McLean Asset Management Corp Raises Holdings in Meta Platforms, Inc. (NASDAQ:META)

McLean Asset Management Corp lifted its holdings in shares of Meta Platforms, Inc. (NASDAQ:META) by 2.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,366 shares of the social networking company’s stock after purchasing an additional 29 shares during the period. McLean Asset Management Corp’s holdings in Meta Platforms were worth $814,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. OLD Point Trust & Financial Services N A purchased a new stake in Meta Platforms in the 4th quarter worth approximately $127,000. Evercore Wealth Management LLC grew its stake in Meta Platforms by 15.1% in the 4th quarter. Evercore Wealth Management LLC now owns 7,609 shares of the social networking company’s stock worth $2,693,000 after acquiring an additional 998 shares during the period. Elo Mutual Pension Insurance Co grew its stake in Meta Platforms by 4.8% in the 4th quarter. Elo Mutual Pension Insurance Co now owns 194,045 shares of the social networking company’s stock worth $68,684,000 after acquiring an additional 8,896 shares during the period. Regal Investment Advisors LLC grew its stake in Meta Platforms by 31.8% in the 4th quarter. Regal Investment Advisors LLC now owns 8,538 shares of the social networking company’s stock worth $3,022,000 after acquiring an additional 2,060 shares during the period. Finally, Sollinda Capital Management LLC purchased a new stake in Meta Platforms in the 4th quarter worth approximately $267,000. 79.91% of the stock is owned by hedge funds and other institutional investors.

Meta Platforms Stock Down 1.9 %

Shares of META traded down $11.16 during midday trading on Monday, hitting $584.78. The company had a trading volume of 11,070,942 shares, compared to its average volume of 15,500,778. The company’s 50 day moving average price is $527.07 and its 200 day moving average price is $502.63. The stock has a market cap of $1.48 trillion, a price-to-earnings ratio of 33.62, a PEG ratio of 1.39 and a beta of 1.22. Meta Platforms, Inc. has a 52 week low of $279.40 and a 52 week high of $602.95. 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 announced its quarterly earnings data on Wednesday, July 31st. The social networking company reported $5.16 earnings per share for the quarter, beating analysts’ consensus estimates of $4.70 by $0.46. Meta Platforms had a net margin of 34.34% and a return on equity of 34.16%. The business had revenue of $39.07 billion during the quarter, compared to the consensus estimate of $38.26 billion. During the same quarter in the prior year, the firm earned $3.23 EPS. The company’s revenue for the quarter was up 22.1% compared to the same quarter last year. On average, equities research analysts predict that Meta Platforms, Inc. will post 21.36 EPS for the current year.

Meta Platforms Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 26th. Investors of record on Monday, September 16th were given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.34%. The ex-dividend date of this dividend was Monday, September 16th. Meta Platforms’s dividend payout ratio is presently 11.49%.

Analysts Set New Price Targets

Several research firms have commented on META. Rosenblatt Securities lifted their target price on shares of Meta Platforms from $643.00 to $811.00 and gave the stock a “buy” rating in a research note on Thursday, September 26th. KeyCorp lifted their price target on shares of Meta Platforms from $540.00 to $560.00 and gave the company an “overweight” rating in a report on Thursday, August 1st. Barclays lifted their price target on shares of Meta Platforms from $520.00 to $550.00 and gave the company an “overweight” rating in a report on Thursday, August 1st. Stifel Nicolaus lifted their price target on shares of Meta Platforms from $550.00 to $590.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Finally, TD Securities lifted their price target on shares of Meta Platforms from $530.00 to $600.00 in a report on Wednesday, July 10th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating, thirty-five have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Meta Platforms presently has an average rating of “Moderate Buy” and a consensus price target of $601.08.

Insider Activity at Meta Platforms

In related news, CEO Mark Zuckerberg sold 150 shares of the business’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $500.49, for a total transaction of $75,073.50. Following the completion of the sale, the chief executive officer now owns 124,387 shares of the company’s stock, valued at $62,254,449.63. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Meta Platforms news, CFO Susan J. Li sold 33,018 shares of the business’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $517.94, for a total transaction of $17,101,342.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Mark Zuckerberg sold 150 shares of the business’s stock in a transaction dated Friday, August 2nd. The shares were 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 $62,254,449.63. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 283,526 shares of company stock valued at $149,140,674 in the last quarter. Insiders own 13.71% of the company’s stock.

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.