Covey Capital Advisors LLC Has $4.08 Million Stock Holdings in Meta Platforms, Inc. (NASDAQ:META)

Covey Capital Advisors LLC decreased its position in shares of Meta Platforms, Inc. (NASDAQ:META) by 0.4% in the third quarter, HoldingsChannel reports. The fund owned 7,120 shares of the social networking company’s stock after selling 29 shares during the quarter. Meta Platforms makes up 4.5% of Covey Capital Advisors LLC’s portfolio, making the stock its 9th largest position. Covey Capital Advisors LLC’s holdings in Meta Platforms were worth $4,076,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. POM Investment Strategies LLC acquired a new position in shares of Meta Platforms during the second quarter valued at about $38,000. Ruedi Wealth Management Inc. grew its position in Meta Platforms by 122.2% during the 2nd quarter. Ruedi Wealth Management Inc. now owns 80 shares of the social networking company’s stock worth $40,000 after purchasing an additional 44 shares during the last quarter. Halpern Financial Inc. acquired a new position in Meta Platforms during the 3rd quarter valued at approximately $46,000. West Financial Advisors LLC purchased a new position in shares of Meta Platforms in the third quarter worth $49,000. Finally, NewSquare Capital LLC grew its holdings in shares of Meta Platforms by 221.9% during the second quarter. NewSquare Capital LLC now owns 103 shares of the social networking company’s stock valued at $52,000 after buying an additional 71 shares during the last quarter. 79.91% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have commented on META. Stifel Nicolaus lifted their price target on Meta Platforms from $590.00 to $663.00 and gave the stock a “buy” rating in a research report on Monday, October 14th. Barclays upped their target price on Meta Platforms from $550.00 to $630.00 and gave the company an “overweight” rating in a research report on Thursday, October 31st. Mizuho raised their price target on shares of Meta Platforms from $650.00 to $675.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. Guggenheim upped their price objective on shares of Meta Platforms from $600.00 to $665.00 and gave the company a “buy” rating in a report on Monday, October 7th. Finally, Robert W. Baird increased their price objective on shares of Meta Platforms from $605.00 to $630.00 and gave the stock an “outperform” rating in a research note on Thursday, October 31st. Two analysts have rated the stock with a sell rating, four have issued a hold rating, thirty-five have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $634.71.

Insiders Place Their Bets

In other Meta Platforms news, CFO Susan J. Li sold 8,951 shares of the business’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $577.16, for a total value of $5,166,159.16. Following the transaction, the chief financial officer now directly owns 51,591 shares in the company, valued at $29,776,261.56. The trade was a 14.78 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Jennifer Newstead sold 905 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $520.00, for a total transaction of $470,600.00. Following the sale, the insider now owns 38,722 shares of the company’s stock, valued at $20,135,440. This represents a 2.28 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 106,239 shares of company stock valued at $59,681,541 in the last three months. 13.71% of the stock is currently owned by insiders.

Meta Platforms Trading Up 0.9 %

Shares of META opened at $574.32 on Friday. The firm’s fifty day moving average is $575.21 and its two-hundred day moving average is $527.37. 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 cap of $1.45 trillion, a PE ratio of 27.05, a price-to-earnings-growth ratio of 1.25 and a beta of 1.22. Meta Platforms, Inc. has a 52-week low of $313.66 and a 52-week high of $602.95.

Meta Platforms (NASDAQ:META) last announced its quarterly earnings data on Wednesday, October 30th. The social networking company reported $6.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.19 by $0.84. Meta Platforms had a net margin of 35.55% and a return on equity of 35.60%. The company had revenue of $40.59 billion during the quarter, compared to analysts’ expectations of $40.21 billion. Research analysts forecast that Meta Platforms, Inc. will post 22.62 earnings per share for the current fiscal year.

Meta Platforms Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 26th. Shareholders of record on Monday, September 16th were paid 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 was Monday, September 16th. Meta Platforms’s dividend payout ratio (DPR) is currently 9.42%.

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.