Evergreen Wealth Management LLC Decreases Holdings in Meta Platforms, Inc. (NASDAQ:META)

Evergreen Wealth Management LLC lessened its holdings in shares of Meta Platforms, Inc. (NASDAQ:META) by 11.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 10,801 shares of the social networking company’s stock after selling 1,403 shares during the quarter. Meta Platforms comprises 3.7% of Evergreen Wealth Management LLC’s investment portfolio, making the stock its 8th largest position. Evergreen Wealth Management LLC’s holdings in Meta Platforms were worth $6,183,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. International Assets Investment Management LLC raised its holdings in shares of Meta Platforms by 57,001.5% during 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 buying an additional 9,500,444 shares in the last quarter. Capital Research Global Investors raised its stake in shares of Meta Platforms by 14.5% during 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 acquiring an additional 4,379,826 shares in the last quarter. Sustainable Growth Advisers LP bought a new stake in shares of Meta Platforms in the 2nd quarter worth approximately $595,152,000. Canada Pension Plan Investment Board boosted its stake in shares of Meta Platforms by 30.0% in 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 purchasing an additional 788,131 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund grew its holdings in shares of Meta Platforms by 926.6% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 733,358 shares of the social networking company’s stock valued at $369,774,000 after purchasing an additional 661,923 shares during the last quarter. Hedge funds and other institutional investors own 79.91% of the company’s stock.

Insider Transactions at Meta Platforms

In other news, COO Javier Olivan sold 620 shares of the firm’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $557.00, for a total value of $345,340.00. Following the transaction, the chief operating officer now directly owns 19,992 shares in the company, valued at $11,135,544. This trade represents a 3.01 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CAO Aaron Anderson sold 731 shares of the company’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $557.00, for a total value of $407,167.00. Following the sale, the chief accounting officer now owns 3,414 shares of the company’s stock, valued at approximately $1,901,598. This trade represents a 17.64 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 185,958 shares of company stock worth $101,181,747 over the last three months. 13.71% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several analysts have weighed in on META shares. Cantor Fitzgerald reissued an “overweight” rating and issued a $670.00 price target on shares of Meta Platforms in a research note on Wednesday, October 16th. Mizuho increased their target price on Meta Platforms from $650.00 to $675.00 and gave the company an “outperform” rating in a report on Thursday, October 31st. Wells Fargo & Company decreased their price target on Meta Platforms from $652.00 to $641.00 and set an “overweight” rating on the stock in a research note on Friday, November 1st. Citigroup boosted their price objective on Meta Platforms from $645.00 to $705.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. Finally, Sanford C. Bernstein raised their target price on shares of Meta Platforms from $600.00 to $675.00 and gave the stock an “outperform” rating in a report on Friday, October 25th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, thirty-five have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, Meta Platforms presently has an average rating of “Moderate Buy” and an average target price of $634.10.

Meta Platforms Trading Up 1.2 %

NASDAQ:META opened at $561.09 on Wednesday. The stock has a market cap of $1.42 trillion, a price-to-earnings ratio of 26.43, a PEG ratio of 1.23 and a beta of 1.22. The company has a quick ratio of 2.73, a current ratio of 2.73 and a debt-to-equity ratio of 0.18. The company’s 50 day moving average price is $570.23 and its 200-day moving average price is $522.73. Meta Platforms, Inc. has a 52 week low of $313.66 and a 52 week high of $602.95.

Meta Platforms (NASDAQ:META) last posted its earnings results 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 business had revenue of $40.59 billion during the quarter, compared to analyst estimates of $40.21 billion. Meta Platforms had a return on equity of 35.60% and a net margin of 35.55%. On average, equities research analysts forecast that Meta Platforms, Inc. will post 22.53 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. Stockholders of record on Monday, September 16th were issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.36%. The ex-dividend date was Monday, September 16th. Meta Platforms’s payout ratio is presently 9.42%.

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.