Meta Platforms, Inc. (NASDAQ:META) Shares Acquired by MGB Wealth Management LLC

MGB Wealth Management LLC boosted its position in Meta Platforms, Inc. (NASDAQ:META) by 19.2% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 870 shares of the social networking company’s stock after purchasing an additional 140 shares during the quarter. MGB Wealth Management LLC’s holdings in Meta Platforms were worth $498,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Charles Schwab Investment Management Inc. raised its stake in shares of 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 valued at $7,915,451,000 after purchasing an additional 118,298 shares in the last quarter. LS Investment Advisors LLC raised its position in shares of Meta Platforms by 111.4% during the 3rd quarter. LS Investment Advisors LLC now owns 11,679 shares of the social networking company’s stock worth $6,686,000 after buying an additional 6,155 shares in the last quarter. Gradient Investments LLC lifted its stake in shares of Meta Platforms by 8.9% in the 2nd quarter. Gradient Investments LLC now owns 72,587 shares of the social networking company’s stock worth $36,600,000 after acquiring an additional 5,953 shares during the period. Cutter & CO Brokerage Inc. boosted its holdings in shares of Meta Platforms by 0.7% in the third quarter. Cutter & CO Brokerage Inc. now owns 9,735 shares of the social networking company’s stock valued at $5,573,000 after acquiring an additional 65 shares in the last quarter. Finally, Stanley Laman Group Ltd. increased its stake in shares of Meta Platforms by 26.5% during the second quarter. Stanley Laman Group Ltd. now owns 1,678 shares of the social networking company’s stock valued at $846,000 after acquiring an additional 352 shares during the period. 79.91% of the stock is owned by institutional investors and hedge funds.

Meta Platforms Stock Performance

META opened at $565.11 on Tuesday. The stock has a 50-day moving average of $573.38 and a 200-day moving average of $525.35. The company has a debt-to-equity ratio of 0.18, a quick ratio of 2.73 and a current ratio of 2.73. Meta Platforms, Inc. has a 52-week low of $313.66 and a 52-week high of $602.95. The company has a market cap of $1.43 trillion, a PE ratio of 26.62, a price-to-earnings-growth ratio of 1.23 and a beta of 1.22.

Meta Platforms (NASDAQ:META) last announced its quarterly earnings results on Wednesday, October 30th. The social networking company reported $6.03 EPS for the quarter, beating the consensus estimate of $5.19 by $0.84. Meta Platforms had a return on equity of 35.60% and a net margin of 35.55%. The company had revenue of $40.59 billion for the quarter, compared to the consensus estimate of $40.21 billion. As a group, equities research analysts forecast that Meta Platforms, Inc. will post 22.62 earnings per share for the current fiscal year.

Meta Platforms Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, September 26th. Shareholders of record on Monday, September 16th were given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 0.35%. The ex-dividend date was Monday, September 16th. Meta Platforms’s dividend payout ratio is 9.42%.

Insiders Place Their Bets

In related news, insider Jennifer Newstead sold 905 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $520.00, for a total transaction of $470,600.00. Following the completion of the transaction, the insider now directly owns 38,722 shares in the company, valued at $20,135,440. This represents a 2.28 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Mark Zuckerberg sold 492 shares of the firm’s stock in a transaction on Monday, October 7th. The stock was sold at an average price of $600.75, for a total transaction of $295,569.00. Following the completion of the sale, the chief executive officer now owns 518,508 shares in the company, valued at $311,493,681. This represents a 0.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 118,218 shares of company stock valued at $65,819,414 in the last quarter. Insiders own 13.71% of the company’s stock.

Wall Street Analyst Weigh In

META has been the subject of a number of research analyst reports. Rosenblatt Securities restated a “buy” rating and issued a $811.00 target price on shares of Meta Platforms in a research report on Thursday, October 31st. Citigroup raised their target price on Meta Platforms from $645.00 to $705.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. The Goldman Sachs Group boosted their price target on shares of Meta Platforms from $555.00 to $636.00 and gave the stock a “buy” rating in a research report on Monday, October 14th. TD Cowen lifted their price objective on shares of Meta Platforms from $600.00 to $675.00 and gave the stock a “buy” rating in a research note on Thursday, October 17th. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on shares of Meta Platforms from $525.00 to $585.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. 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 issued a strong buy rating to the company. According to MarketBeat, Meta Platforms currently has a consensus rating of “Moderate Buy” and an average target price of $634.71.

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.