New Millennium Group LLC Lowers Position in Meta Platforms, Inc. (NASDAQ:META)

New Millennium Group LLC cut its stake in Meta Platforms, Inc. (NASDAQ:META) by 46.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,754 shares of the social networking company’s stock after selling 3,192 shares during the quarter. Meta Platforms accounts for about 1.4% of New Millennium Group LLC’s portfolio, making the stock its 20th biggest position. New Millennium Group LLC’s holdings in Meta Platforms were worth $2,149,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. West Family Investments Inc. increased its position in shares of Meta Platforms by 21.7% during the third quarter. West Family Investments Inc. now owns 6,844 shares of the social networking company’s stock valued at $3,918,000 after acquiring an additional 1,219 shares during the last quarter. Second Half Financial Partners LLC purchased a new stake in shares of Meta Platforms during the third quarter valued at approximately $702,000. PNC Financial Services Group Inc. increased its position in shares of Meta Platforms by 2.9% during the third quarter. PNC Financial Services Group Inc. now owns 1,250,348 shares of the social networking company’s stock valued at $715,749,000 after acquiring an additional 35,117 shares during the last quarter. B. Metzler seel. Sohn & Co. Holding AG purchased a new stake in shares of Meta Platforms during the third quarter valued at approximately $116,708,000. Finally, Vance Wealth Inc. increased its position in shares of Meta Platforms by 18.8% during the third quarter. Vance Wealth Inc. now owns 3,414 shares of the social networking company’s stock valued at $1,954,000 after acquiring an additional 541 shares during the last quarter. 79.91% of the stock is owned by hedge funds and other institutional investors.

Meta Platforms Trading Down 0.7 %

Shares of META stock opened at $559.14 on Friday. The business has a 50-day moving average of $572.74 and a 200 day moving average of $523.96. The company has a debt-to-equity ratio of 0.18, a current ratio of 2.73 and a quick ratio of 2.73. Meta Platforms, Inc. has a 1-year low of $313.66 and a 1-year high of $602.95. The stock has a market capitalization of $1.41 trillion, a PE ratio of 26.34, a P/E/G ratio of 1.24 and a beta of 1.22.

Meta Platforms (NASDAQ:META) last released its quarterly earnings data on Wednesday, October 30th. The social networking company reported $6.03 earnings per share for the quarter, beating analysts’ consensus estimates of $5.19 by $0.84. Meta Platforms had a return on equity of 35.60% and a net margin of 35.55%. The firm had revenue of $40.59 billion during the quarter, compared to analyst estimates of $40.21 billion. As a group, sell-side analysts anticipate that Meta Platforms, Inc. will post 22.53 earnings per share for the current year.

Meta Platforms Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 26th. Shareholders of record on Monday, September 16th were given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.36%. The ex-dividend date was Monday, September 16th. Meta Platforms’s payout ratio is 9.42%.

Insider Activity

In other Meta Platforms news, CEO Mark Zuckerberg sold 7,975 shares of the company’s stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $516.36, for a total value of $4,117,971.00. Following the completion of the transaction, the chief executive officer now directly owns 531,884 shares in the company, valued at approximately $274,643,622.24. This represents a 1.48 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Aaron Anderson sold 731 shares of Meta Platforms stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $557.00, for a total transaction of $407,167.00. Following the sale, the chief accounting officer now directly owns 3,414 shares in the company, valued at $1,901,598. The trade was a 17.64 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 168,843 shares of company stock valued at $92,083,554. Insiders own 13.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on META. Jefferies Financial Group increased their price target on Meta Platforms from $600.00 to $675.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. JPMorgan Chase & Co. increased their price objective on Meta Platforms from $640.00 to $660.00 and gave the company an “overweight” rating in a report on Thursday, October 31st. Deutsche Bank Aktiengesellschaft increased their price objective on Meta Platforms from $525.00 to $585.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Morgan Stanley increased their price objective on Meta Platforms from $550.00 to $575.00 and gave the company an “overweight” rating in a report on Thursday, August 1st. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $670.00 price objective on shares of Meta Platforms in a report on Wednesday, October 16th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, thirty-five have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Meta Platforms presently has an average rating of “Moderate Buy” and an average target price of $634.10.

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.