South Street Advisors LLC Sells 831 Shares of Meta Platforms, Inc. (NASDAQ:META)

South Street Advisors LLC cut its stake in Meta Platforms, Inc. (NASDAQ:META) by 2.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 28,136 shares of the social networking company’s stock after selling 831 shares during the quarter. Meta Platforms makes up approximately 2.4% of South Street Advisors LLC’s investment portfolio, making the stock its 19th largest holding. South Street Advisors LLC’s holdings in Meta Platforms were worth $16,106,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. POM Investment Strategies LLC acquired a new position in Meta Platforms in the 2nd quarter valued at $38,000. Ruedi Wealth Management Inc. grew its stake in shares of Meta Platforms by 122.2% in the second quarter. Ruedi Wealth Management Inc. now owns 80 shares of the social networking company’s stock valued at $40,000 after acquiring an additional 44 shares in the last quarter. Halpern Financial Inc. bought a new position in Meta Platforms during the third quarter worth about $46,000. West Financial Advisors LLC acquired a new stake in Meta Platforms in the 3rd quarter worth about $49,000. Finally, NewSquare Capital LLC boosted its holdings in Meta Platforms by 221.9% in the 2nd quarter. NewSquare Capital LLC now owns 103 shares of the social networking company’s stock valued at $52,000 after purchasing an additional 71 shares during the period. Institutional investors and hedge funds own 79.91% of the company’s stock.

Insider Buying and Selling at Meta Platforms

In related news, CFO Susan J. Li sold 33,018 shares of the stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $517.94, for a total value of $17,101,342.92. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Aaron Anderson sold 731 shares of the firm’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $557.00, for a total transaction of $407,167.00. Following the completion of the transaction, the chief accounting officer now directly owns 3,414 shares in the company, valued at $1,901,598. This trade represents a 17.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 185,958 shares of company stock valued at $101,181,747. Corporate insiders own 13.71% of the company’s stock.

Meta Platforms Stock Performance

META stock opened at $561.09 on Wednesday. The firm has a market cap of $1.42 trillion, a PE ratio of 26.43, a price-to-earnings-growth ratio of 1.23 and a beta of 1.22. The company has a current ratio of 2.73, a quick ratio of 2.73 and a debt-to-equity ratio of 0.18. The stock has a 50-day moving average price of $570.23 and a 200-day moving average price of $522.73. Meta Platforms, Inc. has a 1-year low of $313.66 and a 1-year high of $602.95.

Meta Platforms (NASDAQ:META) last issued its earnings results on Wednesday, October 30th. The social networking company reported $6.03 earnings per share 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 the consensus estimate of $40.21 billion. Meta Platforms had a return on equity of 35.60% and a net margin of 35.55%. As a group, equities research analysts expect that Meta Platforms, Inc. will post 22.53 earnings per share for the current year.

Meta Platforms Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, September 26th. Shareholders of record on Monday, September 16th were issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 0.36%. The ex-dividend date was Monday, September 16th. Meta Platforms’s payout ratio is 9.42%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. Scotiabank dropped their price target on shares of Meta Platforms from $585.00 to $583.00 and set a “sector perform” rating for the company in a research report on Thursday, October 31st. Wells Fargo & Company dropped their price objective on Meta Platforms from $652.00 to $641.00 and set an “overweight” rating for the company in a report on Friday, November 1st. Piper Sandler increased their target price on Meta Platforms from $575.00 to $650.00 and gave the stock an “overweight” rating in a report on Thursday, October 31st. Citigroup boosted their price target on Meta Platforms from $645.00 to $705.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Finally, KeyCorp increased their price objective on shares of Meta Platforms from $560.00 to $655.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 9th. Two analysts have rated the stock with a sell rating, four have given a hold rating, thirty-five have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, Meta Platforms has a consensus rating of “Moderate Buy” and an average price target of $634.10.

About Meta Platforms

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.