Commonwealth Financial Services LLC Sells 93 Shares of Meta Platforms, Inc. (NASDAQ:META)

Commonwealth Financial Services LLC decreased its holdings in Meta Platforms, Inc. (NASDAQ:META) by 4.6% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,937 shares of the social networking company’s stock after selling 93 shares during the quarter. Commonwealth Financial Services LLC’s holdings in Meta Platforms were worth $1,025,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Quest Partners LLC bought a new position in shares of Meta Platforms in the fourth quarter worth about $32,000. Clear Investment Research LLC raised its stake in Meta Platforms by 411.1% during the 4th quarter. Clear Investment Research LLC now owns 92 shares of the social networking company’s stock worth $33,000 after acquiring an additional 74 shares during the period. Delos Wealth Advisors LLC lifted its holdings in Meta Platforms by 527.3% during the first quarter. Delos Wealth Advisors LLC now owns 69 shares of the social networking company’s stock valued at $34,000 after purchasing an additional 58 shares in the last quarter. POM Investment Strategies LLC bought a new position in shares of Meta Platforms in the second quarter worth approximately $38,000. Finally, Ruedi Wealth Management Inc. increased its stake in shares of Meta Platforms by 122.2% in the second quarter. Ruedi Wealth Management Inc. now owns 80 shares of the social networking company’s stock worth $40,000 after purchasing an additional 44 shares in the last quarter. 79.91% of the stock is currently owned by institutional investors.

Meta Platforms Stock Up 0.5 %

Meta Platforms stock opened at $564.41 on Tuesday. Meta Platforms, Inc. has a twelve month low of $279.40 and a twelve month high of $573.98. The business has a fifty day moving average of $507.58 and a two-hundred day moving average of $497.28. The firm has a market cap of $1.43 trillion, a P/E ratio of 32.42, a P/E/G ratio of 1.26 and a beta of 1.21. The company has a quick ratio of 2.83, a current ratio of 2.83 and a debt-to-equity ratio of 0.12.

Meta Platforms (NASDAQ:META) last issued its quarterly earnings data on Wednesday, July 31st. The social networking company reported $5.16 earnings per share for the quarter, topping analysts’ consensus estimates of $4.70 by $0.46. The firm had revenue of $39.07 billion during the quarter, compared to analysts’ expectations of $38.26 billion. Meta Platforms had a return on equity of 34.16% and a net margin of 34.34%. The firm’s quarterly revenue was up 22.1% on a year-over-year basis. During the same period in the prior year, the business posted $3.23 EPS. On average, analysts forecast that Meta Platforms, Inc. will post 21.36 earnings per share for the current fiscal year.

Meta Platforms Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 26th. Stockholders of record on Monday, September 16th will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.35%. The ex-dividend date of this dividend is Monday, September 16th. Meta Platforms’s payout ratio is presently 11.49%.

Insider Activity

In related news, CEO Mark Zuckerberg sold 150 shares of the company’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $500.49, for a total transaction of $75,073.50. Following the transaction, the chief executive officer now directly owns 124,387 shares of the company’s stock, valued at approximately $62,254,449.63. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Meta Platforms news, COO Javier Olivan sold 412 shares of the business’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $514.41, for a total transaction of $211,936.92. Following the sale, the chief operating officer now owns 7,207 shares in the company, valued at approximately $3,707,352.87. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Mark Zuckerberg sold 150 shares of the firm’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $500.49, for a total value of $75,073.50. Following the completion of the transaction, the chief executive officer now owns 124,387 shares of the company’s stock, valued at $62,254,449.63. The disclosure for this sale can be found here. In the last quarter, insiders sold 365,761 shares of company stock worth $190,846,038. Insiders own 13.71% of the company’s stock.

Analyst Upgrades and Downgrades

META has been the subject of a number of analyst reports. Jefferies Financial Group increased their price target on Meta Platforms from $565.00 to $600.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Raymond James lifted their target price on Meta Platforms from $550.00 to $600.00 and gave the company a “strong-buy” rating in a research note on Monday, July 1st. Royal Bank of Canada restated an “outperform” rating and issued a $570.00 price target on shares of Meta Platforms in a research note on Thursday, August 1st. Wedbush reiterated an “outperform” rating and set a $570.00 price objective on shares of Meta Platforms in a research report on Wednesday, July 24th. Finally, Piper Sandler upped their target price on shares of Meta Platforms from $545.00 to $575.00 and gave the stock an “overweight” rating in a research report on Thursday, August 1st. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating, thirty-four have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $578.92.

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.