Meta Platforms, Inc. $META Shares Sold by Conway Capital Management Inc.

Conway Capital Management Inc. cut its stake in shares of Meta Platforms, Inc. (NASDAQ:META) by 7.4% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,894 shares of the social networking company’s stock after selling 630 shares during the period. Meta Platforms makes up 2.6% of Conway Capital Management Inc.’s holdings, making the stock its 9th biggest holding. Conway Capital Management Inc.’s holdings in Meta Platforms were worth $5,826,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Barnes Dennig Private Wealth Management LLC acquired a new position in shares of Meta Platforms in the first quarter valued at approximately $28,000. MJT & Associates Financial Advisory Group Inc. acquired a new position in shares of Meta Platforms in the first quarter valued at approximately $33,000. Evergreen Private Wealth LLC grew its holdings in Meta Platforms by 237.5% during the 2nd quarter. Evergreen Private Wealth LLC now owns 54 shares of the social networking company’s stock worth $40,000 after acquiring an additional 38 shares in the last quarter. Maseco LLP acquired a new position in Meta Platforms during the 2nd quarter worth approximately $54,000. Finally, eCIO Inc. acquired a new position in Meta Platforms during the 1st quarter worth approximately $58,000. Institutional investors and hedge funds own 79.91% of the company’s stock.

Meta Platforms Stock Up 0.1%

Shares of NASDAQ META opened at $751.44 on Wednesday. The company has a quick ratio of 1.97, a current ratio of 1.97 and a debt-to-equity ratio of 0.15. Meta Platforms, Inc. has a 52-week low of $479.80 and a 52-week high of $796.25. The firm has a fifty day moving average of $741.78 and a 200-day moving average of $694.67. The stock has a market capitalization of $1.89 trillion, a PE ratio of 27.21, a P/E/G ratio of 1.59 and a beta of 1.20.

Meta Platforms (NASDAQ:META) last released its quarterly earnings data on Wednesday, July 30th. The social networking company reported $7.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.75 by $1.39. Meta Platforms had a net margin of 39.99% and a return on equity of 39.33%. The company had revenue of $47.52 billion during the quarter, compared to the consensus estimate of $44.55 billion. During the same period in the previous year, the firm earned $5.16 earnings per share. Meta Platforms’s revenue for the quarter was up 21.6% on a year-over-year basis. On average, analysts anticipate that Meta Platforms, Inc. will post 26.7 EPS for the current year.

Meta Platforms Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 29th. Investors of record on Monday, September 22nd were issued a $0.525 dividend. The ex-dividend date of this dividend was Monday, September 22nd. This represents a $2.10 annualized dividend and a yield of 0.3%. Meta Platforms’s dividend payout ratio is currently 7.60%.

Insider Activity at Meta Platforms

In related news, Director Robert M. Kimmitt sold 465 shares of the company’s stock in a transaction on Wednesday, October 15th. The shares were sold at an average price of $716.97, for a total value of $333,391.05. Following the sale, the director directly owned 7,947 shares of the company’s stock, valued at $5,697,760.59. This represents a 5.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Javier Olivan sold 517 shares of the stock in a transaction on Monday, October 20th. The stock was sold at an average price of $721.30, for a total transaction of $372,912.10. Following the sale, the chief operating officer directly owned 8,475 shares in the company, valued at $6,113,017.50. This trade represents a 5.75% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 213,146 shares of company stock valued at $164,208,279 over the last ninety days. Corporate insiders own 13.61% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. Wells Fargo & Company upped their target price on shares of Meta Platforms from $811.00 to $837.00 and gave the company an “overweight” rating in a report on Tuesday, October 7th. Monness Crespi & Hardt upped their price objective on shares of Meta Platforms from $780.00 to $860.00 and gave the stock a “buy” rating in a research report on Thursday, July 31st. Sanford C. Bernstein upped their price target on shares of Meta Platforms from $775.00 to $900.00 and gave the stock an “outperform” rating in a research note on Thursday, July 31st. Loop Capital reissued a “buy” rating and issued a $980.00 price objective (up from $888.00) on shares of Meta Platforms in a research note on Tuesday, August 5th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Meta Platforms from $795.00 to $875.00 and gave the company an “overweight” rating in a research note on Thursday, July 31st. Five investment analysts have rated the stock with a Strong Buy rating, thirty-nine have assigned a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $829.66.

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.