Tradition Wealth Management LLC Has $1.52 Million Stake in Meta Platforms, Inc. (NASDAQ:META)

Tradition Wealth Management LLC grew its position in Meta Platforms, Inc. (NASDAQ:META) by 14.7% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,655 shares of the social networking company’s stock after purchasing an additional 340 shares during the quarter. Tradition Wealth Management LLC’s holdings in Meta Platforms were worth $1,520,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Encompass More Asset Management boosted its holdings in Meta Platforms by 155.2% during the third quarter. Encompass More Asset Management now owns 2,077 shares of the social networking company’s stock valued at $1,189,000 after acquiring an additional 1,263 shares during the period. Edgestream Partners L.P. lifted its position in shares of Meta Platforms by 313.0% during the 3rd quarter. Edgestream Partners L.P. now owns 29,665 shares of the social networking company’s stock worth $16,981,000 after purchasing an additional 22,483 shares during the last quarter. L.M. Kohn & Company boosted its stake in Meta Platforms by 11.7% during the 3rd quarter. L.M. Kohn & Company now owns 3,279 shares of the social networking company’s stock valued at $1,877,000 after purchasing an additional 343 shares during the period. Kolinsky Wealth Management LLC grew its holdings in Meta Platforms by 7.1% in the 3rd quarter. Kolinsky Wealth Management LLC now owns 3,720 shares of the social networking company’s stock valued at $2,130,000 after buying an additional 247 shares during the last quarter. Finally, Harvard Management Co. Inc. increased its position in Meta Platforms by 57.0% in the 3rd quarter. Harvard Management Co. Inc. now owns 1,190,381 shares of the social networking company’s stock worth $681,422,000 after buying an additional 431,996 shares during the period. 79.91% of the stock is currently owned by institutional investors and hedge funds.

Meta Platforms Price Performance

Meta Platforms stock opened at $574.32 on Friday. The business’s 50-day simple moving average is $575.21 and its 200 day simple moving average is $527.76. 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 stock has a market cap of $1.45 trillion, a price-to-earnings ratio of 27.05, a P/E/G ratio of 1.27 and a beta of 1.22. Meta Platforms, Inc. has a 12-month low of $313.66 and a 12-month high of $602.95.

Meta Platforms (NASDAQ:META) last issued its earnings results on Wednesday, October 30th. The social networking company reported $6.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.19 by $0.84. Meta Platforms had a net margin of 35.55% and a return on equity of 35.60%. The company had revenue of $40.59 billion for the quarter, compared to analyst estimates of $40.21 billion. As a group, research analysts anticipate that Meta Platforms, Inc. will post 22.62 earnings per share for the current year.

Meta Platforms Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 26th. Shareholders of record on Monday, September 16th were given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 0.35%. The ex-dividend date of this dividend was Monday, September 16th. Meta Platforms’s payout ratio is 9.42%.

Wall Street Analysts Forecast Growth

META has been the subject of several research reports. The Goldman Sachs Group increased their price objective on Meta Platforms from $555.00 to $636.00 and gave the company a “buy” rating in a research report on Monday, October 14th. TD Cowen increased their price target on shares of Meta Platforms from $600.00 to $675.00 and gave the company a “buy” rating in a report on Thursday, October 17th. Susquehanna boosted their price objective on shares of Meta Platforms from $600.00 to $675.00 and gave the stock a “positive” rating in a report on Thursday, October 31st. Tigress Financial increased their target price on shares of Meta Platforms from $575.00 to $645.00 and gave the company a “strong-buy” rating in a research note on Friday, August 16th. Finally, Needham & Company LLC restated an “underperform” rating on shares of Meta Platforms in a research note on Thursday, October 31st. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, thirty-five have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $634.71.

Insider Activity

In other Meta Platforms news, insider Jennifer Newstead sold 905 shares of the stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $565.30, for a total value of $511,596.50. Following the transaction, the insider now owns 37,790 shares of the company’s stock, valued at approximately $21,362,687. This represents a 2.34 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Christopher K. Cox sold 20,000 shares of the firm’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $557.52, for a total value of $11,150,400.00. Following the transaction, the insider now owns 338,662 shares in the company, valued at approximately $188,810,838.24. This trade represents a 5.58 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 106,239 shares of company stock valued at $59,681,541 in the last 90 days. 13.71% of the stock is owned by company insiders.

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.