Meta Platforms, Inc. (NASDAQ:META) Stake Raised by Palumbo Wealth Management LLC

Palumbo Wealth Management LLC lifted its stake in Meta Platforms, Inc. (NASDAQ:META) by 3.8% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,326 shares of the social networking company’s stock after purchasing an additional 48 shares during the quarter. Palumbo Wealth Management LLC’s holdings in Meta Platforms were worth $759,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also made changes to their positions in the stock. Delos Wealth Advisors LLC raised its holdings in shares of 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 purchasing an additional 58 shares in the last quarter. POM Investment Strategies LLC bought a new position in shares of Meta Platforms in the second quarter valued at approximately $38,000. Ruedi Wealth Management Inc. lifted its stake in shares of 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% during the 1st quarter. Richardson Financial Services Inc. now owns 88 shares of the social networking company’s stock worth $41,000 after acquiring an additional 43 shares during the last quarter. Finally, Halpern Financial Inc. bought a new stake in Meta Platforms during the third quarter valued at about $46,000. 79.91% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Meta Platforms

In other news, Director Peggy Alford sold 1,052 shares of the business’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $479.00, for a total value of $503,908.00. Following the transaction, the director now directly owns 6,168 shares of the company’s stock, valued at $2,954,472. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, Director Peggy Alford sold 1,052 shares of the stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $479.00, for a total transaction of $503,908.00. Following the transaction, the director now owns 6,168 shares of the company’s stock, valued at $2,954,472. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Susan J. Li sold 8,950 shares of the stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $526.76, for a total value of $4,714,502.00. Following the completion of the transaction, the chief financial officer now owns 74,579 shares in the company, valued at approximately $39,285,234.04. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 251,092 shares of company stock worth $132,865,496. Company insiders own 13.71% of the company’s stock.

Meta Platforms Trading Down 0.1 %

META opened at $567.16 on Monday. The company has a market cap of $1.43 trillion, a P/E ratio of 26.72, a PEG ratio of 1.36 and a beta of 1.22. The company has a current ratio of 2.73, a quick ratio of 2.83 and a debt-to-equity ratio of 0.18. The company’s 50 day moving average is $555.99 and its 200-day moving average is $513.25. Meta Platforms, Inc. has a 1-year low of $308.33 and a 1-year high of $602.95.

Meta Platforms (NASDAQ:META) last issued its quarterly earnings data on Wednesday, October 30th. The social networking company reported $6.03 earnings per share for the quarter, topping analysts’ consensus estimates of $5.19 by $0.84. The business had revenue of $40.59 billion for the quarter, compared to analyst estimates of $40.21 billion. Meta Platforms had a return on equity of 35.60% and a net margin of 35.55%. Equities research analysts predict that Meta Platforms, Inc. will post 21.84 earnings per share for the current fiscal year.

Meta Platforms Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 26th. Stockholders of record on Monday, September 16th were paid a $0.50 dividend. The ex-dividend date of this dividend was Monday, September 16th. This represents a $2.00 annualized dividend and a dividend yield of 0.35%. Meta Platforms’s payout ratio is 9.42%.

Analysts Set New Price Targets

A number of research firms have issued reports on META. JPMorgan Chase & Co. raised their target price on Meta Platforms from $640.00 to $660.00 and gave the company an “overweight” rating in a report on Thursday. Royal Bank of Canada reaffirmed an “outperform” rating and set a $570.00 price objective on shares of Meta Platforms in a research report on Thursday, August 1st. Citigroup lifted their target price on Meta Platforms from $645.00 to $705.00 and gave the stock a “buy” rating in a research report on Thursday. The Goldman Sachs Group lifted their price objective on Meta Platforms from $555.00 to $636.00 and gave the stock a “buy” rating in a report on Monday, October 14th. Finally, Wedbush reiterated an “outperform” rating and set a $600.00 price target on shares of Meta Platforms in a research note on Thursday, September 26th. Two research 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’s stock. According to data from MarketBeat.com, Meta Platforms presently has a consensus rating of “Moderate Buy” and an average target price of $634.10.

Meta Platforms Company Profile

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.