Pines Wealth Management LLC Takes $2.02 Million Position in Meta Platforms, Inc. (NASDAQ:META)

Pines Wealth Management LLC purchased a new position in Meta Platforms, Inc. (NASDAQ:META) during the fourth quarter, HoldingsChannel reports. The firm purchased 3,287 shares of the social networking company’s stock, valued at approximately $2,024,000. Meta Platforms makes up about 0.9% of Pines Wealth Management LLC’s investment portfolio, making the stock its 26th largest position.

Several other large investors also recently modified their holdings of META. Geode Capital Management LLC boosted its position in Meta Platforms by 1.5% in the third quarter. Geode Capital Management LLC now owns 48,160,608 shares of the social networking company’s stock worth $27,470,870,000 after purchasing an additional 698,884 shares during the last quarter. Jennison Associates LLC boosted its holdings in shares of 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 worth $8,266,531,000 after buying an additional 263,063 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Meta Platforms by 0.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 13,827,565 shares of the social networking company’s stock worth $7,915,451,000 after buying an additional 118,298 shares during the last quarter. International Assets Investment Management LLC grew its position in Meta Platforms by 57,001.5% during the third quarter. International Assets Investment Management LLC now owns 9,517,111 shares of the social networking company’s stock valued at $5,447,975,000 after buying an additional 9,500,444 shares during the period. Finally, Dimensional Fund Advisors LP increased its holdings in Meta Platforms by 2.8% during the second quarter. Dimensional Fund Advisors LP now owns 7,754,450 shares of the social networking company’s stock valued at $3,911,029,000 after buying an additional 208,677 shares during the last quarter. Institutional investors own 79.91% of the company’s stock.

Meta Platforms Price Performance

Shares of Meta Platforms stock opened at $617.12 on Thursday. The stock has a market cap of $1.56 trillion, a price-to-earnings ratio of 29.07, a price-to-earnings-growth ratio of 1.36 and a beta of 1.19. The company has a debt-to-equity ratio of 0.18, a quick ratio of 2.73 and a current ratio of 2.73. The stock has a 50 day moving average price of $595.02 and a 200-day moving average price of $554.81. Meta Platforms, Inc. has a one year low of $358.61 and a one year high of $638.40.

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. 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 analyst estimates of $40.21 billion. Equities analysts expect that Meta Platforms, Inc. will post 22.68 EPS for the current year.

Meta Platforms Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, December 27th. Investors of record on Monday, December 16th were issued a dividend of $0.50 per share. The ex-dividend date was Monday, December 16th. This represents a $2.00 annualized dividend and a yield of 0.32%. Meta Platforms’s payout ratio is 9.42%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. TD Cowen boosted their price objective on shares of Meta Platforms from $600.00 to $675.00 and gave the company a “buy” rating in a research report on Thursday, October 17th. KeyCorp boosted their price target on Meta Platforms from $655.00 to $700.00 and gave the company an “overweight” rating in a report on Friday, January 10th. Truist Financial upped their price target on Meta Platforms from $650.00 to $700.00 and gave the stock a “buy” rating in a research report on Tuesday, December 17th. Morgan Stanley lifted their price objective on Meta Platforms from $600.00 to $660.00 and gave the company an “overweight” rating in a research report on Monday. Finally, The Goldman Sachs Group increased their target price on shares of Meta Platforms from $555.00 to $636.00 and gave the stock a “buy” rating in a report on Monday, October 14th. Two equities research analysts have rated the stock with a sell rating, four have assigned 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 MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $650.05.

Insider Buying and Selling

In other Meta Platforms news, CEO Mark Zuckerberg sold 35,921 shares of the company’s stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $607.97, for a total value of $21,838,890.37. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Jennifer Newstead sold 905 shares of Meta Platforms stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $574.70, for a total value of $520,103.50. Following the sale, the insider now owns 32,387 shares of the company’s stock, valued at approximately $18,612,808.90. This trade represents a 2.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 495,682 shares of company stock valued at $301,101,199 in the last ninety days. 13.71% of the stock is owned by company 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.