Market Street Wealth Management Advisors LLC Cuts Stock Position in Meta Platforms, Inc. (NASDAQ:META)

Market Street Wealth Management Advisors LLC trimmed its position in shares of Meta Platforms, Inc. (NASDAQ:META) by 8.9% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 973 shares of the social networking company’s stock after selling 95 shares during the period. Market Street Wealth Management Advisors LLC’s holdings in Meta Platforms were worth $570,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of META. Geode Capital Management LLC boosted its holdings in Meta Platforms by 1.5% during the 3rd quarter. Geode Capital Management LLC now owns 48,160,608 shares of the social networking company’s stock valued at $27,470,870,000 after acquiring an additional 698,884 shares during the period. Jennison Associates LLC lifted its position in Meta Platforms by 1.9% in the third quarter. Jennison Associates LLC now owns 14,440,868 shares of the social networking company’s stock valued at $8,266,531,000 after purchasing an additional 263,063 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Meta Platforms by 0.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 13,827,565 shares of the social networking company’s stock valued at $7,915,451,000 after purchasing an additional 118,298 shares during the period. International Assets Investment Management LLC grew its holdings in shares of Meta Platforms by 57,001.5% in the third quarter. International Assets Investment Management LLC now owns 9,517,111 shares of the social networking company’s stock worth $5,447,975,000 after purchasing an additional 9,500,444 shares during the last quarter. Finally, Franklin Resources Inc. increased its stake in shares of Meta Platforms by 2.8% in the third quarter. Franklin Resources Inc. now owns 6,946,755 shares of the social networking company’s stock worth $4,101,602,000 after buying an additional 186,728 shares during the period. Institutional investors own 79.91% of the company’s stock.

Meta Platforms Stock Performance

META opened at $647.49 on Monday. The company has a current ratio of 2.73, a quick ratio of 2.73 and a debt-to-equity ratio of 0.18. Meta Platforms, Inc. has a 12-month low of $385.66 and a 12-month high of $652.00. The company has a market cap of $1.63 trillion, a price-to-earnings ratio of 30.50, a PEG ratio of 1.18 and a beta of 1.19. The company’s 50 day moving average is $601.93 and its 200 day moving average is $560.51.

Meta Platforms (NASDAQ:META) last posted its quarterly earnings data on Wednesday, October 30th. The social networking company reported $6.03 EPS for the quarter, topping the consensus estimate of $5.19 by $0.84. The firm had revenue of $40.59 billion for 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%. On average, equities research analysts predict that Meta Platforms, Inc. will post 22.96 EPS for the current year.

Meta Platforms Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, December 27th. Shareholders of record on Monday, December 16th were given a $0.50 dividend. The ex-dividend date of this dividend was Monday, December 16th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.31%. Meta Platforms’s payout ratio is currently 9.42%.

Insider Transactions at Meta Platforms

In related news, CFO Susan J. Li sold 8,951 shares of Meta Platforms stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $577.16, for a total transaction of $5,166,159.16. Following the sale, the chief financial officer now owns 51,591 shares of the company’s stock, valued at approximately $29,776,261.56. This trade represents a 14.78 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Javier Olivan sold 413 shares of the company’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $567.58, for a total value of $234,410.54. Following the completion of the transaction, the chief operating officer now owns 10,294 shares of the company’s stock, valued at $5,842,668.52. The trade was a 3.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 568,016 shares of company stock valued at $346,031,180 over the last three months. Corporate insiders own 13.71% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have weighed in on META. Truist Financial increased their price target on shares of Meta Platforms from $650.00 to $700.00 and gave the company a “buy” rating in a research report on Tuesday, December 17th. Bank of America increased their price objective on Meta Platforms from $660.00 to $710.00 and gave the stock a “buy” rating in a report on Thursday. Barclays lifted their target price on shares of Meta Platforms from $550.00 to $630.00 and gave the company an “overweight” rating in a research note on Thursday, October 31st. Pivotal Research lifted their price target on Meta Platforms from $780.00 to $800.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. Finally, TD Cowen increased their price objective on Meta Platforms from $600.00 to $675.00 and gave the stock a “buy” rating in a report on Thursday, October 17th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, thirty-five have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $654.20.

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.