LLC lifted its stake in Meta Platforms by 0.5% during the third quarter. Cherrydale Wealth Management LLC now owns 3,841 shares of the social networking company's stock valued at $2,199,000 after buying an additional 18 shares in the last quarter. Alliance Wealth Advisors LLC lifted its stake in Meta Platforms by 0.7% during the third quarter. Alliance Wealth Advisors LLC now owns 2,787 shares of the social networking company's stock valued at $1,595,000 after buying an additional 18 shares in the last quarter. Kozak & Associates Inc. lifted its stake in Meta Platforms by 1.0% during the third quarter. Kozak & Associates Inc. now owns 1,906 shares of the social networking company's stock valued at $1,099,000 after buying an additional 18 shares in the last quarter. Finally, Capital Advisors Ltd. LLC lifted its stake in Meta Platforms by 0.5% during the third quarter. Capital Advisors Ltd. LLC now owns 3,560 shares of the social networking company's stock valued at $2,038,000 after buying an additional 18 shares in the last quarter. 79.91% of the stock is owned by institutional investors.
Meta Platforms Stock Performance
NASDAQ:META traded up $0.32 during trading hours on Monday, reaching $554.40. The stock had a trading volume of 14,242,830 shares, compared to its average volume of 15,060,916. The stock has a market cap of $1.40 trillion, a P/E ratio of 26.26, a price-to-earnings-growth ratio of 1.23 and a beta of 1.22. Meta Platforms, Inc. has a 12-month low of $313.66 and a 12-month high of $602.95. The company has a debt-to-equity ratio of 0.18, a quick ratio of 2.73 and a current ratio of 2.73. The stock has a 50 day simple moving average of $568.11 and a 200 day simple moving average of $521.17.
Meta Platforms (NASDAQ:META - Get Free Report) last posted its quarterly earnings data on Wednesday, October 30th. The social networking company reported $6.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.19 by $0.84. Meta Platforms had a return on equity of 35.60% and a net margin of 35.55%. The company had revenue of $40.59 billion during the quarter, compared to analyst estimates of $40.21 billion. On average, research analysts forecast that Meta Platforms, Inc. will post 22.53 EPS for the current fiscal year.
Meta Platforms Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 26th. Shareholders of record on Monday, September 16th were given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 0.36%. The ex-dividend date of this dividend was Monday, September 16th. Meta Platforms's payout ratio is 9.42%.
Analyst Ratings Changes
A number of equities analysts have recently weighed in on META shares. Deutsche Bank Aktiengesellschaft upped their target price on Meta Platforms from $525.00 to $585.00 and gave the company a "buy" rating in a report on Thursday, August 1st. Raymond James upped their target price on Meta Platforms from $600.00 to $650.00 and gave the company a "strong-buy" rating in a report on Thursday, October 10th. Royal Bank of Canada reiterated an "outperform" rating and issued a $570.00 target price on shares of Meta Platforms in a report on Thursday, August 1st. Evercore ISI increased their price objective on Meta Platforms from $550.00 to $600.00 and gave the stock an "outperform" rating in a report on Thursday, August 1st. Finally, Stifel Nicolaus increased their price objective on Meta Platforms from $590.00 to $663.00 and gave the stock a "buy" rating in a report on Monday, October 14th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, thirty-five have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, Meta Platforms presently has a consensus rating of "Moderate Buy" and an average target price of $634.10.
Read Our Latest Analysis on Meta Platforms
Insider Transactions at Meta Platforms
In other news, insider Christopher K. Cox sold 20,000 shares of the firm's stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $557.52, for a total value of $11,150,400.00. Following the transaction, the insider now directly owns 338,662 shares in the company, valued at $188,810,838.24. This trade represents a 5.58 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Jennifer Newstead sold 905 shares of the firm's stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $507.63, for a total value of $459,405.15. Following the completion of the transaction, the insider now owns 37,817 shares in the company, valued at approximately $19,197,043.71. This trade represents a 2.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 141,498 shares of company stock valued at $75,732,154. Corporate insiders own 13.71% of the company's stock.
About Meta Platforms
(
Free Report)
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.
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