Meta Platforms, Inc. (NASDAQ:META) Stock Holdings Trimmed by Pinnacle West Asset Management Inc.

Pinnacle West Asset Management Inc. reduced its stake in shares of Meta Platforms, Inc. (NASDAQ:META) by 3.0% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,950 shares of the social networking company’s stock after selling 185 shares during the period. Meta Platforms accounts for about 2.4% of Pinnacle West Asset Management Inc.’s portfolio, making the stock its 8th largest holding. Pinnacle West Asset Management Inc.’s holdings in Meta Platforms were worth $3,406,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Delos Wealth Advisors LLC grew its holdings in Meta Platforms by 527.3% in the 1st quarter. Delos Wealth Advisors LLC now owns 69 shares of the social networking company’s stock valued at $34,000 after buying an additional 58 shares in the last quarter. POM Investment Strategies LLC purchased a new stake in shares of Meta Platforms in the second quarter valued at about $38,000. Ruedi Wealth Management Inc. increased its position in Meta Platforms by 122.2% during the second quarter. Ruedi Wealth Management Inc. now owns 80 shares of the social networking company’s stock worth $40,000 after purchasing an additional 44 shares during the last quarter. Halpern Financial Inc. purchased a new position in Meta Platforms during the third quarter worth about $46,000. Finally, West Financial Advisors LLC acquired a new position in Meta Platforms in the 3rd quarter valued at about $49,000. Institutional investors and hedge funds own 79.91% of the company’s stock.

Meta Platforms Stock Performance

Shares of Meta Platforms stock opened at $573.25 on Friday. The company has a quick ratio of 2.83, a current ratio of 2.83 and a debt-to-equity ratio of 0.12. Meta Platforms, Inc. has a 52 week low of $279.40 and a 52 week high of $602.95. The firm’s 50 day moving average is $551.05 and its two-hundred day moving average is $510.72. The firm has a market capitalization of $1.45 trillion, a P/E ratio of 29.26, a P/E/G ratio of 1.42 and a beta of 1.22.

Meta Platforms (NASDAQ:META) last posted its earnings results on Wednesday, July 31st. The social networking company reported $5.16 EPS for the quarter, beating analysts’ consensus estimates of $4.70 by $0.46. Meta Platforms had a net margin of 34.34% and a return on equity of 34.16%. The firm had revenue of $39.07 billion for the quarter, compared to the consensus estimate of $38.26 billion. During the same period last year, the firm posted $3.23 EPS. The company’s revenue was up 22.1% on a year-over-year basis. Research analysts forecast that Meta Platforms, Inc. will post 21.44 EPS for the current fiscal year.

Meta Platforms Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 26th. Stockholders of record on Monday, September 16th were given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.35%. The ex-dividend date was Monday, September 16th. Meta Platforms’s dividend payout ratio (DPR) is currently 10.21%.

Insider Activity

In other Meta Platforms news, insider Jennifer Newstead sold 905 shares of Meta Platforms stock in a transaction that occurred on Tuesday, October 22nd. The stock was sold at an average price of $574.70, for a total transaction of $520,103.50. Following the transaction, the insider now owns 32,387 shares of the company’s stock, valued at $18,612,808.90. The trade was 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 hyperlink. In other news, insider Jennifer Newstead sold 905 shares of the company’s stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $574.70, for a total value of $520,103.50. Following the completion of the sale, the insider now directly owns 32,387 shares of the company’s stock, valued at approximately $18,612,808.90. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Mark Zuckerberg sold 84 shares of the firm’s stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $600.00, for a total value of $50,400.00. Following the transaction, the chief executive officer now directly owns 518,424 shares in the company, valued at approximately $311,054,400. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 250,817 shares of company stock valued at $132,547,715. Insiders own 13.71% of the company’s stock.

Analyst Ratings Changes

META has been the subject of a number of recent analyst reports. TD Cowen raised their price target on shares of Meta Platforms from $600.00 to $675.00 and gave the stock a “buy” rating in a report on Thursday, October 17th. Needham & Company LLC reissued an “underperform” rating on shares of Meta Platforms in a research note on Wednesday, September 4th. TD Securities upped their price target on Meta Platforms from $530.00 to $600.00 in a research note on Wednesday, July 10th. Evercore ISI raised their price objective on Meta Platforms from $550.00 to $600.00 and gave the stock an “outperform” rating in a research report on Thursday, August 1st. Finally, Loop Capital upped their target price on shares of Meta Platforms from $550.00 to $575.00 and gave the company a “buy” rating in a research report on Tuesday, August 6th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating, thirty-five have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $621.63.

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.