Meta Platforms, Inc. (NASDAQ:META) Shares Sold by Nexus Investment Management ULC

Nexus Investment Management ULC reduced its position in shares of Meta Platforms, Inc. (NASDAQ:META) by 1.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 91,938 shares of the social networking company’s stock after selling 1,282 shares during the period. Meta Platforms accounts for about 5.2% of Nexus Investment Management ULC’s investment portfolio, making the stock its 2nd largest position. Nexus Investment Management ULC’s holdings in Meta Platforms were worth $52,629,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of META. Central Valley Advisors LLC grew its stake in Meta Platforms by 0.3% in the 3rd quarter. Central Valley Advisors LLC now owns 5,714 shares of the social networking company’s stock valued at $3,271,000 after buying an additional 18 shares during the last quarter. Cherrydale Wealth Management LLC grew its position in shares of Meta Platforms by 0.5% in the third quarter. Cherrydale Wealth Management LLC now owns 3,841 shares of the social networking company’s stock valued at $2,199,000 after purchasing an additional 18 shares during the last quarter. S.A. Mason LLC grew its position in shares of Meta Platforms by 1.5% in the first quarter. S.A. Mason LLC now owns 1,328 shares of the social networking company’s stock valued at $645,000 after purchasing an additional 20 shares during the last quarter. Front Row Advisors LLC increased its stake in shares of Meta Platforms by 5.7% in the second quarter. Front Row Advisors LLC now owns 371 shares of the social networking company’s stock worth $187,000 after purchasing an additional 20 shares during the period. Finally, Merrion Investment Management Co LLC lifted its position in shares of Meta Platforms by 1.8% during the 3rd quarter. Merrion Investment Management Co LLC now owns 1,145 shares of the social networking company’s stock worth $655,000 after purchasing an additional 20 shares during the last quarter. 79.91% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have commented on the company. Needham & Company LLC reaffirmed an “underperform” rating on shares of Meta Platforms in a research report on Wednesday, September 4th. Robert W. Baird boosted their target price on shares of Meta Platforms from $530.00 to $605.00 and gave the stock an “outperform” rating in a research report on Thursday, September 26th. Citigroup increased their price target on shares of Meta Platforms from $580.00 to $645.00 and gave the company a “buy” rating in a report on Monday, September 23rd. Wolfe Research assumed coverage on shares of Meta Platforms in a report on Tuesday, July 16th. They set an “outperform” rating and a $620.00 price objective on the stock. Finally, TD Securities increased their target price on shares of Meta Platforms from $530.00 to $600.00 in a research note on Wednesday, July 10th. Two research analysts have rated the stock with a sell rating, three have given a hold rating, thirty-five have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $613.71.

Meta Platforms Stock Performance

META stock opened at $576.79 on Thursday. Meta Platforms, Inc. has a twelve month low of $279.40 and a twelve month high of $602.95. The company has a quick ratio of 2.83, a current ratio of 2.83 and a debt-to-equity ratio of 0.12. The company has a market cap of $1.46 trillion, a P/E ratio of 33.13, a price-to-earnings-growth ratio of 1.45 and a beta of 1.22. The business’s fifty day moving average is $544.01 and its 200-day moving average is $507.60.

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

Meta Platforms Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 26th. Investors of record on Monday, September 16th were issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 0.35%. The ex-dividend date of this dividend was Monday, September 16th. Meta Platforms’s dividend payout ratio is currently 11.49%.

Insider Buying and Selling at Meta Platforms

In other news, insider Jennifer Newstead sold 905 shares of the business’s stock in a transaction on Tuesday, July 23rd. The shares were sold at an average price of $489.80, for a total value of $443,269.00. Following the completion of the transaction, the insider now owns 35,130 shares of the company’s stock, valued at $17,206,674. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Jennifer Newstead sold 905 shares of the firm’s stock in a transaction dated Tuesday, July 23rd. The stock was sold at an average price of $489.80, for a total transaction of $443,269.00. Following the sale, the insider now owns 35,130 shares of the company’s stock, valued at $17,206,674. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Javier Olivan sold 412 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $463.00, for a total value of $190,756.00. Following the completion of the transaction, the chief operating officer now owns 5,559 shares of the company’s stock, valued at $2,573,817. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 249,911 shares of company stock valued at $131,887,905. Corporate insiders own 13.71% of the company’s stock.

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.