Meta Platforms, Inc. (NASDAQ:META) Stake Trimmed by Oliver Luxxe Assets LLC

Oliver Luxxe Assets LLC reduced its stake in Meta Platforms, Inc. (NASDAQ:META) by 14.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,678 shares of the social networking company’s stock after selling 3,123 shares during the period. Meta Platforms accounts for 1.9% of Oliver Luxxe Assets LLC’s holdings, making the stock its 3rd biggest holding. Oliver Luxxe Assets LLC’s holdings in Meta Platforms were worth $10,692,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also added to or reduced their stakes in META. Capital Research Global Investors boosted 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 valued at $16,799,612,000 after purchasing an additional 4,379,826 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Meta Platforms by 1.7% during the fourth quarter. Vanguard Group Inc. now owns 186,349,346 shares of the social networking company’s stock valued at $65,960,215,000 after purchasing an additional 3,104,550 shares in the last quarter. Jennison Associates LLC boosted its stake 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 bought a new position in shares of Meta Platforms during the second quarter valued at approximately $595,152,000. Finally, Global Assets Advisory LLC bought a new position in shares of Meta Platforms during the first quarter valued at approximately $515,383,000. 79.91% of the stock is currently owned by institutional investors.

Meta Platforms Stock Up 1.0 %

META stock opened at $589.95 on Monday. The firm has a market cap of $1.50 trillion, a PE ratio of 33.89, a P/E/G ratio of 1.45 and a beta of 1.22. The company has a debt-to-equity ratio of 0.12, a quick ratio of 2.83 and a current ratio of 2.83. The firm’s fifty day moving average is $538.12 and its 200 day moving average is $505.67. Meta Platforms, Inc. has a one year low of $279.40 and a one year high of $602.95.

Meta Platforms (NASDAQ:META) last released its quarterly earnings results on Wednesday, July 31st. The social networking company reported $5.16 EPS for the quarter, beating the consensus estimate of $4.70 by $0.46. Meta Platforms had a net margin of 34.34% and a return on equity of 34.16%. The company had revenue of $39.07 billion for the quarter, compared to analyst estimates of $38.26 billion. During the same quarter last year, the business earned $3.23 earnings per share. The firm’s revenue was up 22.1% on a year-over-year basis. On average, research analysts forecast that Meta Platforms, Inc. will post 21.37 EPS for the current year.

Meta Platforms Dividend Announcement

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 0.34%. Meta Platforms’s dividend payout ratio (DPR) is 11.49%.

Insider Activity

In other news, CEO Mark Zuckerberg sold 1,712 shares of Meta Platforms stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $502.27, for a total value of $859,886.24. Following the sale, the chief executive officer now owns 129,888 shares in the company, valued at $65,238,845.76. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Meta Platforms news, CTO Andrew Bosworth sold 5,057 shares of Meta Platforms stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $526.76, for a total transaction of $2,663,825.32. Following the transaction, the chief technology officer now directly owns 11,990 shares of the company’s stock, valued at $6,315,852.40. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Mark Zuckerberg sold 1,712 shares of Meta Platforms stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $502.27, for a total transaction of $859,886.24. Following the transaction, the chief executive officer now directly owns 129,888 shares in the company, valued at $65,238,845.76. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 252,443 shares of company stock worth $133,105,284 over the last 90 days. 13.71% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on META. Jefferies Financial Group increased their price objective on shares of Meta Platforms from $565.00 to $600.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Raymond James increased their price objective on shares of Meta Platforms from $600.00 to $650.00 and gave the company a “strong-buy” rating in a research note on Thursday. Citigroup increased their target price on shares of Meta Platforms from $580.00 to $645.00 and gave the company a “buy” rating in a research report on Monday, September 23rd. TD Securities increased their target price on shares of Meta Platforms from $530.00 to $600.00 in a research report on Wednesday, July 10th. Finally, Wedbush reissued an “outperform” rating and set a $600.00 target price on shares of Meta Platforms in a research report on Thursday, September 26th. Two analysts have rated the stock with a sell rating, three have issued a hold rating, thirty-five have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Meta Platforms has an average rating of “Moderate Buy” and a consensus target price of $609.71.

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.