Concord Wealth Partners increased its position in Meta Platforms, Inc. (NASDAQ:META - Free Report) by 10.5% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,555 shares of the social networking company's stock after acquiring an additional 1,283 shares during the quarter. Meta Platforms comprises approximately 1.3% of Concord Wealth Partners' holdings, making the stock its 21st biggest position. Concord Wealth Partners' holdings in Meta Platforms were worth $7,759,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in META. Delos Wealth Advisors LLC grew its holdings in Meta Platforms by 527.3% during the 1st quarter. Delos Wealth Advisors LLC now owns 69 shares of the social networking company's stock valued at $34,000 after buying an additional 58 shares in the last quarter. POM Investment Strategies LLC bought a new stake in Meta Platforms in the second quarter worth $38,000. Ruedi Wealth Management Inc. lifted its position in Meta Platforms by 122.2% in the second quarter. Ruedi Wealth Management Inc. now owns 80 shares of the social networking company's stock worth $40,000 after buying an additional 44 shares during the last quarter. Richardson Financial Services Inc. lifted its position in Meta Platforms by 95.6% in the first quarter. Richardson Financial Services Inc. now owns 88 shares of the social networking company's stock worth $41,000 after buying an additional 43 shares during the last quarter. Finally, Halpern Financial Inc. bought a new stake in Meta Platforms in the third quarter worth $46,000. 79.91% of the stock is owned by hedge funds and other institutional investors.
Meta Platforms Stock Performance
NASDAQ:META traded down $24.22 during trading hours on Thursday, reaching $567.58. The company had a trading volume of 26,782,886 shares, compared to its average volume of 15,160,283. Meta Platforms, Inc. has a 1-year low of $296.86 and a 1-year high of $602.95. The firm has a market cap of $1.44 trillion, a PE ratio of 32.60, a price-to-earnings-growth ratio of 1.42 and a beta of 1.22. The business's 50 day moving average price is $555.21 and its 200-day moving average price is $512.56. The company has a debt-to-equity ratio of 0.12, a current ratio of 2.83 and a quick ratio of 2.83.
Meta Platforms (NASDAQ:META - Get Free Report) last announced its earnings results on Wednesday, October 30th. The social networking company reported $6.03 earnings per share for the quarter, topping the consensus estimate of $5.19 by $0.84. The business had revenue of $40.59 billion during the quarter, compared to the consensus estimate of $40.21 billion. Meta Platforms had a return on equity of 34.16% and a net margin of 34.34%. Research analysts forecast that Meta Platforms, Inc. will post 21.44 EPS for the current year.
Meta Platforms Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 26th. Stockholders of record on Monday, September 16th were paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 0.35%. The ex-dividend date was Monday, September 16th. Meta Platforms's payout ratio is 11.49%.
Insider Buying and Selling
In related news, CTO Andrew Bosworth sold 5,057 shares of the firm's stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $526.76, for a total transaction of $2,663,825.32. Following the completion of the sale, the chief technology officer now directly owns 11,990 shares in the company, valued at approximately $6,315,852.40. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Meta Platforms news, CEO Mark Zuckerberg sold 150 shares of Meta Platforms stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $500.49, for a total transaction of $75,073.50. Following the completion of the sale, the chief executive officer now directly owns 124,387 shares in the company, valued at $62,254,449.63. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Andrew Bosworth sold 5,057 shares of the firm's stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $526.76, for a total transaction of $2,663,825.32. Following the completion of the transaction, the chief technology officer now directly owns 11,990 shares of the company's stock, valued at approximately $6,315,852.40. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 250,818 shares of company stock worth $132,569,993. 13.71% of the stock is owned by corporate insiders.
Analysts Set New Price Targets
A number of brokerages recently issued reports on META. TD Securities raised their price target on Meta Platforms from $530.00 to $600.00 in a research report on Wednesday, July 10th. Bank of America lifted their target price on Meta Platforms from $630.00 to $660.00 and gave the stock a "buy" rating in a research report on Thursday. JMP Securities lifted their target price on Meta Platforms from $635.00 to $660.00 and gave the stock a "market outperform" rating in a research report on Thursday. Evercore ISI lifted their target price on Meta Platforms from $550.00 to $600.00 and gave the stock an "outperform" rating in a research report on Thursday, August 1st. Finally, JPMorgan Chase & Co. lifted their price objective on Meta Platforms from $640.00 to $660.00 and gave the company an "overweight" rating in a report on Thursday. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, thirty-five have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Meta Platforms currently has an average rating of "Moderate Buy" and a consensus price target of $634.37.
Get Our Latest Analysis on Meta Platforms
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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