Cohen Klingenstein LLC Reduces Stake in Meta Platforms, Inc. (NASDAQ:META)

Cohen Klingenstein LLC lessened its stake in shares of Meta Platforms, Inc. (NASDAQ:META) by 2.2% during the 4th quarter, Holdings Channel reports. The fund owned 80,812 shares of the social networking company’s stock after selling 1,800 shares during the quarter. Meta Platforms comprises 1.6% of Cohen Klingenstein LLC’s portfolio, making the stock its 14th largest holding. Cohen Klingenstein LLC’s holdings in Meta Platforms were worth $47,316,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. JDM Financial Group LLC purchased a new position in Meta Platforms in the third quarter worth approximately $30,000. Safe Harbor Fiduciary LLC acquired a new position in shares of Meta Platforms in the 3rd quarter valued at $36,000. Avondale Wealth Management purchased a new position in shares of Meta Platforms during the 4th quarter worth $41,000. Halpern Financial Inc. acquired a new stake in shares of Meta Platforms during the 3rd quarter worth about $46,000. Finally, West Financial Advisors LLC acquired a new stake in shares of Meta Platforms during the 3rd quarter worth about $49,000. Institutional investors and hedge funds own 79.91% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on META. TD Cowen increased their target price 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. Monness Crespi & Hardt increased their price objective on shares of Meta Platforms from $620.00 to $660.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. JMP Securities boosted their target price on Meta Platforms from $660.00 to $750.00 and gave the company a “market outperform” rating in a research report on Thursday, January 2nd. Stifel Nicolaus raised their price target on Meta Platforms from $590.00 to $663.00 and gave the stock a “buy” rating in a research report on Monday, October 14th. Finally, Sanford C. Bernstein boosted their price objective on Meta Platforms from $600.00 to $675.00 and gave the company an “outperform” rating in a report on Friday, October 25th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating, thirty-five have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, Meta Platforms currently has a consensus rating of “Moderate Buy” and an average price target of $650.05.

Meta Platforms Trading Up 0.2 %

Shares of Meta Platforms stock opened at $612.77 on Monday. The company has a 50-day moving average of $596.78 and a two-hundred day moving average of $557.04. The stock has a market cap of $1.55 trillion, a PE ratio of 28.86, a price-to-earnings-growth ratio of 1.22 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, Inc. has a 12-month low of $370.95 and a 12-month high of $638.40.

Meta Platforms (NASDAQ:META) last issued its quarterly earnings data on Wednesday, October 30th. The social networking company reported $6.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.19 by $0.84. The firm 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%. On average, research analysts anticipate that Meta Platforms, Inc. will post 22.68 EPS for the current fiscal year.

Meta Platforms Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Investors of record on Monday, December 16th were paid a $0.50 dividend. The ex-dividend date of this dividend was Monday, December 16th. This represents a $2.00 dividend on an annualized basis and a yield of 0.33%. Meta Platforms’s payout ratio is 9.42%.

Insider Buying and Selling at Meta Platforms

In related news, CAO Aaron Anderson sold 731 shares of the business’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $557.00, for a total value of $407,167.00. Following the completion of the transaction, the chief accounting officer now owns 3,414 shares of the company’s stock, valued at approximately $1,901,598. The trade was a 17.64 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Mark Zuckerberg sold 35,921 shares of the firm’s stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $633.25, for a total transaction of $22,746,973.25. The disclosure for this sale can be found here. In the last three months, insiders sold 496,174 shares of company stock worth $301,408,499. 13.71% of the stock is owned by corporate insiders.

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.