Covenant Partners LLC Acquires 432 Shares of Meta Platforms, Inc. (NASDAQ:META)

Covenant Partners LLC grew its holdings in Meta Platforms, Inc. (NASDAQ:META) by 12.9% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,782 shares of the social networking company’s stock after acquiring an additional 432 shares during the period. Meta Platforms accounts for approximately 0.6% of Covenant Partners LLC’s holdings, making the stock its 18th largest position. Covenant Partners LLC’s holdings in Meta Platforms were worth $2,165,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of META. Central Valley Advisors LLC increased its holdings in shares of Meta Platforms by 0.3% in the third quarter. Central Valley Advisors LLC now owns 5,714 shares of the social networking company’s stock valued at $3,271,000 after purchasing an additional 18 shares during the last quarter. Cherrydale Wealth Management LLC grew its stake in shares of Meta Platforms by 0.5% in the third quarter. Cherrydale Wealth Management LLC now owns 3,841 shares of the social networking company’s stock valued at $2,199,000 after acquiring an additional 18 shares in the last quarter. Alliance Wealth Advisors LLC grew its stake in shares of Meta Platforms by 0.7% in the third quarter. Alliance Wealth Advisors LLC now owns 2,787 shares of the social networking company’s stock valued at $1,595,000 after acquiring an additional 18 shares in the last quarter. Kozak & Associates Inc. grew its stake in shares of Meta Platforms by 1.0% in the third quarter. Kozak & Associates Inc. now owns 1,906 shares of the social networking company’s stock valued at $1,099,000 after acquiring an additional 18 shares in the last quarter. Finally, Firethorn Wealth Partners LLC grew its stake in shares of Meta Platforms by 1.8% in the third quarter. Firethorn Wealth Partners LLC now owns 1,075 shares of the social networking company’s stock valued at $615,000 after acquiring an additional 19 shares in the last quarter. 79.91% of the stock is owned by institutional investors.

Insider Buying and Selling at Meta Platforms

In other Meta Platforms news, CEO Mark Zuckerberg sold 492 shares of Meta Platforms stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $600.75, for a total transaction of $295,569.00. Following the completion of the transaction, the chief executive officer now owns 518,508 shares of the company’s stock, valued at $311,493,681. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Meta Platforms news, CEO Mark Zuckerberg sold 492 shares of Meta Platforms stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $600.75, for a total transaction of $295,569.00. Following the completion of the transaction, the chief executive officer now owns 518,508 shares of the company’s stock, valued at $311,493,681. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Jennifer Newstead sold 901 shares of Meta Platforms stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $451.15, for a total value of $406,486.15. Following the transaction, the insider now directly owns 33,324 shares of the company’s stock, valued at $15,034,122.60. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 251,230 shares of company stock valued at $132,784,843 in the last quarter. 13.71% of the stock is currently owned by corporate insiders.

Meta Platforms Trading Up 2.6 %

Shares of META opened at $593.28 on Wednesday. The business has a 50-day moving average of $553.36 and a 200 day moving average of $511.61. Meta Platforms, Inc. has a fifty-two week low of $296.86 and a fifty-two week high of $602.95. The firm has a market cap of $1.50 trillion, a P/E ratio of 34.08, a price-to-earnings-growth ratio of 1.42 and a beta of 1.22. The company has a debt-to-equity ratio of 0.12, a quick ratio of 2.83 and a current ratio of 2.83.

Meta Platforms (NASDAQ:META) last announced its quarterly earnings data on Wednesday, July 31st. The social networking company reported $5.16 earnings per share for the quarter, topping 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 company had revenue of $39.07 billion during the quarter, compared to analyst estimates of $38.26 billion. During the same quarter last year, the firm posted $3.23 EPS. The firm’s revenue for the quarter was up 22.1% on a year-over-year basis. As a group, research analysts forecast that Meta Platforms, Inc. will post 21.44 EPS for the current year.

Meta Platforms Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 26th. Investors of record on Monday, September 16th were issued a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 0.34%. The ex-dividend date was Monday, September 16th. Meta Platforms’s dividend payout ratio (DPR) is currently 11.49%.

Analyst Ratings Changes

Several research firms recently commented on META. Morgan Stanley upped their price target on shares of Meta Platforms from $550.00 to $575.00 and gave the company an “overweight” rating in a research note on Thursday, August 1st. Wolfe Research initiated coverage on shares of Meta Platforms in a research note on Tuesday, July 16th. They issued an “outperform” rating and a $620.00 price target on the stock. BMO Capital Markets upped their price objective on shares of Meta Platforms from $475.00 to $525.00 and gave the stock a “market perform” rating in a research report on Wednesday, October 9th. Stifel Nicolaus upped their price objective on shares of Meta Platforms from $590.00 to $663.00 and gave the stock a “buy” rating in a research report on Monday, October 14th. Finally, Scotiabank initiated coverage on shares of Meta Platforms in a research report on Friday, October 11th. They set a “sector perform” rating and a $585.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, thirty-five have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Meta Platforms has an average rating of “Moderate Buy” and an average target price of $621.63.

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.