Pinnacle Wealth Management LLC Has $3.39 Million Stock Holdings in Meta Platforms, Inc. $META

Pinnacle Wealth Management LLC raised its stake in Meta Platforms, Inc. (NASDAQ:META) by 0.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,590 shares of the social networking company’s stock after acquiring an additional 20 shares during the quarter. Meta Platforms makes up 2.8% of Pinnacle Wealth Management LLC’s holdings, making the stock its 7th biggest position. Pinnacle Wealth Management LLC’s holdings in Meta Platforms were worth $3,388,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Csenge Advisory Group grew its stake in shares of Meta Platforms by 12.0% during the 1st quarter. Csenge Advisory Group now owns 9,539 shares of the social networking company’s stock worth $5,498,000 after acquiring an additional 1,019 shares during the period. ARQ Wealth Advisors LLC grew its stake in shares of Meta Platforms by 4.5% during the 1st quarter. ARQ Wealth Advisors LLC now owns 785 shares of the social networking company’s stock worth $452,000 after acquiring an additional 34 shares during the period. JMG Financial Group Ltd. purchased a new stake in Meta Platforms during the first quarter valued at about $284,000. Infusive Asset Management Inc. lifted its holdings in Meta Platforms by 10.7% during the first quarter. Infusive Asset Management Inc. now owns 23,620 shares of the social networking company’s stock valued at $13,614,000 after purchasing an additional 2,285 shares during the last quarter. Finally, Spirepoint Private Client LLC lifted its holdings in Meta Platforms by 2.7% during the second quarter. Spirepoint Private Client LLC now owns 4,080 shares of the social networking company’s stock valued at $3,011,000 after purchasing an additional 109 shares during the last quarter. 79.91% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on META shares. Pivotal Research boosted their price target on shares of Meta Platforms from $830.00 to $930.00 and gave the company a “buy” rating in a research report on Thursday, July 31st. KeyCorp lifted their price objective on shares of Meta Platforms from $800.00 to $905.00 and gave the company an “overweight” rating in a research note on Thursday, July 31st. Royal Bank Of Canada raised their price target on Meta Platforms from $740.00 to $840.00 and gave the stock an “outperform” rating in a report on Thursday, July 31st. Zacks Research raised Meta Platforms from a “hold” rating to a “strong-buy” rating in a report on Monday, October 20th. Finally, Wedbush increased their price objective on Meta Platforms from $750.00 to $920.00 and gave the stock an “outperform” rating in a report on Thursday, July 31st. Five analysts have rated the stock with a Strong Buy rating, thirty-nine have issued a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $829.66.

Insider Activity

In other news, COO Javier Olivan sold 517 shares of the company’s stock in a transaction dated Monday, October 20th. The stock was sold at an average price of $721.30, for a total value of $372,912.10. Following the completion of the transaction, the chief operating officer directly owned 8,475 shares in the company, valued at approximately $6,113,017.50. This represents a 5.75% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Robert M. Kimmitt sold 465 shares of the company’s stock in a transaction dated Wednesday, October 15th. The stock was sold at an average price of $716.97, for a total value of $333,391.05. Following the completion of the transaction, the director owned 7,947 shares of the company’s stock, valued at $5,697,760.59. The trade was a 5.53% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 213,146 shares of company stock worth $164,208,279. 13.61% of the stock is currently owned by corporate insiders.

Meta Platforms Stock Up 0.1%

Shares of NASDAQ META opened at $751.44 on Wednesday. Meta Platforms, Inc. has a 12 month low of $479.80 and a 12 month high of $796.25. The company has a current ratio of 1.97, a quick ratio of 1.97 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $1.89 trillion, a price-to-earnings ratio of 27.21, a PEG ratio of 1.59 and a beta of 1.20. The business has a 50-day moving average of $741.78 and a 200-day moving average of $694.67.

Meta Platforms (NASDAQ:META) last announced its earnings results on Wednesday, July 30th. The social networking company reported $7.14 earnings per share (EPS) for the quarter, beating 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 business had revenue of $47.52 billion during the quarter, compared to analyst estimates of $44.55 billion. During the same period in the previous year, the business posted $5.16 earnings per share. Meta Platforms’s revenue for the quarter was up 21.6% on a year-over-year basis. Sell-side analysts expect that Meta Platforms, Inc. will post 26.7 earnings per share for the current fiscal year.

Meta Platforms Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 29th. Stockholders of record on Monday, September 22nd were given a dividend of $0.525 per share. The ex-dividend date was Monday, September 22nd. This represents a $2.10 annualized dividend and a dividend yield of 0.3%. Meta Platforms’s dividend payout ratio (DPR) is 7.60%.

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.