Allen Capital Group LLC Has $7.59 Million Holdings in Meta Platforms, Inc. (NASDAQ:META)

Allen Capital Group LLC lessened its position in shares of Meta Platforms, Inc. (NASDAQ:META) by 2.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 13,253 shares of the social networking company’s stock after selling 370 shares during the quarter. Meta Platforms makes up about 0.9% of Allen Capital Group LLC’s investment portfolio, making the stock its 25th largest position. Allen Capital Group LLC’s holdings in Meta Platforms were worth $7,586,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the company. Biltmore Family Office LLC grew its holdings in shares of Meta Platforms by 3.5% during the 3rd quarter. Biltmore Family Office LLC now owns 3,049 shares of the social networking company’s stock worth $1,745,000 after purchasing an additional 104 shares in the last quarter. Planning Alternatives Ltd. ADV acquired a new stake in shares of Meta Platforms during the 3rd quarter worth approximately $216,000. Raymond James Trust N.A. boosted its stake in Meta Platforms by 3.9% in the 3rd quarter. Raymond James Trust N.A. now owns 79,301 shares of the social networking company’s stock valued at $45,395,000 after buying an additional 2,943 shares in the last quarter. AlphaCore Capital LLC boosted its stake in Meta Platforms by 23.5% in the 3rd quarter. AlphaCore Capital LLC now owns 4,402 shares of the social networking company’s stock valued at $2,520,000 after buying an additional 839 shares in the last quarter. Finally, First County Bank CT boosted its stake in Meta Platforms by 2.3% in the 3rd quarter. First County Bank CT now owns 2,316 shares of the social networking company’s stock valued at $1,326,000 after buying an additional 52 shares in the last quarter. Institutional investors and hedge funds own 79.91% of the company’s stock.

Meta Platforms Stock Down 0.7 %

META stock opened at $559.14 on Monday. The company has a debt-to-equity ratio of 0.18, a current ratio of 2.73 and a quick ratio of 2.73. The stock has a market capitalization of $1.41 trillion, a P/E ratio of 26.34, a P/E/G ratio of 1.25 and a beta of 1.22. The business has a 50-day moving average of $572.74 and a 200-day moving average of $524.71. Meta Platforms, Inc. has a fifty-two week low of $313.66 and a fifty-two week high of $602.95.

Meta Platforms (NASDAQ:META) last issued its quarterly earnings results on Wednesday, October 30th. The social networking company reported $6.03 EPS for the quarter, beating the consensus estimate of $5.19 by $0.84. Meta Platforms had a return on equity of 35.60% and a net margin of 35.55%. The firm had revenue of $40.59 billion during the quarter, compared to analysts’ expectations of $40.21 billion. On average, sell-side analysts anticipate that Meta Platforms, Inc. will post 22.53 earnings per share for the current fiscal year.

Meta Platforms Dividend Announcement

The business also recently declared 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. The ex-dividend date was Monday, September 16th. This represents a $2.00 annualized dividend and a yield of 0.36%. Meta Platforms’s dividend payout ratio (DPR) is presently 9.42%.

Analyst Ratings Changes

META has been the topic of several recent analyst reports. Tigress Financial boosted their price target on Meta Platforms from $575.00 to $645.00 and gave the company a “strong-buy” rating in a research note on Friday, August 16th. Loop Capital boosted their price target on Meta Platforms from $550.00 to $575.00 and gave the company a “buy” rating in a research note on Tuesday, August 6th. Deutsche Bank Aktiengesellschaft boosted their price target on Meta Platforms from $525.00 to $585.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. The Goldman Sachs Group boosted their price target on Meta Platforms from $555.00 to $636.00 and gave the company a “buy” rating in a research note on Monday, October 14th. Finally, Needham & Company LLC reissued an “underperform” rating on shares of Meta Platforms in a research note on Thursday, October 31st. Two analysts have rated the stock with a sell rating, four have given a hold rating, thirty-five have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $634.10.

Insider Activity at Meta Platforms

In other Meta Platforms news, CFO Susan J. Li sold 33,018 shares of the company’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $517.94, for a total value of $17,101,342.92. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Jennifer Newstead sold 905 shares of the company’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $507.63, for a total value of $459,405.15. Following the completion of the sale, the insider now owns 37,817 shares in the company, valued at $19,197,043.71. This represents a 2.34 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 152,141 shares of company stock valued at $83,390,497. Insiders own 13.71% of the company’s stock.

Meta Platforms 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.