Biltmore Family Office LLC Grows Holdings in Meta Platforms, Inc. (NASDAQ:META)

Biltmore Family Office LLC grew its stake in Meta Platforms, Inc. (NASDAQ:META) by 3.5% in the third quarter, Holdings Channel.com reports. The institutional investor owned 3,049 shares of the social networking company’s stock after buying an additional 104 shares during the quarter. Biltmore Family Office LLC’s holdings in Meta Platforms were worth $1,745,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. China Universal Asset Management Co. Ltd. boosted its stake in shares of Meta Platforms by 48.8% in the 1st quarter. China Universal Asset Management Co. Ltd. now owns 49,191 shares of the social networking company’s stock valued at $23,886,000 after purchasing an additional 16,138 shares in the last quarter. Cypress Asset Management Inc. TX boosted its stake in shares of Meta Platforms by 541.8% in the 1st quarter. Cypress Asset Management Inc. TX now owns 3,819 shares of the social networking company’s stock valued at $1,862,000 after purchasing an additional 3,224 shares in the last quarter. Waverly Advisors LLC boosted its stake in shares of Meta Platforms by 70.4% in the 1st quarter. Waverly Advisors LLC now owns 12,663 shares of the social networking company’s stock valued at $6,149,000 after purchasing an additional 5,230 shares in the last quarter. Industrial Alliance Investment Management Inc. boosted its stake in shares of Meta Platforms by 8.5% in the 1st quarter. Industrial Alliance Investment Management Inc. now owns 5,873 shares of the social networking company’s stock valued at $2,852,000 after purchasing an additional 461 shares in the last quarter. Finally, In Depth Partners LLC boosted its stake in shares of Meta Platforms by 2.8% in the 1st quarter. In Depth Partners LLC now owns 28,841 shares of the social networking company’s stock valued at $14,005,000 after purchasing an additional 780 shares in the last quarter. Hedge funds and other institutional investors own 79.91% of the company’s stock.

Insider Buying and Selling

In related news, CFO Susan J. Li sold 33,018 shares of the firm’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $517.94, for a total value of $17,101,342.92. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Jennifer Newstead sold 905 shares of the firm’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $519.05, for a total transaction of $469,740.25. Following the sale, the insider now owns 39,627 shares in the company, valued at approximately $20,568,394.35. The trade was a 2.23 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 152,141 shares of company stock valued at $83,390,497. 13.71% of the stock is owned by insiders.

Analysts Set New Price Targets

Several brokerages have weighed in on META. Mizuho increased their price target on shares of Meta Platforms from $650.00 to $675.00 and gave the company an “outperform” rating in a research report on Thursday, October 31st. UBS Group increased their price target on shares of Meta Platforms from $690.00 to $719.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. Bank of America increased their price target on shares of Meta Platforms from $630.00 to $660.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. Susquehanna increased their price target on shares of Meta Platforms from $600.00 to $675.00 and gave the company a “positive” rating in a research report on Thursday, October 31st. Finally, Truist Financial increased their price target on shares of Meta Platforms from $570.00 to $650.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, thirty-five have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Meta Platforms has a consensus rating of “Moderate Buy” and an average price target of $634.10.

Meta Platforms Stock Performance

Shares of NASDAQ META opened at $559.14 on Monday. The firm’s 50-day moving average price is $572.74 and its 200-day moving average price is $524.71. The company has a quick ratio of 2.73, a current ratio of 2.73 and a debt-to-equity ratio of 0.18. The company has a market cap of $1.41 trillion, a PE ratio of 26.34, a PEG ratio of 1.25 and a beta of 1.22. Meta Platforms, Inc. has a 52-week low of $313.66 and a 52-week high of $602.95.

Meta Platforms (NASDAQ:META) last announced its quarterly earnings results on Wednesday, October 30th. The social networking company reported $6.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.19 by $0.84. The firm had revenue of $40.59 billion for the quarter, compared to the consensus estimate of $40.21 billion. Meta Platforms had a net margin of 35.55% and a return on equity of 35.60%. As a group, analysts anticipate that Meta Platforms, Inc. will post 22.53 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 issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.36%. The ex-dividend date of this dividend was Monday, September 16th. Meta Platforms’s payout ratio is 9.42%.

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.