Rehmann Capital Advisory Group Buys 359 Shares of Meta Platforms, Inc. (NASDAQ:META)

Rehmann Capital Advisory Group boosted its position in shares of Meta Platforms, Inc. (NASDAQ:META) by 3.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,194 shares of the social networking company’s stock after purchasing an additional 359 shares during the period. Rehmann Capital Advisory Group’s holdings in Meta Platforms were worth $6,425,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Main Line Retirement Advisors LLC acquired a new stake in Meta Platforms in the 3rd quarter valued at approximately $236,000. TD Private Client Wealth LLC grew its position in Meta Platforms by 3.0% in the third quarter. TD Private Client Wealth LLC now owns 41,392 shares of the social networking company’s stock valued at $23,694,000 after purchasing an additional 1,195 shares in the last quarter. Hobbs Group Advisors LLC increased its stake in Meta Platforms by 14.2% in the 3rd quarter. Hobbs Group Advisors LLC now owns 2,163 shares of the social networking company’s stock valued at $1,238,000 after buying an additional 269 shares during the last quarter. Arete Wealth Advisors LLC acquired a new position in shares of Meta Platforms during the 3rd quarter worth about $7,578,000. Finally, Sunbelt Securities Inc. grew its holdings in shares of Meta Platforms by 0.9% in the 3rd quarter. Sunbelt Securities Inc. now owns 13,570 shares of the social networking company’s stock valued at $7,768,000 after acquiring an additional 125 shares in the last quarter. Institutional investors and hedge funds own 79.91% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on META. Stifel Nicolaus raised their price target on Meta Platforms from $590.00 to $663.00 and gave the company a “buy” rating in a research note on Monday, October 14th. Wells Fargo & Company lowered their target price on shares of Meta Platforms from $652.00 to $641.00 and set an “overweight” rating on the stock in a report on Friday, November 1st. Cantor Fitzgerald reiterated an “overweight” rating and issued a $670.00 price target on shares of Meta Platforms in a research note on Wednesday, October 16th. The Goldman Sachs Group boosted their price objective on shares of Meta Platforms from $555.00 to $636.00 and gave the stock a “buy” rating in a research note on Monday, October 14th. Finally, Bank of America lifted their price target on Meta Platforms from $630.00 to $660.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. Two 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 assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $635.20.

Meta Platforms Price Performance

META stock opened at $619.32 on Wednesday. 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 company’s fifty day simple moving average is $581.32 and its 200 day simple moving average is $535.09. Meta Platforms, Inc. has a 12-month low of $319.99 and a 12-month high of $629.79. The firm has a market cap of $1.56 trillion, a price-to-earnings ratio of 29.17, a PEG ratio of 1.37 and a beta of 1.20.

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 analysts’ consensus estimates of $5.19 by $0.84. The company 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, analysts expect that Meta Platforms, Inc. will post 22.68 earnings per share for the current year.

Meta Platforms Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Monday, December 16th will be paid a $0.50 dividend. The ex-dividend date is Monday, December 16th. This represents a $2.00 annualized dividend and a dividend yield of 0.32%. Meta Platforms’s dividend payout ratio is presently 9.42%.

Insider Activity at Meta Platforms

In other Meta Platforms news, COO Javier Olivan sold 413 shares of the company’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $520.57, for a total transaction of $214,995.41. Following the transaction, the chief operating officer now owns 13,185 shares in the company, valued at approximately $6,863,715.45. This represents a 3.04 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Mark Zuckerberg sold 22,946 shares of Meta Platforms stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $621.84, for a total transaction of $14,268,740.64. The disclosure for this sale can be found here. Insiders sold 164,201 shares of company stock valued at $95,420,559 in the last three months. Corporate insiders own 13.71% of the company’s stock.

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.