Meta Platforms, Inc. (NASDAQ:META) Shares Sold by Cornerstone Wealth Management LLC

Cornerstone Wealth Management LLC lessened its stake in Meta Platforms, Inc. (NASDAQ:META) by 0.4% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 10,622 shares of the social networking company’s stock after selling 44 shares during the quarter. Cornerstone Wealth Management LLC’s holdings in Meta Platforms were worth $6,219,000 as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of the stock. Geode Capital Management LLC lifted its holdings in Meta Platforms by 1.5% during the 3rd quarter. Geode Capital Management LLC now owns 48,160,608 shares of the social networking company’s stock worth $27,470,870,000 after buying an additional 698,884 shares during the last quarter. Jennison Associates LLC raised its position in shares of Meta Platforms by 1.9% during the 3rd quarter. Jennison Associates LLC now owns 14,440,868 shares of the social networking company’s stock valued at $8,266,531,000 after acquiring an additional 263,063 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Meta Platforms by 0.9% during 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 purchasing an additional 118,298 shares during the last quarter. International Assets Investment Management LLC boosted its holdings in Meta Platforms by 57,001.5% in the third quarter. International Assets Investment Management LLC now owns 9,517,111 shares of the social networking company’s stock worth $5,447,975,000 after purchasing an additional 9,500,444 shares during the period. Finally, Franklin Resources Inc. increased its stake in Meta Platforms by 2.8% during the third quarter. Franklin Resources Inc. now owns 6,946,755 shares of the social networking company’s stock valued at $4,101,602,000 after purchasing an additional 186,728 shares during the last quarter. Institutional investors own 79.91% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on META shares. Citigroup raised their price target on shares of Meta Platforms from $645.00 to $705.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Pivotal Research lifted their target price on Meta Platforms from $780.00 to $800.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Barclays increased their price target on Meta Platforms from $550.00 to $630.00 and gave the stock an “overweight” rating in a research report on Thursday, October 31st. Robert W. Baird boosted their price objective on Meta Platforms from $605.00 to $630.00 and gave the company an “outperform” rating in a research report on Thursday, October 31st. Finally, Susquehanna raised their target price on Meta Platforms from $600.00 to $675.00 and gave the company a “positive” rating in a research note on Thursday, October 31st. 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 assigned a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $654.20.

Insider Buying and Selling

In other Meta Platforms news, COO Javier Olivan sold 413 shares of the company’s stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $567.58, for a total value of $234,410.54. Following the transaction, the chief operating officer now owns 10,294 shares in the company, valued at approximately $5,842,668.52. This represents a 3.86 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jennifer Newstead sold 905 shares of Meta Platforms stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $580.10, for a total transaction of $524,990.50. Following the sale, the insider now directly owns 31,482 shares of the company’s stock, valued at $18,262,708.20. This trade represents a 2.79 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 568,016 shares of company stock valued at $346,031,180. Corporate insiders own 13.71% of the company’s stock.

Meta Platforms Price Performance

META stock opened at $647.49 on Monday. Meta Platforms, Inc. has a one year low of $385.66 and a one year high of $652.00. The firm has a 50-day moving average of $601.93 and a two-hundred day moving average of $560.51. The firm has a market capitalization of $1.63 trillion, a PE ratio of 30.50, a P/E/G ratio of 1.18 and a beta of 1.19. The company has a current ratio of 2.73, a quick ratio of 2.73 and a debt-to-equity ratio of 0.18.

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 analysts’ consensus estimates of $5.19 by $0.84. Meta Platforms had a net margin of 35.55% and a return on equity of 35.60%. The firm had revenue of $40.59 billion during the quarter, compared to analyst estimates of $40.21 billion. On average, analysts forecast that Meta Platforms, Inc. will post 22.96 earnings per share for the current year.

Meta Platforms Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, December 27th. Investors of record on Monday, December 16th were given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 0.31%. The ex-dividend date was Monday, December 16th. Meta Platforms’s payout ratio is 9.42%.

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.