Meta Platforms, Inc. (NASDAQ:META) Stake Increased by Bank Pictet & Cie Europe AG

Bank Pictet & Cie Europe AG grew its position in Meta Platforms, Inc. (NASDAQ:META) by 3.2% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 213,872 shares of the social networking company’s stock after buying an additional 6,627 shares during the period. Meta Platforms makes up about 2.9% of Bank Pictet & Cie Europe AG’s investment portfolio, making the stock its 7th largest holding. Bank Pictet & Cie Europe AG’s holdings in Meta Platforms were worth $122,429,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Capital Research Global Investors boosted its stake in Meta Platforms by 14.5% during 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 last quarter. Jennison Associates LLC lifted its holdings in shares of 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 valued at $6,733,731,000 after purchasing an additional 2,748,620 shares in the last quarter. Sustainable Growth Advisers LP purchased a new stake in shares of Meta Platforms during the second quarter valued at $595,152,000. Vanguard Group Inc. increased its holdings in Meta Platforms by 0.4% in the 1st quarter. Vanguard Group Inc. now owns 187,180,393 shares of the social networking company’s stock worth $90,891,055,000 after buying an additional 831,047 shares in the last quarter. Finally, Canada Pension Plan Investment Board raised its position in 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 worth $1,656,318,000 after buying an additional 788,131 shares during the last quarter. Institutional investors own 79.91% of the company’s stock.

Meta Platforms Stock Performance

NASDAQ META opened at $567.78 on Friday. The stock has a market capitalization of $1.44 trillion, a price-to-earnings ratio of 32.61, a PEG ratio of 1.45 and a beta of 1.22. The stock has a 50-day moving average of $549.53 and a 200 day moving average of $509.99. The company has a current ratio of 2.83, a quick ratio of 2.83 and a debt-to-equity ratio of 0.12. Meta Platforms, Inc. has a twelve month low of $279.40 and a twelve month high of $602.95.

Meta Platforms (NASDAQ:META) last announced its earnings results 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 business had revenue of $39.07 billion during the quarter, compared to the consensus estimate of $38.26 billion. During the same period in the prior year, the company posted $3.23 EPS. The business’s quarterly revenue was up 22.1% on a year-over-year basis. Sell-side analysts anticipate that Meta Platforms, Inc. will post 21.37 EPS for the current fiscal year.

Meta Platforms Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 26th. Stockholders of record on Monday, September 16th were given a $0.50 dividend. The ex-dividend date was Monday, September 16th. This represents a $2.00 annualized dividend and a dividend yield of 0.35%. Meta Platforms’s dividend payout ratio (DPR) is 11.49%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. UBS Group raised their price target on shares of Meta Platforms from $635.00 to $690.00 and gave the company a “buy” rating in a report on Monday, October 7th. Monness Crespi & Hardt lifted their target price on shares of Meta Platforms from $570.00 to $620.00 and gave the stock a “buy” rating in a research report on Monday, September 30th. JMP Securities increased their price target on Meta Platforms from $550.00 to $635.00 and gave the company a “market outperform” rating in a report on Thursday, September 26th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $670.00 price objective on shares of Meta Platforms in a report on Wednesday, October 16th. Finally, Scotiabank assumed coverage on Meta Platforms in a report on Friday, October 11th. They issued a “sector perform” rating and a $585.00 target price on the stock. Two investment analysts have rated the stock with a sell rating, three have given a hold rating, thirty-five have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, Meta Platforms currently has a consensus rating of “Moderate Buy” and a consensus target price of $619.20.

Insider Transactions at Meta Platforms

In related news, insider Jennifer Newstead sold 905 shares of Meta Platforms stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $574.70, for a total value of $520,103.50. Following the sale, the insider now directly owns 32,387 shares in the company, valued at approximately $18,612,808.90. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Meta Platforms news, insider Jennifer Newstead sold 905 shares of the firm’s stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $574.70, for a total value of $520,103.50. Following the transaction, the insider now owns 32,387 shares in the company, valued at approximately $18,612,808.90. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, COO Javier Olivan sold 413 shares of the company’s stock in a transaction on Friday, October 18th. The stock was sold at an average price of $580.65, for a total transaction of $239,808.45. Following the sale, the chief operating officer now directly owns 11,120 shares of the company’s stock, valued at $6,456,828. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 250,817 shares of company stock valued at $132,547,715 over the last 90 days. Corporate insiders own 13.71% of the company’s stock.

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.