Fifth Third Wealth Advisors LLC Has $21.73 Million Stock Position in Meta Platforms, Inc. (NASDAQ:META)

Fifth Third Wealth Advisors LLC grew its holdings in Meta Platforms, Inc. (NASDAQ:META) by 18.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 37,953 shares of the social networking company’s stock after purchasing an additional 6,024 shares during the quarter. Meta Platforms makes up approximately 1.3% of Fifth Third Wealth Advisors LLC’s holdings, making the stock its 11th biggest holding. Fifth Third Wealth Advisors LLC’s holdings in Meta Platforms were worth $21,726,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the business. China Universal Asset Management Co. Ltd. lifted its stake in shares of Meta Platforms by 48.8% in the 1st quarter. China Universal Asset Management Co. Ltd. now owns 49,191 shares of the social networking company’s stock valued at $23,886,000 after purchasing an additional 16,138 shares during the period. Cypress Asset Management Inc. TX lifted its stake in Meta Platforms by 541.8% in the first quarter. Cypress Asset Management Inc. TX now owns 3,819 shares of the social networking company’s stock valued at $1,862,000 after buying an additional 3,224 shares during the period. Capital Group Private Client Services Inc. boosted its holdings in Meta Platforms by 39.1% during the first quarter. Capital Group Private Client Services Inc. now owns 223,025 shares of the social networking company’s stock worth $108,296,000 after buying an additional 62,643 shares during the last quarter. Capital International Sarl increased its stake in shares of Meta Platforms by 5.7% in the 1st quarter. Capital International Sarl now owns 292,128 shares of the social networking company’s stock valued at $141,852,000 after acquiring an additional 15,864 shares during the last quarter. Finally, Capital Research Global Investors raised its position in shares of Meta Platforms by 14.5% in the 1st 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 acquiring an additional 4,379,826 shares during the period. Institutional investors own 79.91% of the company’s stock.

Meta Platforms Price Performance

Shares of Meta Platforms stock opened at $563.09 on Friday. 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 stock has a market capitalization of $1.42 trillion, a price-to-earnings ratio of 26.52, a price-to-earnings-growth ratio of 1.24 and a beta of 1.22. Meta Platforms, Inc. has a twelve month low of $313.66 and a twelve month high of $602.95. The company has a 50-day simple moving average of $572.05 and a two-hundred day simple moving average of $523.31.

Meta Platforms (NASDAQ:META) last released its quarterly earnings results on Wednesday, October 30th. The social networking company reported $6.03 earnings per share for the quarter, beating analysts’ consensus estimates of $5.19 by $0.84. The company had revenue of $40.59 billion during the quarter, compared to the consensus estimate of $40.21 billion. Meta Platforms had a net margin of 35.55% and a return on equity of 35.60%. Analysts forecast that Meta Platforms, Inc. will post 22.53 EPS for the current year.

Meta Platforms Announces Dividend

The company 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. The ex-dividend date was Monday, September 16th. This represents a $2.00 annualized dividend and a dividend yield of 0.36%. Meta Platforms’s dividend payout ratio is 9.42%.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on META. Royal Bank of Canada restated an “outperform” rating and set a $570.00 price objective on shares of Meta Platforms in a report on Thursday, August 1st. BMO Capital Markets upped their price objective on shares of Meta Platforms from $525.00 to $530.00 and gave the company a “market perform” rating in a research report on Thursday, October 31st. DA Davidson started coverage on Meta Platforms in a report on Tuesday, September 10th. They set a “buy” rating and a $600.00 target price on the stock. Wedbush restated an “outperform” rating and issued a $600.00 price target on shares of Meta Platforms in a report on Thursday, September 26th. Finally, KeyCorp lifted their price objective on Meta Platforms from $560.00 to $655.00 and gave the company an “overweight” rating in a report on Wednesday, October 9th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, thirty-five have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Meta Platforms has an average rating of “Moderate Buy” and an average price target of $634.10.

Insider Activity at Meta Platforms

In other news, CAO Aaron Anderson sold 731 shares of the business’s stock in a transaction on Monday, November 18th. The stock was 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 owns 3,414 shares of the company’s stock, valued at approximately $1,901,598. The trade was a 17.64 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Andrew Bosworth sold 14,746 shares of the firm’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $553.53, for a total value of $8,162,353.38. The disclosure for this sale can be found here. Insiders have sold 168,843 shares of company stock valued at $92,083,554 over the last three months. 13.71% of the stock is owned by insiders.

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.