Portside Wealth Group LLC Has $3.39 Million Position in Meta Platforms, Inc. (NASDAQ:META)

Portside Wealth Group LLC lifted its stake in shares of Meta Platforms, Inc. (NASDAQ:META) by 16.8% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 5,916 shares of the social networking company’s stock after acquiring an additional 852 shares during the period. Portside Wealth Group LLC’s holdings in Meta Platforms were worth $3,387,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of META. Keynote Financial Services LLC acquired a new position in Meta Platforms during the third quarter worth $212,000. Consolidated Planning Corp raised its holdings in Meta Platforms by 10.0% during the third quarter. Consolidated Planning Corp now owns 12,977 shares of the social networking company’s stock worth $7,429,000 after buying an additional 1,185 shares during the last quarter. Western Pacific Wealth Management LP raised its holdings in Meta Platforms by 22.8% during the third quarter. Western Pacific Wealth Management LP now owns 5,239 shares of the social networking company’s stock worth $2,999,000 after buying an additional 971 shares during the last quarter. JB Capital LLC raised its holdings in Meta Platforms by 2.3% during the third quarter. JB Capital LLC now owns 11,676 shares of the social networking company’s stock worth $6,682,000 after buying an additional 264 shares during the last quarter. Finally, Valley Brook Capital Group Inc. raised its holdings in Meta Platforms by 4.5% during the third quarter. Valley Brook Capital Group Inc. now owns 3,002 shares of the social networking company’s stock worth $1,718,000 after buying an additional 128 shares during the last quarter. Institutional investors and hedge funds own 79.91% of the company’s stock.

Meta Platforms Trading Down 0.4 %

Shares of Meta Platforms stock opened at $589.34 on Monday. Meta Platforms, Inc. has a 1 year low of $313.66 and a 1 year high of $602.95. The firm has a market cap of $1.49 trillion, a PE ratio of 27.76, a PEG ratio of 1.27 and a beta of 1.22. The company has a debt-to-equity ratio of 0.18, a current ratio of 2.73 and a quick ratio of 2.73. The company has a 50 day simple moving average of $561.78 and a two-hundred day simple moving average of $516.29.

Meta Platforms (NASDAQ:META) last announced its earnings results on Wednesday, October 30th. The social networking company reported $6.03 earnings per share (EPS) for the quarter, beating the consensus estimate 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 net margin of 35.55% and a return on equity of 35.60%. Analysts expect that Meta Platforms, Inc. will post 22.53 earnings per share for the current fiscal year.

Meta Platforms Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 26th. Shareholders of record on Monday, September 16th were paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 0.34%. The ex-dividend date of this dividend was Monday, September 16th. Meta Platforms’s dividend payout ratio (DPR) is presently 9.42%.

Insiders Place Their Bets

In other Meta Platforms news, insider Jennifer Newstead sold 901 shares of Meta Platforms stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $567.70, for a total transaction of $511,497.70. Following the transaction, the insider now directly owns 30,581 shares of the company’s stock, valued at approximately $17,360,833.70. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, CEO Mark Zuckerberg sold 16,702 shares of Meta Platforms stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $528.51, for a total value of $8,827,174.02. Following the transaction, the chief executive officer now directly owns 72,473 shares of the company’s stock, valued at $38,302,705.23. The trade was a 0.00 % decrease in their ownership of the stock. The sale 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 on Tuesday, November 5th. The stock was sold at an average price of $567.70, for a total transaction of $511,497.70. Following the completion of the transaction, the insider now directly owns 30,581 shares in the company, valued at approximately $17,360,833.70. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 211,416 shares of company stock valued at $112,638,243. 13.71% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Susquehanna upped their price objective on shares of Meta Platforms from $600.00 to $675.00 and gave the stock a “positive” rating in a report on Thursday, October 31st. Needham & Company LLC restated an “underperform” rating on shares of Meta Platforms in a report on Thursday, October 31st. Mizuho increased their target price on shares of Meta Platforms from $650.00 to $675.00 and gave the company an “outperform” rating in a report on Thursday, October 31st. JMP Securities increased their target price on shares of Meta Platforms from $635.00 to $660.00 and gave the company a “market outperform” rating in a report on Thursday, October 31st. Finally, KeyCorp increased their target price on shares of Meta Platforms from $560.00 to $655.00 and gave the company an “overweight” rating in a report on Wednesday, October 9th. Two analysts have rated the stock with a sell rating, four have issued a hold rating, thirty-five have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $634.10.

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.