Elo Mutual Pension Insurance Co Lowers Stock Position in Meta Platforms, Inc. $META

Elo Mutual Pension Insurance Co trimmed its stake in Meta Platforms, Inc. (NASDAQ:META) by 4.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 249,465 shares of the social networking company’s stock after selling 11,600 shares during the quarter. Meta Platforms makes up 3.8% of Elo Mutual Pension Insurance Co’s holdings, making the stock its 4th biggest position. Elo Mutual Pension Insurance Co’s holdings in Meta Platforms were worth $184,128,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Bay Colony Advisory Group Inc d b a Bay Colony Advisors grew its stake in Meta Platforms by 0.4% in the 2nd quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 3,506 shares of the social networking company’s stock valued at $2,587,000 after buying an additional 13 shares in the last quarter. Pachira Investments Inc. boosted its holdings in shares of Meta Platforms by 3.0% in the second quarter. Pachira Investments Inc. now owns 488 shares of the social networking company’s stock worth $360,000 after acquiring an additional 14 shares during the period. Hemington Wealth Management grew its position in shares of Meta Platforms by 0.6% in the second quarter. Hemington Wealth Management now owns 2,223 shares of the social networking company’s stock valued at $1,641,000 after purchasing an additional 14 shares in the last quarter. Myecfo LLC raised its stake in shares of Meta Platforms by 2.0% during the 2nd quarter. Myecfo LLC now owns 776 shares of the social networking company’s stock valued at $573,000 after purchasing an additional 15 shares during the period. Finally, Shelton Wealth Management LLC lifted its holdings in Meta Platforms by 0.9% during the 2nd quarter. Shelton Wealth Management LLC now owns 1,764 shares of the social networking company’s stock worth $1,302,000 after purchasing an additional 15 shares in the last quarter. Institutional investors own 79.91% of the company’s stock.

Meta Platforms Stock Performance

Meta Platforms stock opened at $661.53 on Friday. The firm’s fifty day moving average price is $674.56 and its 200-day moving average price is $705.81. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.98 and a current ratio of 1.98. The stock has a market cap of $1.67 trillion, a P/E ratio of 29.22, a price-to-earnings-growth ratio of 1.34 and a beta of 1.28. Meta Platforms, Inc. has a fifty-two week low of $479.80 and a fifty-two week high of $796.25.

Meta Platforms (NASDAQ:META) last announced its earnings results on Wednesday, October 29th. The social networking company reported $7.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.74 by $0.51. Meta Platforms had a net margin of 30.89% and a return on equity of 39.35%. The company had revenue of $51.24 billion during the quarter, compared to analyst estimates of $49.34 billion. During the same period in the previous year, the business earned $6.03 earnings per share. The firm’s quarterly revenue was up 26.2% compared to the same quarter last year. On average, equities research analysts expect that Meta Platforms, Inc. will post 26.7 earnings per share for the current fiscal year.

Meta Platforms Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 23rd. Investors of record on Monday, December 15th will be issued a dividend of $0.525 per share. This represents a $2.10 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date of this dividend is Monday, December 15th. Meta Platforms’s dividend payout ratio (DPR) is currently 9.28%.

Insider Buying and Selling

In other Meta Platforms news, CTO Andrew Bosworth sold 11,690 shares of the company’s stock in a transaction that occurred on Tuesday, November 18th. The stock was sold at an average price of $593.31, for a total value of $6,935,793.90. Following the completion of the sale, the chief technology officer owned 2,415 shares of the company’s stock, valued at $1,432,843.65. This represents a 82.88% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Robert M. Kimmitt sold 600 shares of Meta Platforms stock in a transaction that occurred on Monday, November 17th. The stock was sold at an average price of $609.35, for a total transaction of $365,610.00. Following the transaction, the director directly owned 7,347 shares in the company, valued at $4,476,894.45. This trade represents a 7.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 41,959 shares of company stock worth $26,671,107 over the last ninety days. Corporate insiders own 13.61% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on META. Truist Financial reduced their target price on Meta Platforms from $900.00 to $875.00 and set a “buy” rating for the company in a report on Thursday, October 30th. UBS Group raised their price objective on shares of Meta Platforms from $900.00 to $915.00 and gave the company a “buy” rating in a research report on Thursday, October 30th. Piper Sandler decreased their target price on shares of Meta Platforms from $880.00 to $840.00 and set an “overweight” rating on the stock in a report on Thursday, October 30th. Arete upgraded shares of Meta Platforms from a “neutral” rating to a “buy” rating and set a $718.00 target price on the stock in a research note on Thursday. Finally, Wedbush restated an “outperform” rating and set a $920.00 price target on shares of Meta Platforms in a research report on Thursday, October 30th. Four equities research analysts have rated the stock with a Strong Buy rating, thirty-nine have given a Buy rating and eight have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $819.43.

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.