Beacon Pointe Advisors LLC Has $97.21 Million Holdings in Meta Platforms, Inc. $META

Beacon Pointe Advisors LLC lifted its stake in shares of Meta Platforms, Inc. (NASDAQ:META) by 9.5% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 131,702 shares of the social networking company’s stock after buying an additional 11,432 shares during the quarter. Meta Platforms comprises approximately 1.0% of Beacon Pointe Advisors LLC’s investment portfolio, making the stock its 18th largest holding. Beacon Pointe Advisors LLC’s holdings in Meta Platforms were worth $97,208,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Wellspring Financial Advisors LLC grew its holdings in Meta Platforms by 18.9% in the second quarter. Wellspring Financial Advisors LLC now owns 2,671 shares of the social networking company’s stock worth $1,971,000 after purchasing an additional 424 shares during the period. Westerkirk Capital Inc. acquired a new stake in shares of Meta Platforms in the 2nd quarter valued at about $17,765,000. Quantbot Technologies LP bought a new stake in Meta Platforms in the 2nd quarter valued at about $2,555,000. Van Hulzen Asset Management LLC raised its stake in Meta Platforms by 9.8% during the 2nd quarter. Van Hulzen Asset Management LLC now owns 30,034 shares of the social networking company’s stock worth $22,168,000 after buying an additional 2,681 shares during the period. Finally, Boston Family Office LLC boosted its holdings in Meta Platforms by 23.1% in the second quarter. Boston Family Office LLC now owns 4,835 shares of the social networking company’s stock worth $3,569,000 after acquiring an additional 907 shares in the last quarter. Institutional investors own 79.91% of the company’s stock.

Meta Platforms Stock Down 1.0%

META stock opened at $666.80 on Tuesday. The stock has a market cap of $1.68 trillion, a P/E ratio of 29.45, a P/E/G ratio of 1.41 and a beta of 1.28. The company has a current ratio of 1.98, a quick ratio of 1.98 and a debt-to-equity ratio of 0.15. The stock’s fifty day simple moving average is $671.62 and its two-hundred day simple moving average is $707.23. Meta Platforms, Inc. has a 1-year low of $479.80 and a 1-year 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, beating the consensus estimate of $6.74 by $0.51. The firm had revenue of $51.24 billion during the quarter, compared to analyst estimates of $49.34 billion. Meta Platforms had a return on equity of 39.35% and a net margin of 30.89%.The business’s revenue was up 26.2% compared to the same quarter last year. During the same period last year, the firm posted $6.03 EPS. Analysts expect that Meta Platforms, Inc. will post 26.7 EPS for the current year.

Meta Platforms Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 23rd. Shareholders of record on Monday, December 15th will be given a $0.525 dividend. The ex-dividend date of this dividend is Monday, December 15th. This represents a $2.10 annualized dividend and a yield of 0.3%. Meta Platforms’s payout ratio is currently 9.28%.

Analyst Ratings Changes

META has been the topic of a number of research reports. Roth Capital reaffirmed a “buy” rating on shares of Meta Platforms in a research report on Thursday, October 30th. Benchmark downgraded shares of Meta Platforms from a “buy” rating to a “hold” rating in a report on Thursday, October 30th. Citizens Jmp reaffirmed an “outperform” rating and issued a $900.00 price objective (up from $750.00) on shares of Meta Platforms in a research note on Monday, November 24th. Wells Fargo & Company decreased their target price on shares of Meta Platforms from $837.00 to $802.00 and set an “overweight” rating for the company in a research report on Thursday, October 30th. Finally, Wall Street Zen lowered shares of Meta Platforms from a “buy” rating to a “hold” rating in a report on Saturday, November 1st. Four investment analysts have rated the stock with a Strong Buy rating, forty have assigned a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $819.43.

Insider Transactions at Meta Platforms

In other Meta Platforms news, Director Robert M. Kimmitt sold 600 shares of the stock in a transaction 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 completion of the transaction, the director directly owned 7,347 shares of the company’s stock, valued at approximately $4,476,894.45. This represents a 7.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Susan J. Li sold 6,875 shares of the firm’s stock in a transaction on Saturday, November 15th. The stock was sold at an average price of $609.46, for a total value of $4,190,037.50. Following the completion of the sale, the chief financial officer directly owned 88,370 shares of the company’s stock, valued at $53,857,980.20. This represents a 7.22% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 40,923 shares of company stock valued at $25,887,293. Corporate insiders own 13.61% of the company’s stock.

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.