Providence Capital Advisors LLC Lowers Stock Holdings in Meta Platforms, Inc. (NASDAQ:META)

Providence Capital Advisors LLC cut its holdings in Meta Platforms, Inc. (NASDAQ:META) by 29.4% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 142 shares of the social networking company’s stock after selling 59 shares during the quarter. Providence Capital Advisors LLC’s holdings in Meta Platforms were worth $82,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in META. International Assets Investment Management LLC increased its position in shares of Meta Platforms by 57,001.5% during 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 in the last quarter. Integrated Investment Consultants LLC lifted its stake in shares of Meta Platforms by 61,769.3% in the third quarter. Integrated Investment Consultants LLC now owns 4,132,870 shares of the social networking company’s stock worth $2,365,820,000 after buying an additional 4,126,190 shares in the last quarter. Sustainable Growth Advisers LP purchased a new position in shares of Meta Platforms in the second quarter worth about $595,152,000. Healthcare of Ontario Pension Plan Trust Fund grew its stake in Meta Platforms by 926.6% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 733,358 shares of the social networking company’s stock valued at $369,774,000 after acquiring an additional 661,923 shares in the last quarter. Finally, Manning & Napier Advisors LLC acquired a new stake in Meta Platforms in the 2nd quarter valued at about $285,690,000. 79.91% of the stock is owned by institutional investors and hedge funds.

Meta Platforms Stock Down 0.8 %

META opened at $569.20 on Friday. Meta Platforms, Inc. has a 52 week low of $313.66 and a 52 week high of $602.95. The business has a 50 day moving average price of $574.75 and a two-hundred day moving average price of $526.33. 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 has a market cap of $1.44 trillion, a PE ratio of 26.81, a P/E/G ratio of 1.25 and a beta of 1.22.

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

Meta Platforms Announces Dividend

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

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on META shares. Rosenblatt Securities restated a “buy” rating and issued a $811.00 price target on shares of Meta Platforms in a research report on Thursday, October 31st. The Goldman Sachs Group raised their target price on Meta Platforms from $555.00 to $636.00 and gave the stock a “buy” rating in a research note on Monday, October 14th. Piper Sandler boosted their price target on shares of Meta Platforms from $575.00 to $650.00 and gave the company an “overweight” rating in a research report on Thursday, October 31st. TD Cowen raised their price objective on shares of Meta Platforms from $600.00 to $675.00 and gave the stock a “buy” rating in a research report on Thursday, October 17th. Finally, Robert W. Baird lifted their target price on shares of Meta Platforms from $605.00 to $630.00 and gave the stock an “outperform” rating in a research note on Thursday, October 31st. Two equities research 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.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $634.71.

Insider Buying and Selling at Meta Platforms

In related news, CEO Mark Zuckerberg sold 84 shares of the firm’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $600.00, for a total value of $50,400.00. Following the completion of the sale, the chief executive officer now owns 518,424 shares in the company, valued at $311,054,400. This trade represents a 0.02 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Jennifer Newstead sold 905 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $520.00, for a total transaction of $470,600.00. Following the transaction, the insider now owns 38,722 shares in the company, valued at $20,135,440. The trade was a 2.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 106,239 shares of company stock valued at $59,681,541. 13.71% of the stock is owned by corporate insiders.

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.