Cornerstone Advisors LLC Has $43.41 Million Position in Meta Platforms, Inc. (NASDAQ:META)

Cornerstone Advisors LLC reduced its holdings in Meta Platforms, Inc. (NASDAQ:META) by 0.7% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 86,100 shares of the social networking company’s stock after selling 600 shares during the quarter. Meta Platforms accounts for 1.8% of Cornerstone Advisors LLC’s portfolio, making the stock its 7th largest position. Cornerstone Advisors LLC’s holdings in Meta Platforms were worth $43,413,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Delos Wealth Advisors LLC grew its holdings in Meta Platforms by 527.3% during the first quarter. Delos Wealth Advisors LLC now owns 69 shares of the social networking company’s stock worth $34,000 after acquiring an additional 58 shares during the period. POM Investment Strategies LLC acquired a new stake in Meta Platforms during the 2nd quarter worth about $38,000. Ruedi Wealth Management Inc. lifted its stake in Meta Platforms by 122.2% during the second quarter. Ruedi Wealth Management Inc. now owns 80 shares of the social networking company’s stock valued at $40,000 after buying an additional 44 shares in the last quarter. Richardson Financial Services Inc. boosted its holdings in shares of 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 period. Finally, Quest Partners LLC purchased a new position in shares of Meta Platforms in the fourth quarter worth approximately $32,000. Institutional investors own 79.91% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on META. Piper Sandler lifted their price objective on shares of Meta Platforms from $545.00 to $575.00 and gave the stock an “overweight” rating in a research report on Thursday, August 1st. Sanford C. Bernstein upped their price target on Meta Platforms from $565.00 to $575.00 and gave the company an “outperform” rating in a research report on Monday, July 22nd. Citigroup raised their price objective on Meta Platforms from $550.00 to $580.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Evercore ISI upped their target price on Meta Platforms from $550.00 to $600.00 and gave the company an “outperform” rating in a report on Thursday, August 1st. Finally, The Goldman Sachs Group boosted their price objective on shares of Meta Platforms from $522.00 to $555.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating, thirty-four have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, Meta Platforms currently has an average rating of “Moderate Buy” and a consensus price target of $577.26.

Insiders Place Their Bets

In other news, COO Javier Olivan sold 413 shares of the firm’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $520.57, for a total value of $214,995.41. Following the transaction, the chief operating officer now directly owns 13,185 shares in the company, valued at approximately $6,863,715.45. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Jennifer Newstead sold 905 shares of the stock in a transaction that occurred on Tuesday, July 9th. The shares were sold at an average price of $533.95, for a total value of $483,224.75. Following the sale, the insider now directly owns 36,940 shares in the company, valued at approximately $19,724,113. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Javier Olivan sold 413 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $520.57, for a total transaction of $214,995.41. Following the transaction, the chief operating officer now owns 13,185 shares of the company’s stock, valued at approximately $6,863,715.45. The disclosure for this sale can be found here. In the last 90 days, insiders sold 357,575 shares of company stock valued at $185,595,945. Company insiders own 13.71% of the company’s stock.

Meta Platforms Stock Performance

Shares of NASDAQ META opened at $537.95 on Thursday. Meta Platforms, Inc. has a 12 month low of $279.40 and a 12 month high of $544.23. The company has a market cap of $1.36 trillion, a P/E ratio of 30.90, a P/E/G ratio of 1.26 and a beta of 1.21. The company has a quick ratio of 2.83, a current ratio of 2.83 and a debt-to-equity ratio of 0.12. The business’s 50 day moving average is $505.40 and its two-hundred day moving average is $496.34.

Meta Platforms (NASDAQ:META) last released its earnings results on Wednesday, July 31st. The social networking company reported $5.16 EPS for the quarter, beating the consensus estimate of $4.70 by $0.46. The company had revenue of $39.07 billion during the quarter, compared to analysts’ expectations of $38.26 billion. Meta Platforms had a return on equity of 34.16% and a net margin of 34.34%. The business’s revenue for the quarter was up 22.1% on a year-over-year basis. During the same period last year, the firm earned $3.23 EPS. On average, equities analysts expect that Meta Platforms, Inc. will post 21.36 EPS for the current year.

Meta Platforms Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 26th. Shareholders of record on Monday, September 16th will be paid a $0.50 dividend. The ex-dividend date is Monday, September 16th. This represents a $2.00 dividend on an annualized basis and a yield of 0.37%. Meta Platforms’s payout ratio is presently 11.49%.

About Meta Platforms

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.