Drive Wealth Management LLC Has $3.85 Million Holdings in Meta Platforms, Inc. (NASDAQ:META)

Drive Wealth Management LLC reduced its stake in Meta Platforms, Inc. (NASDAQ:META) by 2.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 6,717 shares of the social networking company’s stock after selling 193 shares during the period. Meta Platforms accounts for 1.0% of Drive Wealth Management LLC’s holdings, making the stock its 18th biggest holding. Drive Wealth Management LLC’s holdings in Meta Platforms were worth $3,845,000 as of its most recent filing with the Securities and Exchange Commission.

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

Meta Platforms Stock Up 0.8 %

Shares of NASDAQ:META opened at $565.52 on Thursday. Meta Platforms, Inc. has a 12 month low of $313.66 and a 12 month high of $602.95. The company has a current ratio of 2.73, a quick ratio of 2.73 and a debt-to-equity ratio of 0.18. The company has a 50-day moving average price of $571.30 and a 200 day moving average price of $523.03. The company has a market cap of $1.43 trillion, a price-to-earnings ratio of 26.64, a PEG ratio of 1.23 and a beta of 1.22.

Meta Platforms (NASDAQ:META) last issued its quarterly 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 firm had revenue of $40.59 billion for the quarter, compared to the consensus estimate of $40.21 billion. Meta Platforms had a return on equity of 35.60% and a net margin of 35.55%. As a group, equities research analysts predict that Meta Platforms, Inc. will post 22.53 earnings per share for the current year.

Meta Platforms Announces Dividend

The business also recently announced 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. The ex-dividend date was Monday, September 16th. This represents a $2.00 annualized dividend and a yield of 0.35%. Meta Platforms’s dividend payout ratio (DPR) is presently 9.42%.

Insider Activity

In other Meta Platforms news, COO Javier Olivan sold 413 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $536.92, for a total transaction of $221,747.96. Following the transaction, the chief operating officer now owns 14,424 shares in the company, valued at approximately $7,744,534.08. This represents a 2.78 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Susan J. Li sold 33,018 shares of the firm’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $517.94, for a total value of $17,101,342.92. The disclosure for this sale can be found here. In the last three months, insiders have sold 185,958 shares of company stock worth $101,181,747. 13.71% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

META has been the subject of several recent analyst reports. Bank of America upped their target price on Meta Platforms from $630.00 to $660.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Royal Bank of Canada reissued an “outperform” rating and issued a $570.00 target price on shares of Meta Platforms in a research report on Thursday, August 1st. Rosenblatt Securities reissued a “buy” rating and issued a $811.00 price objective on shares of Meta Platforms in a report on Thursday, October 31st. Tigress Financial lifted their target price on shares of Meta Platforms from $575.00 to $645.00 and gave the stock a “strong-buy” rating in a research note on Friday, August 16th. Finally, UBS Group boosted their target price on shares of Meta Platforms from $690.00 to $719.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, thirty-five have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target 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.