Veery Capital LLC Reduces Stock Holdings in Meta Platforms, Inc. (NASDAQ:META)

Veery Capital LLC decreased its position in Meta Platforms, Inc. (NASDAQ:META) by 2.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,189 shares of the social networking company’s stock after selling 26 shares during the quarter. Veery Capital LLC’s holdings in Meta Platforms were worth $680,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the company. International Assets Investment Management LLC increased its stake in Meta Platforms by 57,001.5% during the 3rd quarter. International Assets Investment Management LLC now owns 9,517,111 shares of the social networking company’s stock worth $5,447,975,000 after buying an additional 9,500,444 shares during the period. Capital Research Global Investors grew its stake in shares of Meta Platforms by 14.5% during the first quarter. Capital Research Global Investors now owns 34,597,001 shares of the social networking company’s stock valued at $16,799,612,000 after acquiring an additional 4,379,826 shares in the last quarter. Sustainable Growth Advisers LP purchased a new stake in shares of Meta Platforms during the second quarter worth about $595,152,000. Canada Pension Plan Investment Board boosted its holdings in Meta Platforms by 30.0% in the first quarter. Canada Pension Plan Investment Board now owns 3,411,009 shares of the social networking company’s stock valued at $1,656,318,000 after purchasing an additional 788,131 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund grew its stake in Meta Platforms by 926.6% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 733,358 shares of the social networking company’s stock valued at $369,774,000 after purchasing an additional 661,923 shares in the last quarter. Hedge funds and other institutional investors own 79.91% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on META. JPMorgan Chase & Co. upped their target price on Meta Platforms from $640.00 to $660.00 and gave the company an “overweight” rating in a research report on Thursday, October 31st. Hsbc Global Res raised shares of Meta Platforms to a “hold” rating in a report on Thursday, October 24th. Guggenheim upped their target price on shares of Meta Platforms from $600.00 to $665.00 and gave the company a “buy” rating in a research note on Monday, October 7th. Benchmark reiterated a “hold” rating on shares of Meta Platforms in a research note on Thursday, July 25th. Finally, Barclays upped their price objective on Meta Platforms from $550.00 to $630.00 and gave the company an “overweight” rating in a research note on Thursday, October 31st. Two equities research analysts have rated the stock with a sell rating, four have assigned 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 MarketBeat.com, Meta Platforms presently has a consensus rating of “Moderate Buy” and an average target price of $634.10.

Meta Platforms Trading Up 1.2 %

Shares of Meta Platforms stock opened at $561.09 on Wednesday. The business has a fifty day simple moving average of $570.23 and a 200-day simple moving average of $522.73. Meta Platforms, Inc. has a fifty-two week low of $313.66 and a fifty-two week high of $602.95. The firm has a market cap of $1.42 trillion, a price-to-earnings ratio of 26.43, a price-to-earnings-growth ratio of 1.23 and a beta of 1.22. The company has a quick ratio of 2.73, a current ratio of 2.73 and a debt-to-equity ratio of 0.18.

Meta Platforms (NASDAQ:META) last posted its quarterly earnings data on Wednesday, October 30th. The social networking company reported $6.03 earnings per share for the quarter, beating the consensus estimate of $5.19 by $0.84. Meta Platforms had a net margin of 35.55% and a return on equity of 35.60%. The company had revenue of $40.59 billion during the quarter, compared to analyst estimates of $40.21 billion. On average, equities analysts forecast that Meta Platforms, Inc. will post 22.53 EPS for the current fiscal year.

Meta Platforms Dividend Announcement

The business also recently disclosed 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 0.36%. The ex-dividend date of this dividend was Monday, September 16th. Meta Platforms’s dividend payout ratio is presently 9.42%.

Insider Buying and Selling

In other Meta Platforms news, CFO Susan J. Li sold 33,018 shares of Meta Platforms stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $517.94, for a total transaction of $17,101,342.92. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Jennifer Newstead sold 905 shares of the stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $507.63, for a total value of $459,405.15. Following the completion of the sale, the insider now owns 37,817 shares of the company’s stock, valued at $19,197,043.71. The trade was a 2.34 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 185,958 shares of company stock worth $101,181,747 in the last three months. 13.71% of the stock is currently owned by insiders.

Meta Platforms 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.