CIBC Asset Management Inc Acquires 42,078 Shares of Meta Platforms, Inc. $META

CIBC Asset Management Inc increased its holdings in shares of Meta Platforms, Inc. (NASDAQ:METAFree Report) by 7.6% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 596,364 shares of the social networking company’s stock after purchasing an additional 42,078 shares during the period. Meta Platforms makes up 1.3% of CIBC Asset Management Inc’s holdings, making the stock its 21st biggest holding. CIBC Asset Management Inc’s holdings in Meta Platforms were worth $437,955,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also bought and sold shares of the business. Bare Financial Services Inc bought a new position in Meta Platforms in the 2nd quarter valued at approximately $30,000. Briaud Financial Planning Inc bought a new stake in shares of Meta Platforms during the second quarter worth $42,000. Knuff & Co LLC acquired a new position in shares of Meta Platforms during the second quarter worth $44,000. WFA Asset Management Corp lifted its stake in shares of Meta Platforms by 42.6% in the 2nd quarter. WFA Asset Management Corp now owns 67 shares of the social networking company’s stock valued at $49,000 after acquiring an additional 20 shares during the last quarter. Finally, Spurstone Advisory Services LLC acquired a new stake in shares of Meta Platforms during the 2nd quarter valued at $59,000. 79.91% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, CAO Aaron Anderson sold 726 shares of the business’s stock in a transaction dated Tuesday, November 18th. The stock was sold at an average price of $591.60, for a total value of $429,501.60. Following the completion of the sale, the chief accounting officer directly owned 6,035 shares of the company’s stock, valued at $3,570,306. The trade was a 10.74% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Javier Olivan sold 2,610 shares of the company’s stock in a transaction that occurred on Saturday, November 15th. The stock was sold at an average price of $609.46, for a total value of $1,590,690.60. Following the transaction, the chief operating officer directly owned 9,784 shares in the company, valued at approximately $5,962,956.64. This trade represents a 21.06% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 39,077 shares of company stock valued at $23,955,958. Corporate insiders own 13.61% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on META shares. Wolfe Research reaffirmed an “outperform” rating and issued a $850.00 target price (up previously from $800.00) on shares of Meta Platforms in a report on Thursday. Cantor Fitzgerald restated an “overweight” rating and set a $860.00 price target (up from $750.00) on shares of Meta Platforms in a report on Thursday. Piper Sandler upped their price objective on Meta Platforms from $840.00 to $880.00 and gave the company an “overweight” rating in a research note on Thursday. Citigroup reiterated an “outperform” rating on shares of Meta Platforms in a research report on Thursday. Finally, Royal Bank Of Canada reissued an “outperform” rating and set a $810.00 target price on shares of Meta Platforms in a report on Thursday, January 29th. Five investment analysts have rated the stock with a Strong Buy rating, forty-one have given a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $848.50.

Read Our Latest Stock Report on Meta Platforms

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Meta Platforms Stock Performance

Shares of META opened at $706.41 on Tuesday. The company has a current ratio of 2.60, a quick ratio of 2.60 and a debt-to-equity ratio of 0.27. The firm’s fifty day simple moving average is $653.93 and its two-hundred day simple moving average is $696.00. Meta Platforms, Inc. has a 12 month low of $479.80 and a 12 month high of $796.25. The stock has a market capitalization of $1.78 trillion, a P/E ratio of 30.06, a price-to-earnings-growth ratio of 1.36 and a beta of 1.28.

Meta Platforms (NASDAQ:METAGet Free Report) last released its earnings results on Wednesday, January 28th. The social networking company reported $8.88 EPS for the quarter, topping the consensus estimate of $8.16 by $0.72. The business had revenue of $59.89 billion during the quarter, compared to analysts’ expectations of $58.33 billion. Meta Platforms had a return on equity of 38.61% and a net margin of 30.08%.The firm’s revenue was up 23.8% on a year-over-year basis. During the same quarter last year, the firm posted $8.02 earnings per share. As a group, analysts predict that Meta Platforms, Inc. will post 26.7 EPS for the current year.

Meta Platforms Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 23rd. Shareholders of record on Monday, December 15th were paid a $0.525 dividend. This represents a $2.10 annualized dividend and a yield of 0.3%. The ex-dividend date of this dividend was Monday, December 15th. Meta Platforms’s payout ratio is 8.94%.

Meta Platforms Profile

(Free Report)

Meta Platforms, Inc (NASDAQ: META), formerly Facebook, Inc, is a global technology company best known for building social networking services and immersive computing platforms. Founded in 2004 and headquartered in Menlo Park, California, the company operates a family of consumer-facing products and services that connect users, creators and businesses. In October 2021 the company rebranded as Meta to reflect an expanded strategic focus on augmented and virtual reality technologies alongside its social media businesses.

Meta’s core consumer products include Facebook, Instagram, WhatsApp and Messenger, which enable social networking, messaging, content sharing and community building across mobile and desktop devices.

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Institutional Ownership by Quarter for Meta Platforms (NASDAQ:META)

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