Meta Platforms, Inc. $META Position Decreased by Cim LLC

Cim LLC lowered its position in Meta Platforms, Inc. (NASDAQ:META) by 9.7% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 35,808 shares of the social networking company’s stock after selling 3,866 shares during the quarter. Meta Platforms makes up about 3.6% of Cim LLC’s holdings, making the stock its 4th biggest holding. Cim LLC’s holdings in Meta Platforms were worth $26,430,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Bare Financial Services Inc acquired a new stake in Meta Platforms in the second quarter valued at $30,000. Evergreen Private Wealth LLC increased its holdings in shares of Meta Platforms by 237.5% in the 2nd quarter. Evergreen Private Wealth LLC now owns 54 shares of the social networking company’s stock valued at $40,000 after acquiring an additional 38 shares during the last quarter. Briaud Financial Planning Inc acquired a new stake in shares of Meta Platforms during the 2nd quarter worth about $42,000. Knuff & Co LLC purchased a new stake in Meta Platforms during the second quarter worth approximately $44,000. Finally, WFA Asset Management Corp lifted its stake in Meta Platforms by 42.6% during the second quarter. WFA Asset Management Corp now owns 67 shares of the social networking company’s stock worth $49,000 after purchasing an additional 20 shares during the last quarter. Institutional investors and hedge funds own 79.91% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Bank of America cut their price objective on shares of Meta Platforms from $900.00 to $810.00 and set a “buy” rating on the stock in a report on Thursday, October 30th. Jefferies Financial Group dropped their target price on shares of Meta Platforms from $950.00 to $910.00 and set a “buy” rating on the stock in a research report on Thursday, October 30th. Citizens Jmp reissued an “outperform” rating and issued a $900.00 price target (up from $750.00) on shares of Meta Platforms in a research report on Monday, November 24th. Mizuho lowered their target price on shares of Meta Platforms from $925.00 to $815.00 and set an “outperform” rating on the stock in a research report on Thursday, October 30th. Finally, Monness Crespi & Hardt dropped their price target on Meta Platforms from $860.00 to $808.00 and set a “buy” rating on the stock in a research report on Thursday, October 30th. Four investment analysts have rated the stock with a Strong Buy rating, thirty-nine have issued a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $819.46.

Meta Platforms Stock Performance

Shares of META stock opened at $644.23 on Monday. The stock has a market cap of $1.62 trillion, a PE ratio of 28.46, a P/E/G ratio of 1.35 and a beta of 1.28. Meta Platforms, Inc. has a 1 year low of $479.80 and a 1 year high of $796.25. The stock has a fifty day moving average price of $665.92 and a 200 day moving average price of $707.68. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.98 and a current ratio of 1.98.

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 analysts’ consensus estimates 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 analysts’ expectations of $49.34 billion. During the same quarter in the previous year, the business posted $6.03 earnings per share. The firm’s quarterly revenue was up 26.2% compared to the same quarter last year. Sell-side analysts forecast that Meta Platforms, Inc. will post 26.7 earnings per share for the current fiscal year.

Meta Platforms Dividend Announcement

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

Insider Activity

In other news, CTO Andrew Bosworth sold 11,690 shares of the company’s stock in a transaction dated Tuesday, November 18th. The shares were sold at an average price of $593.31, for a total transaction of $6,935,793.90. Following the completion of the transaction, 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 position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Jennifer Newstead sold 519 shares of the stock in a transaction that occurred on Tuesday, December 9th. The stock was sold at an average price of $664.16, for a total transaction of $344,699.04. Following the transaction, the insider directly owned 30,215 shares in the company, valued at approximately $20,067,594.40. This represents a 1.69% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 40,977 shares of company stock worth $25,834,356 in the last three months. 13.61% of the stock is owned by 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.