Truvestments Capital LLC Increases Stock Holdings in Meta Platforms, Inc. (NASDAQ:META)

Truvestments Capital LLC grew its holdings in shares of Meta Platforms, Inc. (NASDAQ:META) by 8.3% in the 3rd quarter, Holdings Channel.com reports. The firm owned 1,648 shares of the social networking company’s stock after purchasing an additional 126 shares during the quarter. Truvestments Capital LLC’s holdings in Meta Platforms were worth $943,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Alliance Wealth Management Group increased its stake in shares of Meta Platforms by 12.4% in the 3rd quarter. Alliance Wealth Management Group now owns 1,356 shares of the social networking company’s stock worth $776,000 after purchasing an additional 150 shares in the last quarter. Boston Family Office LLC grew its holdings in Meta Platforms by 24.7% during the third quarter. Boston Family Office LLC now owns 2,036 shares of the social networking company’s stock valued at $1,165,000 after purchasing an additional 403 shares during the period. Blue Whale Capital LLP increased its position in Meta Platforms by 32.4% in the third quarter. Blue Whale Capital LLP now owns 137,129 shares of the social networking company’s stock worth $78,498,000 after buying an additional 33,529 shares in the last quarter. MSA Advisors LLC raised its stake in shares of Meta Platforms by 130.9% in the third quarter. MSA Advisors LLC now owns 26,324 shares of the social networking company’s stock worth $15,069,000 after buying an additional 14,924 shares during the period. Finally, Harvest Fund Management Co. Ltd lifted its position in shares of Meta Platforms by 30.3% during the 3rd quarter. Harvest Fund Management Co. Ltd now owns 121,108 shares of the social networking company’s stock valued at $69,313,000 after buying an additional 28,194 shares in the last quarter. Institutional investors own 79.91% of the company’s stock.

Meta Platforms Trading Up 1.5 %

Shares of NASDAQ META opened at $573.54 on Wednesday. The business’s 50 day moving average price is $573.38 and its 200-day moving average price is $525.35. Meta Platforms, Inc. has a fifty-two week low of $313.66 and a fifty-two week high of $602.95. The company has a debt-to-equity ratio of 0.18, a quick ratio of 2.73 and a current ratio of 2.73. The company has a market cap of $1.45 trillion, a price-to-earnings ratio of 27.02, a PEG ratio of 1.23 and a beta of 1.22.

Meta Platforms (NASDAQ:META) last released its earnings results on Wednesday, October 30th. The social networking company reported $6.03 earnings per share for the quarter, topping analysts’ consensus estimates of $5.19 by $0.84. The business had revenue of $40.59 billion for the quarter, compared to analyst estimates of $40.21 billion. Meta Platforms had a return on equity of 35.60% and a net margin of 35.55%. On average, sell-side analysts expect that Meta Platforms, Inc. will post 22.62 earnings per share for the current year.

Meta Platforms Dividend Announcement

The business 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. The ex-dividend date of this dividend was Monday, September 16th. This represents a $2.00 annualized dividend and a yield of 0.35%. Meta Platforms’s dividend payout ratio (DPR) is 9.42%.

Wall Street Analyst Weigh In

A number of research firms have commented on META. Piper Sandler raised their target price on shares of Meta Platforms from $575.00 to $650.00 and gave the stock an “overweight” rating in a research note on Thursday, October 31st. Mizuho lifted their target price on shares of Meta Platforms from $650.00 to $675.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. Bank of America upped their target price on shares of Meta Platforms from $630.00 to $660.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. Oppenheimer boosted their price objective on Meta Platforms from $525.00 to $615.00 and gave the company an “outperform” rating in a research report on Thursday, August 1st. Finally, Citigroup upped their price objective on Meta Platforms from $645.00 to $705.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. Two research 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 given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $634.71.

Insiders Place Their Bets

In other news, CEO Mark Zuckerberg sold 492 shares of the 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 transaction, the chief executive officer now owns 518,508 shares of the company’s stock, valued at approximately $311,493,681. This represents a 0.09 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jennifer Newstead sold 905 shares of the firm’s stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $507.63, for a total value of $459,405.15. Following the transaction, the insider now owns 37,817 shares in the company, valued at approximately $19,197,043.71. This represents a 2.34 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 110,656 shares of company stock worth $61,933,867 in the last three months. Corporate insiders own 13.71% of the company’s stock.

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.