Prosperity Financial Group Inc. Trims Stock Position in Meta Platforms, Inc. (NASDAQ:META)

Prosperity Financial Group Inc. decreased its position in shares of Meta Platforms, Inc. (NASDAQ:META) by 6.5% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 3,146 shares of the social networking company’s stock after selling 219 shares during the quarter. Meta Platforms makes up about 1.0% of Prosperity Financial Group Inc.’s holdings, making the stock its 27th largest position. Prosperity Financial Group Inc.’s holdings in Meta Platforms were worth $1,801,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in META. POM Investment Strategies LLC acquired a new position in Meta Platforms in the second quarter valued at $38,000. Ruedi Wealth Management Inc. grew its holdings in shares of 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 buying an additional 44 shares during the last quarter. Halpern Financial Inc. purchased a new position in shares of Meta Platforms during the third quarter worth about $46,000. West Financial Advisors LLC acquired a new position in Meta Platforms in the 3rd quarter valued at about $49,000. Finally, NewSquare Capital LLC raised its stake in Meta Platforms by 221.9% during the 2nd quarter. NewSquare Capital LLC now owns 103 shares of the social networking company’s stock valued at $52,000 after acquiring an additional 71 shares during the last quarter. Institutional investors and hedge funds own 79.91% of the company’s stock.

Meta Platforms Trading Up 1.5 %

Shares of Meta Platforms stock opened at $573.54 on Wednesday. Meta Platforms, Inc. has a fifty-two week low of $313.66 and a fifty-two week high of $602.95. The business’s fifty day moving average is $573.38 and its two-hundred day moving average is $525.35. The company has a quick ratio of 2.73, a current ratio of 2.73 and a debt-to-equity ratio of 0.18. The firm has a market cap of $1.45 trillion, a PE ratio of 27.02, a P/E/G ratio of 1.23 and a beta of 1.22.

Meta Platforms (NASDAQ:META) last released its earnings results on Wednesday, October 30th. The social networking company reported $6.03 earnings per share for the quarter, topping the consensus estimate of $5.19 by $0.84. Meta Platforms had a return on equity of 35.60% and a net margin of 35.55%. The firm had revenue of $40.59 billion for the quarter, compared to the consensus estimate of $40.21 billion. Analysts anticipate that Meta Platforms, Inc. will post 22.62 earnings per share for the current year.

Meta Platforms Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 26th. Investors of record on Monday, September 16th were given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 0.35%. The ex-dividend date of this dividend was Monday, September 16th. Meta Platforms’s dividend payout ratio (DPR) is 9.42%.

Insiders Place Their Bets

In other news, COO Javier Olivan sold 413 shares of the firm’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $562.77, for a total value of $232,424.01. Following the transaction, the chief operating officer now directly owns 19,579 shares in the company, valued at $11,018,473.83. This trade represents a 2.07 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Jennifer Newstead sold 905 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $520.00, for a total value of $470,600.00. Following the sale, the insider now owns 38,722 shares of the company’s stock, valued at $20,135,440. The trade was a 2.28 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 110,656 shares of company stock valued at $61,933,867 over the last quarter. Company insiders own 13.71% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Pivotal Research lifted their target price on Meta Platforms from $780.00 to $800.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. UBS Group lifted their price objective on shares of Meta Platforms from $690.00 to $719.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. JPMorgan Chase & Co. upped their price objective on shares of Meta Platforms from $640.00 to $660.00 and gave the stock an “overweight” rating in a research report on Thursday, October 31st. Susquehanna lifted their target price on shares of Meta Platforms from $600.00 to $675.00 and gave the company a “positive” rating in a report on Thursday, October 31st. Finally, Truist Financial increased their price target on shares of Meta Platforms from $570.00 to $650.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Two research analysts have rated the stock with a sell rating, four have given a hold rating, thirty-five have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $634.71.

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.