Prio Wealth Limited Partnership Has $81.60 Million Stock Position in Meta Platforms, Inc. (NASDAQ:META)

Prio Wealth Limited Partnership lessened its stake in shares of Meta Platforms, Inc. (NASDAQ:META) by 3.8% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 142,547 shares of the social networking company’s stock after selling 5,643 shares during the quarter. Meta Platforms accounts for about 2.4% of Prio Wealth Limited Partnership’s investment portfolio, making the stock its 8th largest position. Prio Wealth Limited Partnership’s holdings in Meta Platforms were worth $81,600,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also modified their holdings of META. Keystone Wealth Services LLC lifted its position in shares of Meta Platforms by 25.3% during the 1st quarter. Keystone Wealth Services LLC now owns 1,624 shares of the social networking company’s stock worth $789,000 after buying an additional 328 shares during the period. Central Valley Advisors LLC lifted its position in shares of Meta Platforms by 1.1% during the 1st quarter. Central Valley Advisors LLC now owns 5,817 shares of the social networking company’s stock worth $2,825,000 after buying an additional 64 shares during the period. Annex Advisory Services LLC raised its position in Meta Platforms by 345.5% in the 1st quarter. Annex Advisory Services LLC now owns 51,430 shares of the social networking company’s stock valued at $24,973,000 after purchasing an additional 39,885 shares during the last quarter. Gilman Hill Asset Management LLC bought a new position in Meta Platforms in the 1st quarter valued at $4,539,000. Finally, Factory Mutual Insurance Co. raised its position in Meta Platforms by 2.2% in the 1st quarter. Factory Mutual Insurance Co. now owns 330,590 shares of the social networking company’s stock valued at $160,528,000 after purchasing an additional 7,200 shares during the last quarter. Institutional investors own 79.91% of the company’s stock.

Insider Activity at Meta Platforms

In related news, COO Javier Olivan sold 412 shares of the stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $463.00, for a total transaction of $190,756.00. Following the completion of the transaction, the chief operating officer now directly owns 5,559 shares of the company’s stock, valued at approximately $2,573,817. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, COO Javier Olivan sold 412 shares of the firm’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $463.00, for a total value of $190,756.00. Following the completion of the sale, the chief operating officer now directly owns 5,559 shares of the company’s stock, valued at $2,573,817. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Jennifer Newstead sold 901 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $451.15, for a total value of $406,486.15. Following the completion of the sale, the insider now directly owns 33,324 shares of the company’s stock, valued at approximately $15,034,122.60. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 250,324 shares of company stock valued at $132,218,368. Insiders own 13.71% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on META. Deutsche Bank Aktiengesellschaft lifted their price objective on Meta Platforms from $525.00 to $585.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. The Goldman Sachs Group lifted their target price on Meta Platforms from $555.00 to $636.00 and gave the company a “buy” rating in a research note on Monday, October 14th. Wolfe Research initiated coverage on Meta Platforms in a research note on Tuesday, July 16th. They issued an “outperform” rating and a $620.00 target price for the company. Benchmark reissued a “hold” rating on shares of Meta Platforms in a research note on Thursday, July 25th. Finally, Susquehanna lifted their target price on Meta Platforms from $550.00 to $600.00 and gave the company a “positive” rating in a research note on Thursday, August 1st. Two analysts have rated the stock with a sell rating, three have given a hold rating, thirty-five have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $619.20.

Meta Platforms Stock Performance

Shares of Meta Platforms stock opened at $582.01 on Wednesday. The stock’s 50-day moving average is $547.72 and its 200-day moving average is $509.22. Meta Platforms, Inc. has a one year low of $279.40 and a one year high of $602.95. The company has a debt-to-equity ratio of 0.12, a current ratio of 2.83 and a quick ratio of 2.83. The firm has a market cap of $1.48 trillion, a price-to-earnings ratio of 33.43, a price-to-earnings-growth ratio of 1.45 and a beta of 1.22.

Meta Platforms (NASDAQ:META) last issued its quarterly 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. Meta Platforms had a return on equity of 34.16% and a net margin of 34.34%. The firm had revenue of $39.07 billion during the quarter, compared to analysts’ expectations of $38.26 billion. During the same period in the prior year, the firm posted $3.23 earnings per share. The business’s quarterly revenue was up 22.1% compared to the same quarter last year. Equities analysts predict that Meta Platforms, Inc. will post 21.37 earnings per share for the current fiscal year.

Meta Platforms Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, September 26th. Investors 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 0.34%. Meta Platforms’s dividend payout ratio (DPR) is presently 11.49%.

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.