Meta Platforms, Inc. (NASDAQ:META) Shares Bought by Palumbo Wealth Management LLC

Palumbo Wealth Management LLC raised its stake in shares of Meta Platforms, Inc. (NASDAQ:META) by 3.8% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,326 shares of the social networking company’s stock after purchasing an additional 48 shares during the quarter. Palumbo Wealth Management LLC’s holdings in Meta Platforms were worth $759,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in META. International Assets Investment Management LLC boosted its stake in shares of Meta Platforms by 57,001.5% in the third 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 last quarter. Capital Research Global Investors lifted its stake in shares of Meta Platforms by 14.5% in the 1st 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 purchasing an additional 4,379,826 shares during the period. Jennison Associates LLC boosted its holdings in Meta Platforms by 24.7% during the first quarter. Jennison Associates LLC now owns 13,867,398 shares of the social networking company’s stock worth $6,733,731,000 after buying an additional 2,748,620 shares in the last quarter. Sustainable Growth Advisers LP acquired a new stake in Meta Platforms during the second quarter valued at $595,152,000. Finally, Vanguard Group Inc. increased its holdings in Meta Platforms by 0.4% in the first quarter. Vanguard Group Inc. now owns 187,180,393 shares of the social networking company’s stock valued at $90,891,055,000 after buying an additional 831,047 shares in the last quarter. Hedge funds and other institutional investors own 79.91% of the company’s stock.

Meta Platforms Price Performance

Shares of NASDAQ:META opened at $567.16 on Monday. The company has a quick ratio of 2.83, a current ratio of 2.73 and a debt-to-equity ratio of 0.18. The firm has a 50-day simple moving average of $555.99 and a 200 day simple moving average of $513.25. Meta Platforms, Inc. has a fifty-two week low of $308.33 and a fifty-two week high of $602.95. The company has a market cap of $1.43 trillion, a PE ratio of 26.72, a P/E/G ratio of 1.36 and a beta of 1.22.

Meta Platforms (NASDAQ:META) last issued its quarterly earnings data on Wednesday, October 30th. The social networking company reported $6.03 EPS for the quarter, topping analysts’ consensus estimates of $5.19 by $0.84. The firm had revenue of $40.59 billion during 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%. On average, sell-side analysts anticipate that Meta Platforms, Inc. will post 21.84 EPS for the current year.

Meta Platforms Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 26th. Stockholders of record on Monday, September 16th were issued a dividend of $0.50 per share. The ex-dividend date of this dividend was Monday, September 16th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.35%. Meta Platforms’s dividend payout ratio (DPR) is presently 9.42%.

Analyst Ratings Changes

Several brokerages have recently weighed in on META. Morgan Stanley upped their target price on Meta Platforms from $550.00 to $575.00 and gave the stock an “overweight” rating in a research note on Thursday, August 1st. Piper Sandler lifted their target price on shares of Meta Platforms from $575.00 to $650.00 and gave the company an “overweight” rating in a research report on Thursday. JPMorgan Chase & Co. upped their price target on shares of Meta Platforms from $640.00 to $660.00 and gave the stock an “overweight” rating in a research report on Thursday. JMP Securities lifted their price objective on Meta Platforms from $635.00 to $660.00 and gave the stock a “market outperform” rating in a report on Thursday. Finally, Stifel Nicolaus raised their target price on Meta Platforms from $590.00 to $663.00 and gave the company a “buy” rating in a research report on Monday, October 14th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, thirty-five have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Meta Platforms currently has an average rating of “Moderate Buy” and a consensus price target of $634.10.

Insider Transactions at Meta Platforms

In other news, CEO Mark Zuckerberg sold 6,534 shares of the stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $505.04, for a total value of $3,299,931.36. Following the completion of the transaction, the chief executive officer now owns 116,108 shares of the company’s stock, valued at approximately $58,639,184.32. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, CTO Andrew Bosworth sold 5,057 shares of the stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $526.76, for a total transaction of $2,663,825.32. Following the completion of the sale, the chief technology officer now directly owns 11,990 shares of the company’s stock, valued at $6,315,852.40. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Mark Zuckerberg sold 6,534 shares of the stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $505.04, for a total value of $3,299,931.36. Following the sale, the chief executive officer now owns 116,108 shares of the company’s stock, valued at $58,639,184.32. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 251,092 shares of company stock worth $132,865,496. Company insiders own 13.71% of the company’s stock.

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.